Exhibit 5.1
Stevens & Lee
Lawyers & Consultants
111 N. Sixth Street
P.O. Box 679
Reading, PA 19603
(610) 478-2000 Fax (610) 376-5610
www.stevenslee.com
May 28, 2020
Board of Directors
Penns Woods Bancorp, Inc.
300 Market Street
Williamsport, Pennsylvania 17703
Re: Form S-8 Registration Statement - 2020 Equity Incentive Plan
Ladies and Gentlemen:
In connection with the registration of 750,000 shares of common stock, $5.55 par value per share (the “Common Stock”), by Penns Woods Bancorp, Inc. (the “Company”), covered by the Company’s Registration Statement on Form S-8 (the “Registration Statement”) filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, on the date hereof with respect to the potential issuance of the Common Stock under the Penns Woods Bancorp, Inc. 2020 Equity Incentive Plan (the “Plan”), we, as counsel to the Company, have reviewed:
(1) the articles of incorporation of the Company, as amended;
(2) the bylaws of the Company, as amended;
(3) resolutions adopted by the board of directors of the Company relating to the Registration Statement;
(4) a corporate subsistence certificate, issued by the Secretary of the Commonwealth of Pennsylvania with respect to the Company;
(5) the Registration Statement;
(6) the Plan; and
(7) copies of certificates representing shares of the Common Stock.
Allentown· Bala Cynwyd· Cleveland· Fort Lauderdale· Harrisburg· Lancaster· New York· Philadelphia
Princeton· Reading· Rochester· Scranton· Valley Forge· Wilkes-Barre· Wilmington
A PROFESSIONAL CORPORATION
Stevens & Lee
Lawyers & Consultants
Board of Directors
May 28, 2020
Page2
In connection with delivering this opinion letter, we have relied as to matters of material fact upon the representations of members of the Company’s management; however, we have no reason to believe that any such representations are incorrect or incomplete. We have assumedthe genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies and the authenticity of the originals of such copies. In connection with this letter, we have concerned ourselves solely with the application of the laws of the Commonwealth of Pennsylvania and the laws of the United States, and no opinion is expressed herein concerning the possible effects of the laws of any other jurisdiction.
Based upon our review of the foregoing, it is our opinion that:
(a) the Company has been duly incorporated under the laws of the Commonwealth of Pennsylvania and is validly subsisting under the laws of the Commonwealth of Pennsylvania; and
(b) the Common Stock issuable pursuant to the Plan has been duly authorized and, when and to the extent issued pursuant to the Plan upon receipt by the Company of the consideration for the Common Stock specified therein will be fully paid and nonassessable.
We consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.
| Very truly yours, | |
| STEVENS & LEE | |
| /s/ Stevens & Lee |
