WILLIAMSPORT, Pa., Feb. 27, 2020 /PRNewswire/ -- Woodlands Financial Services Company (the "Company") (OTC Pink: WDFN) today 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.
This release may contain forward-looking statements. We caution that such statements may be subject to a number of uncertainties and actual results could differ materially and, therefore, readers should not place undue reliance on any forward-looking statements. Woodlands Financial Services Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
SOURCE Woodlands Financial Services Company
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