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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."