SCRANTON, Pa., Feb. 28, 2020 /PRNewswire/ -- Peoples
Financial Services Corp. ("Peoples") (NASDAQ: PFIS), the bank
holding company for Peoples Security Bank and Trust Company,
announced today that its board of directors has authorized a stock
repurchase plan providing for the purchase of up to 225,000 shares
of its outstanding common stock. The timing, price and volume
of repurchases will be based on market conditions, relevant
securities laws and other factors. The stock repurchases may
be made from time to time on the open market or in privately
negotiated transactions. The stock repurchase program does
not require Peoples to repurchase any specific number of shares,
and Peoples may terminate the repurchase program at any time.
As of the date of this release, Peoples has approximately 7,388,480
shares of common stock outstanding.
Peoples Financial Services Corp. is the parent company of
Peoples Security Bank and Trust Company, an independent community
bank serving Berks, Bucks, Carbon, Lackawanna, Lehigh, Lebanon, Luzerne, Monroe, Montgomery, Northampton, Schuylkill, Susquehanna, Wayne and Wyoming Counties in Pennsylvania and Broome County in New York through 28 offices. 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 Bank's
business philosophy includes offering direct access to senior
management and other officers and providing friendly, informed and
courteous service, local and timely decision making, flexible and
reasonable operating procedures and consistently applied credit
policies.
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: prevailing economic and political
conditions, particularly in our market area; credit risk associated
with our lending activities; changes in interest rates, loan
demand, real estate values and competition; changes in accounting
principles, policies, and guidelines; changes in any applicable
law, rule, regulation or practice with respect to tax or legal
issues; our ability to identify and address cyber-security risks
and other economic, competitive, governmental, regulatory and
technological factors affecting Peoples' operations, pricing,
products and services and other factors that may be described in
Peoples' 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 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. As
regulated financial institutions, 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.
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.