Codorus Valley Bancorp, Inc. Approves New Share Repurchase Program

YORK, Pa., Jan. 14, 2021 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. ("Codorus Valley" or the "Corporation") CVLY, parent company of PeoplesBank, A Codorus Valley Company (PeoplesBank), today announced that its Board of Directors had approved a new treasury stock repurchase program.

Under the newly approved stock repurchase program, the Corporation is authorized to repurchase up to $5 million of the Corporation's issued and outstanding common stock. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases under the program may be made from time to time in the open market at prevailing prices, or through privately negotiated transactions.

The Board of Directors' January 12, 2021 authorization provides that: (1) the new treasury stock repurchase program shall be effective when publicly announced and shall continue thereafter until the earlier of the date an aggregate of $5 million of common stock has been repurchased or January 31, 2022, or until suspended or terminated by the Board of Directors, in its sole discretion; and (2) all shares of common stock repurchased pursuant to the new program shall be held as treasury shares and be available for use and reissuance for purposes as and when determined by the Board of Directors 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.