SCRANTON, Pa., May 11, 2023
/PRNewswire/ -- Peoples Financial Services Corp. ("Peoples")
(NASDAQ: PFIS), the bank holding company for Peoples Security Bank
and Trust Company, announced today that it has restarted its
previously announced stock repurchase plan after a brief temporary
suspension. As of March 31, 2023,
there were 258,854 shares of Peoples common stock that may yet be
purchased under the stock repurchase plan.
Under the stock repurchase plan, 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 May 1,
2023, Peoples had approximately 7,150,757 shares of common
stock outstanding.
About Peoples Financial Services
Corp.
Peoples Financial Services Corp. is the parent company of
Peoples Security Bank and Trust Company, a community bank serving
Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Schuylkill, Susquehanna, and Wyoming Counties in Pennsylvania, Middlesex County in New Jersey 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. Peoples'
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. and Peoples
Security Bank and Trust Company (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 impact on
financial markets from geopolitical conflicts such as the military
conflict between Russia and
Ukraine; credit risk associated
with our lending activities; changes in interest rates, loan
demand, deposit flows, real estate values and competition; changes
in customer behaviors, including consumer spending, borrowing and
savings habits; 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;
adverse developments in the financial industry generally, such as
the recent bank failures, responsive measures to mitigate and
manage such developments, related supervisory and regulatory
actions and costs, and related impacts on customer and client
behavior 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
press 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.