UNITED STATES
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 - October 18, 2002
PEOPLES FINANCIAL SERVICES CORP.
(Exact name of registrant as specified in its charter)
Pennsylvania 000-23863 23-2391852
------------ --------- ----------
(State or other Commission File (I.R.S. Employer
jurisdiction of Number Identification
Incorporation) Number)
50 Main Street, Hallstead, PA 18822
(Address of Principal Executive Officer) (Zip Code)
Registrant's telephone number,
including area code (570) 879-2175
N/A
(Former name or former address, if changed since last report)
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.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibit:
99 Press Release of Peoples Financial Services Corp.
dated October 18, 2002.
Item 8. Change in Fiscal Year.
Not Applicable.
Item 9. Regulation FD Disclosure.
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, thereunto duly authorized.
PEOPLES FINANCIAL SERVICES, CORP.
(Registrant)
/s/ Debra E. Dissinger
Dated: October 18, 2002 By Debra E. Dissinger
Executive Vice President
EXHIBIT INDEX
Page Number
in Manually
Exhibit Signed Original
99 Press Release of Peoples Financial Services 3
Corp. dated October 18, 2002.
EXHIBIT 99
PRESS RELEASE
Financial News from Peoples Financial Services Corp.
Increased income, dividend increase, and expansion were important factors as
Peoples National Bank and its parent Peoples Financial Services Corp. announced
third quarter results.
A record quarterly income of $1,502,000 led the Board of Directors of PFSC to
increase the regular quarterly dividend to 23 cents per share from 22 cents per
share. The dividend will be payable on November 15, 2002, to shareholders of
record on October 31, 2002.
Through nine months of 2002, net income was $3,438,000 vs. $3,549,000 in 2001, a
decrease of just over 3%. Income per share was down less than 2% at $1.64
compared to $1.67 at September 30, 2001. The bid price on PFSC common stock on
September 30, 2002, was $28.50, an increase of 14% over 2001.
Deposits have increased over 5% to $259,493,000 and loans have gone up to
$214,656,000 an increase of 16% over the same date last year. Total assets as of
September 30, 2002 were $344,299,000.
Also announced was that an application for a branch office in Conklin NY was
approved by our Board and filed with the Office of the Comptroller of the
Currency. The newest Peoples National Bank office will be located at 1026
Conklin Road and is scheduled to be opened for business in the first quarter of
2003.
Peoples National Bank is headquartered in Hallstead PA and has community offices
in the Hallstead Shopping Plaza, Susquehanna, Montrose, and Hop Bottom in
Susquehanna County, in Nicholson, Tunkhannock, and Meshoppen in Wyoming County
and in the Price Chopper, Norwich, New York.
This press release contains certain forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995. Actual results
and trends could differ materially from those set forth in such statements due
to various factors. Such factors include the possibility that increased demand
for prices for the Company's financial services and products may not occur,
changing economic, interest rate and competitive conditions, technological
developments, and other risks and uncertainties including those detailed in the
Company's filings with the Securities and Exchange Commission.