Regional bank authorizes plan to repurchase shares
Richard A. Grafmyre, president and CEO of Penns Woods Bancorp. Inc., has announced that the company’s board of directors has authorized the repurchase of 10 percent of the outstanding shares of the company. The repurchase plan is for a one year period and allows for the repurchase of up to 482,000 shares or 10 percent of the shares outstanding.
According to a news release, purchases 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. Shares repurchased will be held in Treasury.
“The primary role of the repurchase plan is to provide a tool to assist with the management of the company’s capital position, while also providing liquidity for shareholders,” Grafmyre said, according to the news release. “The combination of our dividend policy and repurchase plan provides the foundation for increasing shareholder value.”
Penns Woods Bancorp. Inc. is the $1.2 billion parent company of Luzerne Bank and Jersey Shore State Bank. Luzerne Bank operates eight branch offices providing financial services in Luzerne County. Jersey Shore State Bank operates thirteen branch offices providing financial services in Lycoming, Clinton, Centre, and Montour counties.