This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Penns Woods Bancorp, Inc. To Acquire Luzerne Bank

WILLIAMSPORT, Pa., May 29, 2013 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc. (Penns Woods) (Nasdaq:PWOD), announced today that its shareholders approved the Company's pending acquisition of Luzerne Bank at the Annual Meeting of Shareholders held on May 29, 2013.

The shareholders of Luzerne National Corporation also approved the acquisition at their Annual Meeting of Shareholders held on May 29, 2013.

The acquisition is expected to become effective on June 1, 2013, subject to the satisfaction of other customary closing conditions. Penns Woods intends to continue to operate Luzerne Bank as a separate banking subsidiary of Penns Woods under the name "Luzerne Bank." The existing members of the board of directors of Luzerne Bank will continue to serve as directors after closing, and Richard A. Grafmyre, Penns Woods' President and Chief Executive Officer, will join the Luzerne Bank board. In addition, at closing the Penns Woods board of directors will be expanded to include three current non-employee directors from the Luzerne board of directors.     

"The acquisition is a great opportunity for us to provide our customers with geographically expanded access to tailored banking products and services. This acquisition presents an almost seamless opportunity because of the two banks' similar operating styles," said Richard A. Grafmyre, President and CEO of Penns Woods and Jersey Shore State Bank. "For most of our customers, there will be little to no change in the way they do business with Jersey Shore State Bank and Luzerne Bank, yet both organizations' capacity to do business with customers will be greatly enhanced."

"The acquisition of Luzerne Bank will deliver significant value for the shareholders," said Ronald A. Walko, Chairman of the Board of Penns Woods. "I look forward to the opportunities presented by the partnership of the two organizations."

"The board of directors, management and staff of Luzerne Bank are excited about this affiliation," said Robert C. Snyder, President of Luzerne Bank. "Not only is the transaction a win for our shareholders, it keeps the 106 year heritage of Luzerne Bank alive and well."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,001.22 -38.27 -0.22%
S&P 500 1,988.40 -3.97 -0.20%
NASDAQ 4,538.5510 +6.4470 0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs