YORK, Pa., May 02, 2019 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (NASDAQ: CVLY), parent company of PeoplesBank, a Codorus Valley Company (PeoplesBank), today announced that it had received approval in the form of a no objection letter from the Federal Reserve Bank of Philadelphia to repurchase shares of its common stock in an aggregate amount of up to $5 million. The approval relates to a share repurchase program originally approved by the Corporation’s Board of Directors in February, 2018.

The Corporation may repurchase the shares from time to time through open market purchases, in privately negotiated transactions or through a 10b5-1 trading plan.

The time, price and volume of repurchases will be based on market conditions and relevant securities laws. The share repurchase plan does not obligate the Corporation to purchase shares, and the plan may be modified or terminated at any time in the Corporation’s discretion.

About Codorus Valley Bancorp, Inc.

Codorus Valley Bancorp, Inc. is the largest independent financial services holding company headquartered in York, Pennsylvania. Codorus Valley primarily operates through its financial services subsidiary, PeoplesBank, A Codorus Valley Company. 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.