citizens - First Citizens Community Bank

08
Year in Review
plan
vision
build grow
CITIZENS
FINANCIAL SERVICES
I N C O R P O R A T E D
together—let’s make it happen
Contents
Letter from the CEO and President
1-3
Community Pages
4-5
Financial Overview
6
Stock Performance
7
Consolidated Balance Sheet
8
Five Year Summary of Operations
9
Consolidated Quarterly Data
10
Company and Shareholder Information
11
Board of Directors and Officers
12
Community Office Information
13
To Our Shareholders
-FUUFSGSPN3BOEBMM&#MBDLt$IJFG&YFDVUJWF0GGJDFSBOE1SFTJEFOU
Dear Shareholders,
I’m sure if given the option, many of you would choose not to remember 2008. However, as shareholders, customers, and employees of Citizens Financial Ser vices, Inc. (“Company ”) and its wholly owned subsidiary First Citizens National Bank, there are many reasons to remain optimistic.
As I prepared my thoughts to share with you regarding the events of the last year, I realized that rehashing the details associated with our nation’s strug gling economic climate would overshadow all of the major accomplishments that your Company was able to achieve in 2008. Therefore, my focus for this letter will be on our Company ’s ability to remain a high performing , independent community bank, successfully ser ving our communities and customers while providing positive returns to you ‐ our shareholders.
Even though we were not, and are not, immune to the national financial crisis, it is my great pleasure to report that in 2008 we continued our trend of achieving record financial performance. Consolidated net income reached a record level of $6,905,000, compared with $6,736,000 in 2007, representing an increase of 2.50%. We are extremely proud of this performance, especially in‐light of the challenges we faced due to the economic climate.
As you read on, I am sure you will agree that in addition to record financial performance, your Company again accomplished many other milestones, from the completion of a branch acquisition to national recognition for our financial performance; from new building construction projects to tackling the natural gas exploration initiatives impacting our communities — all the while dealing with an unstable economic environment. In addition to our record net income, our record core earnings for 2008 (excluding our third quarter write down in Freddie Mac preferred stock and a Lehman Brother ’s corporate bond) totaled $9,604,000, an increase of $2,849,000 or 41.2% over last year ’s record results. Earnings per share for the year were $2.42 as compared to $2.35 in 2007, an increase of 3.0%. Core earnings per share for 2008 were $3.37 compared to $2.35 or a 43.4% increase over 2007. As another sign of our financial performance and strength, the Board of Directors declared a one‐time special dividend in November 2008 of $.05 per share, and as a result, the cash dividends paid in 2008 totaled $.99 per share which represents a 10% increase compared to 2007. Stockholders’ equity increased $4,242,000 or 8.7% from last year.
Record earnings growth was driven by a combination of our ability to manage net interest income, our ongoing discipline to controlling operating costs, and our ability to grow the bank through our total customer relationship approach. Loans increased 2.2% and deposits increased 19.9% during the year. The discovery of large quantities of natural gas in our market has provided us with growth opportunities in both deposits and the Wealth Management area. This increase in deposits has allowed us to improve our overall investment portfolio mix and return.
continued on next page
PAG E 1
To Our Shareholders
continued from previous page
In 2008, the Company ’s balance sheet continued to expand to record levels with assets ending the year at $668,612,000. This represents a $77,583,000 or 13.1% increase over 2007. In fact, since 2004, total assets have increased $169,265,000 or 33.9% for an average growth rate of approximately 8.50% per year. Return on assets for 2008 was 1.13% as compared to 1.16% in 2007. Return on equity for 2008 was 13.51% compared to 14.38% in 2007; however return on equity and return on assets, excluding the investment write downs, were 18.79% and 1.57% respectively for 2008.
