EXHIBIT 99.1
August 10, 2000
PRESS RELEASE: FOR IMMEDIATE RELEASE
Penns Woods Bancorp Announces Stock Repurchase Program
Theodore H. Reich, Chairman of the Board and President of Penns
Woods Bancorp, Inc., and Ronald A. Walko, Executive Vice
President and Chief Executive Officer, have announced that the
Company's Board of Directors authorized the repurchase of up to
156,000 shares, or approximately 5%, of the Company's
outstanding common stock. Repurchases are authorized to be made
by Penns Woods from time to time at then prevailing market
prices in open market or in privately negotiated transactions
during the next 12 months as, in management's sole opinion,
market conditions warrant.
Chairman of the Board and President Reich further added that
"the repurchase of shares will allow Penns Woods to manage its
capital position more effectively, increase earnings per share
and provide added liquidity for our stockholders." Shares
repurchased will be held in Treasury as issued shares an may
become outstanding again upon the exercise of stock options, to
meet the needs of the Company's Dividend Reinvestment and Stock
Purchase Plan, or for general corporate purposes.
Penns Woods Bancorp, Inc. is a $370 million bank holding company
headquartered in Jersey Shore, Pennsylvania. Banking services
are provided by its subsidiary, Jersey Shore State Bank, from 10
branch offices in Lycoming, Clinton and Centre Counties.
Visit us at our web site at www.jssb.com.
Contact: Ronald A. Walko
Williamsport, PA (570) 322-1111
(888) 412-5772 (Toll-Free in
Pennsylvania)
SL1 92120v1/06010.005
