Woodlands Financial announces Stock Repurchase Program
WILLIAMSPORT–Woodlands Financial Services Company (the “Company”) (OTC Pink: WDFN) has announced the initiation of a stock repurchase program under which the company may repurchase up to 10% of the company’s outstanding shares of common stock, or approximately 154,300 shares, in the open market, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by management.
The repurchase program may be suspended or discontinued at any time. Jon P. Conklin, president of the company, stated that “we believe, at current levels the repurchase of shares of our common stock is an appropriate use of our capital. Our repurchase program could potentially enhance shareholder value in the Company by increasing return on equity and net income per share.”
The Company expects to appoint D.A. Davidson & Co. as its independent repurchasing agent to repurchase shares of its common stock on its behalf.
Woodlands Financial Services Company is a financial services holding company of Woodlands Bank and Woodlands Stock Corporation. The Company through its subsidiaries provides commercial and consumer banking and trust services in Lycoming and Clinton Counties. Additional information on Woodlands Financial Services Company is available at www.woodlandsbank.com.