Our credit quality remains strong with net loan losses of .03% or $149,000 in 2008. This performance ranks us in the top 10% of banks our asset size. Delinquent loans over 30 days remain low at 1.1% of our loan portfolio as of December 31 st . We are very diligent about maintaining superior credit quality while recognizing our responsibility to assist consumers and businesses in our communities as they weather these trying economic times. Net interest income before the provision for loan losses totaled $23,180,000 compared to $19,102,000 in 2007, an increase of $4,078,000 or 21.3%. In addition to our ongoing pricing discipline, the Federal Reser ve’s action to reduce the Fed funds rate to between 0 and 25 basis points had a positive impact in 2008 on our net interest margin. With our liabilities repricing at a more rapid pace than our assets, 2009 presents many challenges to our margin management process. Compared to 2007, non‐interest expenses increased a modest $563,000 or 3.7%. Efficiency is a major contributor to our financial performance. As a measurement, our 2008 efficiency ratio was 50.91% compared to 56.89% in 2007. Our successes don’t just happen – we create them. They are the direct result of a disciplined strategic planning process and our ability to effectively execute on the initiatives in the plan. We continue to rely on our team of seasoned commercial business development officers to achieve our growth objectives. As part of our plan, we challenge our employees to create operational efficiencies, control costs and to take advantage of the many skill development opportunities provided. Our strategy also includes initiatives that allow us to continue to fulfill our charter as a community bank – giving back to the communities we ser ve.
In November of 2008, we acquired the Mansfield office of Elmira Savings Bank (ESB). This acquisition added approximately $16,900,000 in deposits and allowed us to strengthen our overall market share in Tioga County. It also provided us with an opportunity to improve customer convenience and access for the greater Mansfield market. We welcome the customers of the Mansfield office of ESB to our family and commit to providing the quality ser vice that has made First Citizens one of the top community banks in the region. I’m pleased to report that our new Troy community office building is currently under construction with an expected occupancy date of early June. This new building will provide PAGE $JUJ[FOT'JOBODJBM4 FS WJDFT* ODt :FBSJO3 FWJFX
customers of the greater Troy area a state of the art banking facility and provide employees and customers with a comfortable and professional environment for conducting business. Plans are also underway for our new Wellsboro facility and we expect to start construction later this year. The acquisition of the Mansfield Office of Elmira Savings Bank and the construction of these two new community office buildings are clear signs of our financial strength and our commitment to improve customer ser vice and enhance the communities we ser ve.
And finally, as a true testament to our consistent financial performance, Citizens Financial Ser vices, Inc. was listed as one of 2007’s top 200 best performing community banks in the United States by US Banker magazine. Each year US Banker, a magazine that covers the field of banking and finance, reviews the return on average equity (“ROAE”) for a three‐
year period for all publicly traded U.S. banks whose asset size is $1 billion or less. Citizens Financial Ser vices, Inc. placed 154th in the nation for our record year in 2007 with an ROAE of 14.38% and a three‐year average ROAE of 13.54%. In addition, First Citizens continues to receive a 4‐Star Rating from Bauer Financial, Inc., a firm that has been analyzing and reporting on the financial condition of the nation’s banking industry since 1983.
The year 2008 will be forever known in history for its economic turbulence that resulted in the passage of the Troubled Assets Relief Program (TARP) to boost a financial institution’s capital with the intent to stabilize lending. Your Company did not take advantage of “ TARP ” as we remain well‐capitalized and ready to lend. This is evidenced by our ability to retain the #1 Mortgage Lender position in the Northern Tier. As you can see, your Company continues to provide optimism during these dark times. I believe I speak for our board of directors, officers and employees when I say that we as a team are extremely proud of our ability to weather the storm.
I greatly appreciate the support and dedication of our board of directors, officers and employees throughout our journey. I also extend my appreciation to you, our shareholders and friends, for your ongoing trust and support of your Company, Citizens Financial Ser vices, Inc.
Randall E. Black
$IJFG&YFDVUJWF0GGJDFSBOE1SFTJEFOU
PAG E 3
Citizens Financia l S er vices
and Our Communit y
Our Commitment to Serve – Banks are chartered to serve their communities and that service can take many forms. Financial contributions, employee volunteerism and the fi‐
nancial education of our customers are all ways in which First Citizens serves our communities. We use local vendors to fulfill our product and service needs, and provide businesses with funds to grow and consumers with the ability to buy new homes or improve the ones they already have.
Despite the turbulent economic conditions, our strong finan‐
cial performance has allowed us to continue our tradition of monetary contributions that help our communities remain desirable places to live. Although we recognize there are many worthy causes, our donations focus on five key areas: children and youth, education, health care, agriculture and community development.
