UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
November 10, 1998
Date of Report (Date of earliest event reported)
Community Banks, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2251762
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
No. 0-15786
(Commission file number)
150 Market Street
Millersburg, Pennsylvania 17061
(Address of Principal Executive Offices) (Zip Code)
ERNEST L. LOWE
Chairman
COMMUNITY BANKS, INC.
150 Market Street
Millersburg, Pennsylvania 17061
(717) 692-4781
(Telephone number, including area code, of agent for service)
Item 5. Other Events
Community Banks, Inc. announced a stock repurchase
program effective November 10, 1998. Up to five percent of
outstanding shares could be purchased in open market
transactions as treasury shares to be used for general
corporate purposes, including grants under the Employee
Stock Option Plan.
The press release announcing the program is attached
hereto as Exhibit 99.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned
hereunto duly authorized.
Community Banks, Inc.
(Registrant)
Date: November 23, 1998 By:/S/ Terry L. Burrows
Terry L. Burrows
Executive Vice President
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
99 Press Release of Community Banks, Inc.
dated November 10, 1998.
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Ex-99
Press Release
FOR IMMEDIATE RELEASE:
Date: November 10, 1998
Contact: Beth L. Miller
Phone: (717) 692-4781, Fax: (717) 692-2972
COMMUNITY BANKS, INC. TO REPURCHASE STOCK
Millersburg, PA-Community Banks, Inc., Millersburg, PA
(AMEX-CTY) has announced the company will begin a Stock
Repurchase Program. Eddie L. Dunklebarger, President & CEO,
stated it is possible that up to 5% of outstanding shares
could be repurchased from time to time in open market
transactions. Repurchased shares will become treasury shares
to be used for general corporate purposes, including
issuance of shares under the Incentive Stock Option Plan and
Dividend Reinvestment Plan.
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