SCRANTON, Pa., April 26,
2024 /PRNewswire/ -- The Board of Directors of
Peoples Financial Services Corp. (NASDAQ: PFIS) declared a second
quarter dividend of $0.41 per share.
The $0.41 per share dividend
represents the same per share dividend declared and paid in the
first quarter of 2024 and the second quarter of 2023. The dividend
is payable June 14, 2024 to
shareholders of record May 31,
2024.
Peoples Financial Services Corp. (the "Company") is the parent
company of Peoples Security Bank and Trust Company (the "Bank"), an
independent community bank serving its retail and commercial
customers through twenty-eight full-service community banking
offices located within the Allegheny, Bucks, Lackawanna,
Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, and Wyoming Counties in Pennsylvania, Middlesex County in New Jersey and Broome County in New York. Each office, interdependent with the
community, offers a comprehensive array of financial products and
services to individuals, businesses, not-for-profit organizations
and government entities. The Company's business philosophy includes
offering direct access to senior management and other officers and
providing friendly, informed and courteous service, local and
timely.
Safe Harbor Forward-Looking Statements:
We make statements in this press release, and we may from time
to time make other statements regarding our outlook or expectations
for future financial or operating results and/or other matters
regarding or affecting Peoples Financial Services Corp., Peoples
Security Bank and Trust Company, and its subsidiaries
(collectively, "Peoples") that are considered "forward-looking
statements" as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Such forward-looking statements may be identified
by the use of such words as "believe," "expect," "anticipate,"
"should," "planned," "estimated," "intend" and "potential." For
these statements, Peoples claims the protection of the statutory
safe harbors for forward-looking statements.
Peoples cautions you that a number of important factors could
cause actual results to differ materially from those currently
anticipated in any forward-looking statement. Such factors include,
but are not limited to: Peoples cautions you that a number of
important factors could cause actual results to differ materially
from those currently anticipated in any forward-looking statement.
Such factors include, but are not limited to: macroeconomic trends,
including interest rates and inflation; the effects of any
recession in the United States;
the impact on financial markets from geopolitical conflicts such as
the military conflict between Russia and Ukraine and the conflict in Israel; risks associated with business
combinations, including, but not limited to Peoples proposed merger
with FNCB Bancorp, Imc. ("FNCB"), and the occurrence of any event,
change or other circumstances that could give rise to the right of
one or both of the parties to terminate the FNCB merger agreement;
the possibility that the parties may be unable to achieve expected
synergies and operating efficiencies in the proposed FNCB merger
within the expected timeframes or at all and to successfully
integrate operations of FNCB and those of Peoples, which may be
more difficult, time consuming or costly than expected; the
proposed FNCB merger may divert management's attention from ongoing
business operations and opportunities; effects of the announcement,
pendency or completion of the proposed FNCB merger on our ability
to retain customers and retain and hire key personnel and maintain
relationships with our vendors, and on our operating results and
business generally; changes in interest rates; economic conditions,
particularly in our market area; legislative and regulatory changes
and the ability to comply with the significant laws and regulations
governing the banking and financial services business; monetary and
fiscal policies of the U.S. government, including policies of the
U.S. Department of Treasury and the Federal Reserve System; adverse
developments in the financial industry generally, responsive
measures to mitigate and manage such developments, related
supervisory and regulatory actions and costs, and related impacts
on customer and client behavior; credit risk associated with
lending activities and changes in the quality and composition of
our loan and investment portfolios; demand for loan and other
products; deposit flows; competition; changes in the values of real
estate and other collateral securing the loan portfolio,
particularly in our market area; changes in relevant accounting
principles and guidelines; inability of third party service
providers to perform; our ability to prevent, detect and respond to
cyberattacks; and other factors that may be described in our Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed
with the Securities and Exchange Commission from time to time.
In addition to these risks, acquisitions and business
combinations present risks other than those presented by the nature
of the business acquired. Acquisitions and business combinations
and, specifically, the FNCB merger may be substantially more
expensive to complete than originally anticipated, and the
anticipated benefits may be significantly harder - or take longer -
to achieve than expected, if they are achieved at all. As a
regulated financial institution, our pursuit of attractive
acquisition and business combination opportunities could be
negatively impacted by regulatory delays or other regulatory
issues. Regulatory and/or legal issues related to the
pre-acquisition operations of an acquired or combined business may
cause reputational harm to Peoples following the acquisition or
combination, and integration of the acquired or combined business
with ours may result in additional future costs arising as a result
of those issues. Additional factors that could cause actual results
to differ materially include the occurrence of any event, change or
other circumstances that could give rise to the right of one or
both of the parties to terminate the merger agreement between
Peoples and FNCB; the outcome of any legal proceedings that may be
instituted against Peoples or FNCB; the possibility that the
proposed strategic combination will not close when expected or at
all because required regulatory approvals are not received or other
conditions to the closing are not satisfied on a timely basis or at
all, or are obtained subject to conditions that are not anticipated
(and the risk that required regulatory approvals may result in the
imposition of conditions that could adversely affect the combined
company or the expected benefits of the proposed transaction).
The forward-looking statements are made as of the date of this
release, and, except as may be required by applicable law or
regulation, Peoples assumes no obligation to update the
forward-looking statements or to update the reasons why actual
results could differ from those projected in the forward-looking
statements.
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SOURCE Peoples Financial Services Corp.