Margie Wesnesk i (front lef t), President of the Blossburg
Area Swimming Association, is seen receiving a check from
First Citizens National Bank representatives Beth Weiskopff
( f ro n t ce n t e r ) , AV P a n d B l o s s b u rg O f f i ce M a n a g e r, a n d
Randall Black (front right), CEO and President. Also
receiving the check are committee members George Lloyd
(back lef t), and Carol Tama (far right).
Our Commitment to Youth – Our commitment to the Our Commitment to Charities – Charitable organizations advancement of the youth in our area is one we don’t take lightly. In 2008, First Citizens announced a two‐year commit‐
ment of $50,000 per year to the Tioga County Foundation. This organization supports educational initiatives for several of our school districts and allocates a portion of the funds received from area businesses to assist with School‐to‐Work and Career Development programs that help local students in their efforts to select their future occupation. and programs that help those in need are the backbone of small communities. In 2008, many of these organizations, including local hospitals, hospice programs, United Funds and food pantries were recipients of donations from First Citi‐
zens. In addition, we announced a two‐year commitment of $10,000 per year to the Community Foundation for the Twin Tiers, an organization which provides grants to local charities. Our Commitment to Communities – Island Park is a R epresentatives fro m t h e Co m mu n i t y Fo u n d a t i o n f o r t h e Tw i n
Tiers receive a $10 , 0 0 0 c h e c k f ro m Fi r s t C i t i ze n s N a t i o n a l B a n k .
Shown lef t to righ t i s : D e b B a s t i a n , Le o Pa rc h e s k y, M a r i l y n B o k
(receiving the che c k ) , Lowe l l Co o l i d g e – F C N B C h a i rm a n o f t h e
Board, R andy Blac k – F C N B C E O & Pre s i d e n t , Eu g e n e S e e l ye a n d
Tom Freeman.
PAGE 4
cornerstone of community life in Blossburg and the surround‐
ing areas. First Citizens committed $35,000 over a five‐year period to the swimming pool renovation project at Island Park. Contributing to a cause that gives so many families a place to exercise and have fun together in a safe environment is very rewarding.
Our Commitment to Education – Each year, First Citizens finds new and unique ways to show our support for education. Over the past several years, we’ve introduced 2 scholarships to Mansfield University, and we contribute $6,200 each year as the sole sponsor of the WATS Scholarship Challenge that provides a competitive environment for seniors from over 25 local high schools to put their knowledge to the test. In 2008, we worked with Mansfield University to establish a paid internship program that provides top performing students with hands‐on experience and training in areas such as investments, marketing and training. $JUJ[FOT'JOBODJBM4 FS WJDFT* ODt :FBSJO3 FWJFX
In 2008, the discovery of large quantities of natural gas in our area opened up incredible economic opportunities for landowners. Customers began calling for advice and guidance almost immediately. As part of our partnership with our communi‐
ties and customers, we provided a forum for land owners to receive relevant information so they could make better decisions for themselves and their families. We coordinated and hosted multiple seminars throughout our markets and brought in experts from the Department of Environmental Protection, the Department of Conservation and Natural Resources, the Penn State Dickinson School of Law, and the Trust and Investments Division of First Citizens. These seminars provided attendees with information on the process of drilling a well, the legal considerations of negotiat‐
ing a gas lease and the financial considerations that result from signing a gas lease. Presentations were videotaped and these videos, along with their associated handouts, are avail‐
able on our bank’s Internet site at www.firstcitizensbank.com.
Lef t to R ight: Wilbur Wagner,
Emma Arnold, Bill Van Etten
IN MEMORIAM
WILBUR A. WAGNER, past corporate board member of First Ci1zens Na1onal Bank, passed away on May 23, 2008 at the age of 93. Wilbur had served twenty‐nine years as director of the Grange Na1onal Bank of PoJer County, which merged with First Ci1zens Na1onal Bank on January 2, 1971, and seven years as director of First Ci1zens before re1ring in April 1978. Wilbur served honorably with the U.S. Navy during World War II; he and his wife JeanneJe, who passed away in 1990, owned and operated Wagner Hardware in Ulysses for many years. He later re1red to Citrus Springs, Florida where he resided with his second wife Margaret. Wilbur spent many years serving the communi1es of Ulysses and Citrus Springs.
