WILLIAMSPORT, Pa., April 29, 2019 (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 extension of its repurchase plan. The repurchase plan is for an additional year ending April 30, 2020 and allows for the repurchase of up to 482,000 shares of which approximately 29% has been repurchased to date.

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. 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,” commented Mr. Grafmyre. “The combination of our dividend policy and repurchase plan provides the foundation for increasing shareholder value.”

Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates seventeen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, and Union Counties, and Luzerne Bank, which operates nine branch offices providing financial services in Luzerne County. Investment and insurance products are offered through Jersey Shore State Bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group. Insurance products are offered through United Insurance Solutions, LLC, a joint venture that is a subsidiary of the holding company.