SCRANTON, Pa., June 4, 2020 /PRNewswire/ -- On Friday, May 29, 2020, the Board of Directors
appointed Thomas P. Tulaney to
President and Chief Operating Officer of Peoples Security Bank and
Trust Company and Peoples Financial Services Corp. (NASDAQ:
PFIS). Mr. Tulaney was also appointed to the Bank's Board of
Directors.
Mr. Craig W. Best, former
President and Chief Executive Officer, will continue to serve as
CEO of Peoples Security Bank and Trust. Mr. Best will
continue to focus on the bank's strategy and long-term goals.
Mr. William E. Aubrey II,
Chairman of the Board, stated "Peoples Security Bank's Board
and Mr. Best are pleased to recognize Tom as a leader. He has
played an instrumental role in executing our business strategies,
and his leadership and ongoing contributions are key factors in the
decision leading to his appointment".
Mr. Tulaney most recently served as Peoples Security Bank and
Trust's Senior Executive Vice President and Chief Operating Officer
(COO). As the bank's President and COO, he will be responsible for
the daily operations. With over 39 years of banking experience, Mr.
Tulaney's personal accomplishments along with his past and present
banking associations demonstrate his integrity and strength to
ensure our bank continues to meet the expectations of our
shareholders, employees, customers and the needs of our local
communities.
"Peoples Security Bank & Trust is a community leader in the
financial industry," said Mr. Tulaney. "I am honored to accept this
leadership role and look forward to working with our entire team as
we navigate together to ensure the bank remains on a path of
continued growth and success."
Mr. Tulaney joined the bank's Commercial Banking Division as
Executive Vice President, Chief Lending Officer in April 2011 after serving as Senior Executive Vice
President, Commercial Sales Division Manager at another local
financial institution. Upon joining the bank, he was responsible
for developing new commercial banking business. His community
involvement includes serving on the boards of Lackawanna College, Scranton Counseling Center and
The Community Support Group, as well as currently serving as
Trustee of the Peoples Security Charitable Foundation and the Roy
W. Piper Charitable Trust.
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; the unfolding COVID-19
crisis and the governmental responses to the crisis: 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.