Jersey Shore State Bank Announces Agreement to Acquire Securities Brokerage, Insurance Business

September 6, 2000

Jersey Shore State Bank entered into a definitive agreement to acquire the businesses of Paul R. Mamolen, CLU, and The M Group, Inc. The combined businesses will be operated under a bank subsidiary, The M Group, Inc. doing business as The Comprehensive Financial Group. An early fourth-quarter closing is anticipated.

This proposed acquisition represents the partnering of two long-established, locally owned, community-focused financial service providers. Jersey Shore State Bank is a wholly-owned commercial banking subsidiary of Penns Woods Bancorp, Inc. The Comprehensive Financial Group provides securities brokerage and insurance services.

The bank’s management believes this move to be consistent with its strategic initiative of providing new and innovative products and in keeping with charting a course to become a “one-stop financial shop.” Paul R. Mamolen, CLU, with a history of over thirty years in the financial business, will become Chief Operating Officer of the subsidiary and a vice president of the bank.

Over 20 local producer-agents are affiliated with the Comprehensive Financial Group with other representatives located throughout Pennsylvania and in other states. Securities are offered through Locust Street Securities, Inc. with insurance products offered principally through the ING network, which includes ING Equitable Life of Iowa, ING Aetna, ING Reliastar, ING Southland Life, ING Security Life of Denver and ING Variable. Jersey Shore State Bank operates ten full service locations in Lycoming, Clinton and Centre Counties as well as a loan production office in State College, Pennsylvania.

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