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
January 22, 2003 (January 21, 2003)
Date of Report (Date of earliest event reported)
OHIO VALLEY BANC CORP
(Exact name of registrant as specified in its charter)
Ohio
(State or other jurisdiction of incorporation)
0-20914 31-1359191
(Commission file number) (IRS Employer Identification Number)
420 Third Avenue, Gallipolis, Ohio 45631
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (740) 446-2631
Not Applicable
(Former name or former address, if changed since last report.)
Exhibit Index at Page 4.
Item 1. Changes in Control of Registrant.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
Not applicable.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not applicable.
Item 5. Other Events and Regulation FD Disclosure.
On January 21, 2003 the Company's Board of Directors adopted a resolution
authorizing the repurchase of up to 175,000 shares or approximately 5% of the
Company's outstanding common shares from time to time in open market or
privately negotiated purchases. The timing of the purchases and the actual
number of common shares purchased will depend on market conditions. This stock
repurchase program, effective immediately, will continue through February 15,
2004, unless the program is extended by the Board of Directors. The stock
repurchase program is described in the press release issued on January 21, 2003,
which is included herewith as Exhibit 99.
Item 6. Resignations of Registrant's Directors.
Not applicable.
Item 7. Financial Statements and Exhibits.
(a) None required.
(b) None required.
(c) Exhibits:
Exhibit Number Description
-------------- -----------
99 Press release of Registrant dated
Januuary 21, 2003.
Item 8. Change in Fiscal Year.
Not applicable.
Item 9. Regulation FD Disclosure.
Not applicable.
Page 2
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 thereunto duly authorized.
OHIO VALLEY BANC CORP
Date: January 22, 2003 By /s/ Jeffrey E. Smith
-------------------------------
Jeffrey E. Smith, President and
Chief Executive Officer
Page 3
INDEX TO EXHIBITS
Exhibit Number Description
- -------------- -----------
99 Press release of Ohio Valley Banc Corp. *
January 21, 2003
*Filed herewith
Page 4
Exhibit 99
NEWS RELEASE
FOR IMMEDIATE RELEASE
1/22/2003
Contact: Richard Scott, (740) 446-2631, 1-800-468-6682
OVBC ANNOUNCES STOCK REPURCHASE PROGRAM
GALLIPOLIS, Ohio -- Ohio Valley Banc Corp [NASDAQ: OVBC] was authorized by its
Board of Directors on January 21, 2003, to repurchase up to 175,000 shares of
OVBC common stock through open market and privately negotiated purchases. The
timing of the purchases, the prices paid and the actual number of shares of
common stock purchased will depend upon market conditions. All shares of common
stock purchased will be held as treasury shares and will be available for use by
OVBC pursuant to the terms of OVBC's Dividend Reinvestment and Stock Purchase
Plan as well as for other general corporate purposes.
Jeffrey E. Smith, president and chief executive officer, commented, "Our
shareholders purchased more than 47,000 shares of common stock in 2002 under the
Dividend Reinvestment Plan (DRIP). This authorization by our board will permit
the purchase of shares, when available, to meet the demand for DRIP shares."
All purchases will be made by OVBC prior to February 15, 2004, unless OVBC's
Board of Directors extends the program. On January 21, 2003, OVBC had 3,463,000
shares of common stock outstanding.
Ohio Valley Banc Corp operates three subsidiaries: Ohio Valley Bank, with 17
offices in Ohio and West Virginia; Loan Central, with five offices in Ohio; and
Ohio Valley Financial Services Agency. Ohio Valley Banc Corp stock is traded on
the NASDAQ Stock Market under the symbol OVBC.
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