Penns Woods Bancorp, Inc. (NASDAQ:PWOD) president and CEO Ronald Walko has announced the authorization of the extension of the company’s repurchase plan of up to 197,000 shares or 5% of the company’s outstanding shares for to April 30, 2011. As of April 27, 2010, 118,656, or 60% of the total 197,000 shares have been repurchased. The company will authorize repurchases at prevailing market prices on the open market from time to time. All shares purchase will be held in the company’s Treasury.
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Penns Woods Bancorp, Inc. is a bank holding company. The Company’s wholly owned subsidiary is The Jersey Shore State Bank (the Bank). The Company’s two other wholly owned subsidiaries are Woods Real Estate Development Company, Inc. and Woods Investment Company, Inc. The Company’s business consists of managing and supervising the Bank, and its principal source of income has been dividends paid by the Bank and Woods Investment Company, Inc. The Bank is engaged in commercial and retail banking, which includes the acceptance of time, savings, and demand deposits, the funding of commercial, consumer, and mortgage loans, and safe deposit services. Utilizing a thirteen branch office network, automated teller machines (ATMs), Internet, and telephone banking delivery channels, the Bank delivers its products and services to the communities it resides in.
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