Penns Woods Bancorp Inc
On January 7, 1983, Penns Woods Bancorp, Inc. was incorporated under the laws
of the Commonwealth of Pennsylvania as a bank holding company. In connection
with the organization of the Company, Jersey Shore State Bank ("JSSB"),
a Pennsylvania state-chartered bank, became a wholly owned subsidiary of the
Company. On June 1, 2013 the Company acquired Luzerne Bank ("Luzerne")
with Luzerne operating as a subsidiary of the Company (JSSB and Luzerne are
collectively referred to as the "Banks"). The Company’s two
other wholly-owned subsidiaries are Woods Real Estate Development Company, Inc.
and Woods Investment Company, Inc. The Company’s business has consisted
primarily of managing and supervising the Banks, and its principal source of
income has been dividends paid by the Banks and Woods Investment Company, Inc.
The Banks are engaged in commercial and retail banking which includes the acceptance
of time, savings, and demand deposits, the funding of commercial, consumer,
and mortgage loans, and safe deposit services. Utilizing a branch office network,
ATMs, Internet, and telephone banking delivery channels, the Banks deliver their
products and services to the communities they reside in.
In October 2000, JSSB acquired The M Group, Inc. D/B/A The Comprehensive Financial
Group (“The M Group”). The M Group, which operates as a subsidiary
of JSSB, offers insurance and securities brokerage services. Securities are
offered by The M Group through Voya Financial a registered broker-dealer.
Neither the Company nor the Banks anticipate that compliance with environmental
laws and regulations will have any material effect on capital expenditures,
earnings, or their competitive position. The Banks are not dependent on a single
customer or a few customers, the loss of whom would have a material effect on
the business of the Banks.
Woods Investment Company, Inc., a Delaware holding company, maintains an investment
portfolio that is managed for total return and to fund dividend payments to
the Company.
Woods Real Estate Development Company, Inc. serves the Company through its
acquisition and ownership of certain properties utilized by the Bank.