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Codorus Valley Bancorp, Inc. Declares Quarterly Cash Dividend and Announces Share Repurchase Program
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YORK, Pa., Jan. 11, 2023 (GLOBE NEWSWIRE) -- On January 10, 2023, the Board of Directors of Codorus Valley Bancorp, Inc. (the “Corporation”) (Nasdaq: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, declared a regular quarterly cash dividend of $0.16 per common share, payable on February 14, 2023, to shareholders of record at the close of business on January 24, 2023. This represents a $0.01 per common share increase from the quarterly cash dividend paid in the prior four quarters.
The Corporation also announced that its Board approved the repurchase of up to $5 million in aggregate value of the Corporation’s common stock from time to time in open market or privately negotiated transactions (“2023 Stock Repurchase Program”). The Board authorization will continue until the earlier of (i) an aggregate of $5 million of common stock has been repurchased, (ii) December 31, 2023, or (iii) until the Stock Repurchase Program has otherwise been suspended or terminated by the Board, in its sole discretion. Shares of common stock repurchased pursuant to the 2023 Stock Repurchase Program will be held as treasury shares available for use and reissuance for corporate purposes, as and when determined by the Board including, without limitation, pursuant to the Company’s Dividend Reinvestment and Stock Purchase Plan and its equity compensation program.
With assets of over $2 billion, PeoplesBank, A Codorus Valley Company, is a wholly owned subsidiary of Codorus Valley Bancorp, Inc., the largest independent financial institution headquartered in York County, Pennsylvania. PeoplesBank offers a full range of consumer, business, wealth management, and mortgage services at financial centers located in communities throughout South Central Pennsylvania and Central Maryland. Codorus Valley Bancorp, Inc.’s Common Stock is listed on the NASDAQ Global Market under the symbol CVLY.
Questions or comments concerning this Press Release should be directed to:
codorus valley bancorp, inc. (codorus valley) incorporated in 1986, is a one-bank holding company headquartered in york, pennsylvania that provides a full range of financial services through its subsidiary, peoplesbank, a codorus valley company (peoplesbank). codorus valley is a publicly held corporation whose stock is listed on the nasdaq national market exchange under the trading symbol cvly. peoplesbank, with origins dating back to 1864, is focused on acquiring and nurturing financial relationships with small and mid-sized businesses. it also provides personal banking, mortgage banking, wealth management and real estate services. peoplesbank is the largest full service community bank headquartered and managed in york county. it currently operates financial centers throughout south central pennsylvania and central maryland and plans to expand its franchise.