WILLIAM D. VAN ETTEN, a na1ve of PoJer County, joined the First Ci1zens Na1onal Bank board of directors in 1978 and was a director of the Ci1zens Financial Services, Inc. board since its forma1on in 1984. Bill started farming in 1955 and owned and operated Four Winds Dairy Farm which was awarded the Dairy of Dis1nc1on. He served as director of the Pennsylvania Farmer’s Associa1on, Agway, and the Agricultural Stabiliza1on CommiJee. Bill’s experience in farming provided great direc1on to our organiza1on’s focus on agricultural banking. He re1red from the board in 2004 but con1nued to farm with his wife, Anna, un1l his death on October 20, 2008 at the age of 75. EMMA ARNOLD began her banking career in 1984 with Star Savings and Loan and joined First Ci1zens in 1990 when we acquired that organiza1on. Throughout her banking career, Emma became the jack of all trades in many areas. She was awarded Employee of the Year in 2000 for her outstanding dedica1on, professional a[tude, and concern for the customers and her fellow employees. She passed away on January 2, 2009 at the age of 56 following a courageous baJle with lung cancer.
First Citizens representatives R andy Black
(lef t center) CEO & President and Lowell
Coolidge (right) Chairman of the Board, are
shown presenting a $50,000 check to Tioga
Count y Foundation representatives Bob Blair
(lef t) and D ave Cummings (right center).
We extend our deepest sympathies to the families of Wilbur, Bill and Emma.
PAG E 5
Financia l O ver vie w
DEPOSITS
(Dollars in Thousands)
TOTAL ASSETS
(Dollars in Thousands)
NET INCOME
(Dollars in Thousands)
STOCKHOLDERS’ EQUITY
(Dollars in Thousands)
NET LOANS
(Dollars in Thousands)
EARNINGS PER SHARE
(Dollars)
CASH DIVIDENDS PAID
(Dollars in Thousands)
PAGE 6
$JUJ[FOT'JOBODJBM4 FS WJDFT* ODt :FBSJO3 FWJFX
Sto ck Performance
COMMON STOCK
The Company’s stock is not listed on any stock exchange, but it is quoted on the OTC Bulletin Board under the trading symbol CZFS. Prices presented in the table below are bid prices between broker‐dealers published by the OTC Bulletin Board and the Pink Sheets Electronic Quotation Service. The prices do not include retail markups or markdowns or any commission to the broker‐dealer. The bid prices do not necessarily reflect prices in actual transactions. Cash dividends are declared on a quarterly basis. A copy of the Company’s Annual Report on Form 10‐K for the year ended December 31, 2008, as required to be filed with the Securities and Exchange Commission, will be furnished without charge upon written request to the Company’s Treasurer at the principal office at 15 South Main Street, Mansfield, PA 16933. The information is also available through the Company’s website at www.firstcitizensbank.com and at the website of the Securities and Exchange Commission at www.sec.gov.
STOCK PERFORMANCE
High
Low
Dividends
paid
per share
First quarter
Second quarter
Third quarter
Fourth quarter
First quarter
Second quarter
Third quarter
Fourth quarter
PAG E 7
S ele cte d Financia l Data
CONSOLIDATED BALANCE SHEET
(In Thousands)
As of December 31
ASSETS:
Cash and cash equivalents:
Noninterest-bearing
15
111
177
Available-for-sale securities
Net Loans
355,774
1,736
Goodwill
Bank owned life insurance
7,743
Interest-bearing
Total cash and cash equivalents
Premises and equipment
Accrued interest receivable
Other assets
TOTAL ASSETS
$
$
LIABILITIES:
Deposits:
Noninterest-bearing
$ 55,545
$ $ $ $ Interest-bearing
Total deposits
446,515
