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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
July 8, 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 July 8 through October 1 of 1998. Up to
two 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 agreement 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: July 21, 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 July 8, 1998.
-1-
Ex-99
Press Release
FOR IMMEDIATE RELEASE:
Date: July 8, 1998
Contact: Beth L. Miller
Phone: (717) 692-4781, Fax: (717) 692-2972
COMMUNITY BANKS, INC. TO REPURCHASE STOCK
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 2% of outstanding shares could be
repurchased from time to time in open market transactions
through October 1, 1998. Repurchased shares will become
treasury shares to be used for general corporate purposes,
including grants under the Employee Stock Option Plan.
-2-
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