SCRANTON, Pa. and DUNMORE, Pa., July 1, 2024
/PRNewswire/ -- Peoples Financial Services Corp. ("Peoples")
(Nasdaq: PFIS) today announced the completion of the merger of FNCB
Bancorp, Inc. ("FNCB") with and into Peoples, and the merger of
FNCB Bank with and into Peoples Security Bank and Trust Company
("Peoples Bank"), effective July 1,
2024.
"The completion of this merger unites two dynamic institutions
to create a leading, $5.6 billion
community bank with operations in Pennsylvania, New
York and New Jersey," said
Craig Best, Chief Executive Officer
and Director of Peoples and Peoples Bank. "The combination of
Peoples and FNCB will benefit our customers and the communities we
serve, create new opportunities for our employees and drive
long-term growth and shareholder value."
"FNCB Bank's merger with Peoples Bank marks a significant
milestone in our journey," said Jerry
Champi, President of Peoples and Peoples Bank. "This union
brings together two institutions with deep roots in community
banking. Our customers will benefit from expanded products and
services delivered by the familiar faces they have come to know and
trust. Together, we will provide an even better banking experience
for everyone."
The combined organization is expected to have approximately
$5.5 billion in assets with
approximately $4.0 billion in loans
and $4.7 billion in deposits
throughout its operations spanning Pennsylvania, New
York and New Jersey. All
branches of the combined company will operate under the Peoples
banner after the integration is completed. The combined company
will trade under Peoples ticker symbol (PFIS) on the Nasdaq Global
Select Stock Market.
About Peoples Financial Services Corp.
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 44
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 www.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 regarding the FNCB merger; 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 the FNCB merger 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, or as a result of
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; the risk that any announcements
relating to the FNCB merger could have adverse effects on the
market price of Peoples' common stock; 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.
