WILLIAMSPORT, Pa., May 28, 2024 (GLOBE NEWSWIRE) — Richard A. Grafmyre, CEO of Penns Woods Bancorp, Inc., (NASDAQ: PWOD) has announced that the Company’s Board of Directors has authorized the repurchase of up to 5% of the outstanding shares of the Company. The repurchase plan is for a one-year period ending May 31, 2025 and allows for the repurchase of up to 376,000 shares. The repurchase plan replaces the existing previously authorized repurchase plan, which expires on May 31, 2024.
Repurchases are authorized to be made by the Company from time to time at the prevailing market prices on the open market, in block trades or in privately negotiated transactions as, in management’s opinion, market conditions warrant. The repurchase program does not obligate the Company to purchase any particular number of shares and there can be no assurances as to the number of shares that will be repurchased under the program or the timing of any such repurchases. The program may be suspended, modified, or terminated by the Company at any time and for any reason.
Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates sixteen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, Union, and Blair Counties, and Luzerne Bank, which operates eight branch offices providing financial services in Luzerne County, and United Insurance Solutions, LLC, which offers insurance products. Investment and insurance products are offered through Jersey Shore State Bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.
