SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report - December 11, 1995
Citizens Financial Services, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Pennsylvania 0-13222 23-2265045
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employee
of Incorporation) Identification No.)
15 South Main Street
Mansfield, Pennsylvania 16933
(Address of Principal Executive Offices) (Zip Code)
(717) 662-2121
(Registrant's Telephone Number, Including Area Code)
N/A
(Former name or former address, if changed since last report)
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Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
On November 28, 1995, First Citizens National Bank
("First Citizens"), a wholly-owned subsidiary of Citizens
Financial Services, Inc. and Meridian Bank, a wholly-owned
subsidiary of Meridian Bancorp, Inc., signed a definitive
agreement for First Citizens to purchase two retail banking
offices from Meridian Bank located in Canton, Pennsylvania and
Gillett, Pennsylvania. The offices involved in the sale are
located at 24 West Main Street, Canton, Bradford County,
Pennsylvania and Main Street, Gillett, Bradford County,
Pennsylvania. The Canton and Gillett offices have deposits
totaling approximately $15.5 million. The sale is subject to
obtaining all regulatory approvals and, therefore, the final
closing is not expected until March, 1996.
The discussion which follows is based solely on estimated
amounts which may be subsequently adjusted.
The proposed acquisition would be accomplished by
Meridian Bank paying First Citizens National Bank, at closing,
cash in the approximate amount of $10,560,000. In addition to
receiving cash and assuming liabilities consisting primarily
of deposits totaling $15,500,000, First Citizens expects to
acquire assets in the amount of $1,734,000. These assets
consist of loans in the amount of $500,000, and real estate,
property, furniture, fixtures and equipment in the amount of
$234,300 and $1,000,000 in intangibles, consisting primarily
of the perceived value associated with the deposit base being
assumed. Citizens Financial Services, Inc. expects to account
for the transaction as an acquisition of assets and assumption
of liabilities by First Citizens. The acquisition is subject
to the approval of federal regulatory authorities and is
expected to be consummated by the end of the first quarter of
1996.
As of November 30, 1995, Citizens Financial Services,
Inc. had total assets of $245,781,000.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
<PAGE>
Item 7. Financial Statements and Exhibits.
99 Press Release of Registrant, Citizens
Financial Services Corporation, dated
December 4, 1995, in connection with the
acquisition of certain assets and the
assumption of certain liabilities
associated with a branch acquisition
transaction.
Item 8 Change in Fiscal Year.
Not Applicable.
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 hereunto duly authorized
Citizens Financial Services, Inc.
(Registrant)
/s/Richard E. Wilber
Richard E. Wilber, President and
Chief Executive Officer
Date: December 11, 1995
PRESS RELEASE
CONTACT PERSON: Richard E. Wilber
717/662-2121
DATE: December 4, 1995
First Citizens National Bank and Meridian Bank jointly
announced today that an agreement has been reached whereby First
Citizens National Bank, headquartered in Mansfield, PA, will
acquire the Canton and Gillett offices of Meridian Bank,
headquartered in Reading, Pennsylvania. This agreement is subject
to review and approval of federal and state banking regulators. It
is expected that the two offices will become part of First
Citizens'
community banking system in March 1996.
First Citizens' President Richard Wilber stated, "We are
delighted with the opportunity to serve the Gillett and Canton
communities. Our bank's philosophy is rooted in local control,
local decision-making and recognizing the unique character of every
community we serve. First Citizens has recently emphasized its
belief in community oriented banking by proclaiming the Spirit of
Independence Lives On. This philosophy has been a cornerstone to
our success."
Mr. Wilber added, "The same people who have served customers
in the past with their banking needs will continue to provide
Canton and Gillett with quality service. Management of First
Citizens will be meeting with these employees very soon to
familiarize them with our bank and our community oriented
philosophy. We will also be meeting with customers and community
leaders to hear their suggestions and discuss how we can work with
them to ensure a smooth transition."
The Canton and Gillett offices are located in Bradford County,
Pennsylvania and have deposits totaling approximately $15.5
million. First Citizens National Bank has assets of approximately
$244 million and has offices in Mansfield, Blossburg, Ulysses,
Genesee, Sayre, Troy and Wellsboro.
Citizens Financial Services, Inc. is the parent company of
First Citizens National Bank and is also headquartered in
Mansfield, PA.
