SCRANTON, Pa., Oct. 25,
2024 /PRNewswire/ -- On October 25, 2024, the board of directors of
Peoples Financial Services Corp. (the "Company") and Craig W. Best mutually agreed that Mr. Best
would cease serving as Chief Executive Officer and director of the
Company and its banking subsidiary, Peoples Security Bank and Trust
Company (the "Bank"), effective December 31,
2024.
The Company consummated a merger with FNCB Bancorp, Inc. on
July 1, 2024, and it had been
contemplated that Mr. Best would remain as an officer of the
Company and the Bank through the first anniversary of the merger.
Given the progress made in the integration of the two companies and
the successful completion of the Bank's system conversion on
October 15, 2024, the parties
determined that Mr. Best was able to leave at the end of this
year.
Gerard A. Champi, President of
the Company and the Bank, will succeed Mr. Best as Chief Executive
Officer of the Company and the Bank, and Thomas P. Tulaney, Chief Operating Officer of
the Company and the Bank, will succeed Mr. Champi as President of
the Company and the Bank.
Peoples Financial Services Corp. is the bank holding company of
Peoples Security Bank and Trust Company, an independent community
bank serving its retail and commercial customers through 39
full-service community banking offices located within the
Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, Wayne, 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. People's business philosophy includes
offering direct access to senior management and other officers and
providing friendly, informed and courteous service, local and
timely. For more information, visit psbt.com.
Forward-looking Statements
This communication includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
with respect to the beliefs, goals, intentions, and expectations of
Peoples Financial Services Corp. and its subsidiaries ("Peoples")
and other statements that are not historical facts. Forward–looking
statements are typically identified by such words as "believe,"
"expect," "anticipate," "intend," "outlook," "estimate,"
"forecast," "project," "will," "should," and other similar words
and expressions, and are subject to numerous assumptions, risks,
and uncertainties, which change over time.
Additionally, forward–looking statements speak only as of the
date they are made; Peoples does not assume any duty, and does not
undertake, to update such forward–looking statements, whether
written or oral, that may be made from time to time, whether as a
result of new information, future events, or otherwise.
Furthermore, because forward–looking statements are subject to
assumptions and uncertainties, actual results or future events
could differ, possibly materially, from those indicated in or
implied by such forward-looking statements as a result of a variety
of factors, many of which are beyond the control of Peoples. Such
statements are based upon the current beliefs and expectations of
the management of Peoples and are subject to significant risks and
uncertainties outside of the control of Peoples. Caution should be
exercised against placing undue reliance on forward-looking
statements. The factors that could cause actual results to differ
materially include the following: the possibility that the
anticipated benefits of Peoples' merger with FNCB Bancorp, Inc.
("FNCB"), which was consummated on July 1,
2024, will not be realized when expected or at all,
including as a result of the impact of, or problems arising from,
the integration of FNCB; the strength of the economy and
competitive factors in the areas where Peoples conducts business;
the possibility that the FNCB merger may be more expensive to
complete than anticipated, including as a result of unexpected
factors or events; diversion of management's attention from ongoing
business operations and opportunities; the possibility that Peoples
may be unable to achieve expected synergies and operating
efficiencies in the FNCB merger within the expected timeframes or
at all and to successfully integrate the operations of Peoples;
such integration may be more difficult, time-consuming or costly
than expected; revenues following the FNCB merger may be lower than
expected; Peoples' success in executing its business plans and
strategies and managing the risks involved in the foregoing; the
dilution caused by Peoples' issuance of additional shares of its
capital stock in connection with the FNCB merger; the outcome of
any legal proceedings that may be instituted against Peoples; the
ability of Peoples to meet expectations regarding the accounting
and tax treatments of the FNCB merger; effects of the completion of
the FNCB merger on the ability of Peoples to retain customers and
retain and hire key personnel and maintain relationships with its
suppliers, and on its operating results and businesses generally;
and risks related to the potential impact of general economic,
political and market factors on Peoples; and the other factors
discussed in the "Risk Factors" section of Peoples' Annual Report
on Form 10–K for the year ended December 31,
2023, and in the "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations"
sections of other reports Peoples may file with the SEC from time
to time.
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SOURCE Peoples Financial Services Corp.