Item 7.01. Regulation FD Disclosure.
On January 18, 2022, Codorus Valley Bancorp, Inc. (the "Company") issued a press
release announcing that the Company had completed its repurchase of $5 million
in aggregate value of the Company's issued and outstanding shares under the
stock repurchase program approved on August 31, 2021 and that the Company's
Board of Directors approved a new treasury stock repurchase program. Under the
newly approved stock repurchase program, the Company is authorized to repurchase
up to an additional $5 million in aggregate value of the Company's issued and
outstanding shares at January 11, 2022. The Board of Directors' 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 December
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. This is the third
$5 million stock repurchase program implemented by the Company over the past 12
months.
A copy of the Company's press release announcing approval of the treasury stock
repurchase program is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release dated January 18, 2022.
104 Cover Page Interactive Data File (embedded in the cover page
formatted in Inline XBRL)
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