UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 28, 1999
Commission File Number: 000-23863
PEOPLES FINANCIAL SERVICES CORP
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2391852
(State or other jurisdiction of (I.R.S. Employer Identification Number)
Incorporation or Organization)
50 Main Street, Hallstead, PA 18822
(Address of Principal Executive Officer) (Zip Code)
Registrant's telephone number, including area code (570) 879-2175
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Item 5. Other Events
(a) The press release, dated April 16 1999, of Peoples Financial Services
Corp., Exhibit 99.1, is incorporated by reference.
(b) The press release, dated May 15 1999, of Peoples Financial Services
Corp., Exhibit 99.2, is incorporated by reference.
(c) The press release, dated July 22, 1999, of Peoples Financial Services
Corp., Exhibit 99.3 is incorporated by reference.
Item 7. Financial Statements and Exhibits.
(a) Exhibits.
The following exhibit is filed herewith:
99.4 Press Release, dated October 28, 1999, of Peoples Financial Services
Corp.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PEOPLES FINANCIAL SERVICES CORP
By/s/ John W. Ord
John W. Ord, President and Chief Executive Officer
Press Release
Peoples Financial Services Corp. Announces Nine-Month Financials
Peoples Financial Services Corp. (PFSC) and its wholly owned subsidiary, People
National Bank of Susquehanna County, reports record net income for the first
nine-months of 1999 at $2,812,000 vs. $2,445,000 on September 30, 1998, an
increase of 15.01%. Per-share income was up 16.07% over 1998 reflecting the
effect of the stock repurchase program of the holding company. The repurchase
program was initiated to leverage the strong capital position of the holding
company and to provide a source of common stock for the recently introduced
dividend reinvestment plan. The dividend reinvestment plan has proven to be
very popular with shareholders who will be acquiring PFSC shares with the
November dividend.
Compared to September 30, 1998, total assets increased 8.64% to $259,563,000.
Deposits were at $222,071,000 for the same period, an increase of 8.49% and net
loans increased 6.82% to $145,665,000 as of September 30, 1999.
President and CEO, John W. Ord, also announced that the quarterly dividend
payable on November 12, 1999 to shareholders of record on October 29, 1999 was
increased to $.14 per share. Ord stated that this was the second increase in
dividends paid in 1999. It reflects the growth in net income for the bank and
the continuing trend of strong asset quality.
This dividend increase is in keeping with the policy of the Board of Directors
to share growth in net income with the stockholders of the bank. Peoples
National Bank is an independent community bank with headquarters in Hallstead,
Susquehanna County. Customers are served through seven community offices in
the Hallstead Plaza, Susquehanna, Montrose and Hop Bottom in Susquehanna County,
and in Nicholson, Tunkhannock and Meshoppen in Wyoming County.
