Codorus Valley Bancorp, Inc. (“Codorus Valley” or the “Corporation”) (NASDAQ:CVLY), parent company of PeoplesBank, A Codorus Valley Company (PeoplesBank), today announced that it had successfully completed the $5 million treasury stock repurchase program announced on January 12, 2021, and that its Board of Directors had approved a new treasury stock repurchase program.
Under the newly approved stock repurchase program, the Corporation is authorized to repurchase up to an additional $5 million of the Corporation’s issued and outstanding common stock. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases under the program may be made from time to time in the open market at prevailing prices, or through privately negotiated transactions.
The Board of Directors’ August 31, 2021 authorization provides that: (1) the new treasury stock repurchase program shall be effective when publicly announced and shall continue thereafter until the earlier of the date an aggregate of $5 million of common stock has been repurchased or December 31, 2022, or until suspended or terminated by the Board of Directors, in its sole discretion; and (2) all shares of common stock repurchased pursuant to the new program shall be held as treasury shares and be available for use and reissuance for purposes as and when determined by the Board of Directors including, without limitation, pursuant to the Company’s Dividend Reinvestment and Stock Purchase Plan and its equity compensation program.
