UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
June 25, 2009
Date of Report (Date of earliest event reported)
PENNS WOODS BANCORP, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania |
| 000-17077 |
| 23-2226454 |
(State or other jurisdiction |
| (Commission |
| (IRS Employer |
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300 Market Street, P.O. Box 967, Williamsport, Pennsylvania |
| 17703-0967 | ||
(Address of principal executive offices) |
| (Zip Code) | ||
(570) 322-1111
Registrant’s telephone number, including area code
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
Item 2.06 Material Impairments.
On June 25, 2009, Penns Woods Bancorp, Inc. (“Penns Woods”) determined that it expects to record a pre-tax other than temporary impairment charge for the second quarter of 2009 of between $2,000,000 and $2,500,000, depending upon actual market conditions at June 30, 2009. The non-cash charge relates to certain holdings of financial sector equity securities held in the investment portfolio that have experienced a significant reduction in market price as a result of the current economic crisis and deterioration in the financial markets, which market prices are not expected to recover in the near term.
As of March 31, 2009, Penns Woods maintained an equity securities portfolio having a cost value of $14,263,000 and a fair value of $11,339,000. The portfolio consists primarily of financial sector holdings. Certain holdings within the equities securities portfolio may be sold during 2009 as part of a strategy to carry back capital losses for tax purposes.
After giving effect to the impairment charge, both Penns Woods and its wholly-owned banking subsidiary, Jersey Shore State Bank, will continue to be “well capitalized” under applicable bank regulatory guidelines.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PENNS WOODS BANCORP, INC. | |
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Dated: June 30, 2009 |
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| By: | /s/ Brian L. Knepp |
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| Brian L. Knepp |
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| Chief Financial Officer |
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