Borrowed funds
75,775
Accrued interest payable
Other liabilities
3,345
TOTAL LIABILITIES
STOCKHOLDERS' EQUITY:
Common stock
Additional paid-in capital
Retained earnings
(1,737)
164
Treasury stock, at cost
(4,173)
TOTAL STOCKHOLDERS' EQUITY
41,561
Accumulated other comprehensive income (loss)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
PAGE $JUJ[FOT'JOBODJBM4 FS WJDFT* ODt :FBSJO3 FWJFX
S ele cte d Financia l Data
FIVE YEAR SUMMARY OF OPERATIONS
*O5IPVTBOET&YDFQU4IBSF%BUB
Interest income
*OUFSFTUFYQFOTF
Net interest income
17,371
365
-
17,371
5,114
Investment securities (losses) gains, net
4
-
/POJOUFSFTUFYQFOTFT
15,314
*ODPNFCFGPSFQSPWJTJPOGPSJODPNFUBYFT
6,741
1SPWJTJPOGPSJODPNFUBYFT
1,457
1,666
1,474
$ $ 6,736
$ $ $ Cash dividends (1)
#PPLWBMVF
17.13
15.73
14.71
13.77
13.51%
1.13%
1.16%
Provision for loan losses
Net interest income after provision
for loan losses
Non-interest income
Net income
Per share data:
Net income (1)
Financial Ratios and Data:
3FUVSOPOBWFSBHFTUPDLIPMEFSTFRVJUZFYDMVEJOH
accumulated other comprehensive income
Return on average assets
Dividends as a percent of net income
Equity to asset ratio
Loan Quality
Non-performing assets
$ 3,176
$ $ 4,116
$ $ Non-performing loans
$ $ $ $ $ Non-performing assets as a percent of loans,
net of unearned income
Non-performing loans as a percent of loans,
net of unearned income
Year-end allowance for loan losses
Year-end allowance to total loans
Year-end allowance to total non-performing loans
$ $ $ $ 3,664
$ 115.43%
176.53%
"NPVOUTXFSFBEKVTUFEUPSFGMFDUTUPDLEJWJEFOET $BMDVMBUJPOFYDMVEFTBDDVNVMBUFEPUIFSDPNQSFIFOTJWFJODPNFBOEVOSFDPHOJ[FEQFOTJPOcost.
PAG E S ele cte d Financia l Data
CONSOLIDATED QUARTERLY DATA
*O5IPVTBOET&YDFQU4IBSF%BUB
Three Months Ended
March 31
+VOF
4FQUFNCFS
December 31
Interest income
*OUFSFTUFYQFOTF
3,356
Net interest income
-
1,365
1,353
Provision for loan losses
Non-interest income
Investment securities gains (losses), net
-
-
-
/POJOUFSFTUFYQFOTFT
*ODPNFMPTT
CFGPSFQSPWJTJPOGPSJODPNFUBYFT
561
764
154
Net income (loss)
Earnings Per Share
$ $ $ (
$ 1SPWJTJPOGPSJODPNFUBYFT
Three Months Ended
March 31
+VOF
4FQUFNCFS
December 31
Interest income
*OUFSFTUFYQFOTF
4,157
Net interest income
4,451
4,663
45
1,154
-
-
(53)
/POJOUFSFTUFYQFOTFT
*ODPNFCFGPSFQSPWJTJPOGPSJODPNFUBYFT
461
Net income
$1,754
Earnings Per Share
$ $ $ $ Provision for loan losses
Non-interest income
Investment securities gains (losses), net
1SPWJTJPOGPSJODPNFUBYFT
PAGE $JUJ[FOT'JOBODJBM4 FS WJDFT* ODt :FBSJO3 FWJFX
Company and Shareholder Information
ANNUAL MEETING
The annual mee1ng and luncheon for the shareholders of Ci1zens Financial Services, Inc. will be held at the Tioga County Fairgrounds Youth Building in Whitneyville, PA on April 21, 2009 at 12:00 noon.
FORM 10fK
CONTACT
The Annual Report on Form 10‐K will be made available upon request or is avail‐
able through the company’s website www.firstci1zensbank.com Mickey L. Jones, Treasurer, CPA
Ci1zens Financial Services, Inc.
15 South Main Street
Mansfield, PA 16933
INVESTOR INFORMATION
Stock Lis1ng: Ci1zens Financial Services, Inc. common stock is listed on the OTC Bulle1n Board and is traded under the symbol CZFS.
For assistance regarding a change in registra1on of stock cer1ficates, replacing lost cer1ficates/dividend checks, or address changes, please contact the transfer agent listed below. Transfer Agent:
Ci1zens Financial Services, Inc.
AJen1on: Gina Marie Boor
15 South Main Street
Mansfield, PA 16933
Toll Free: 1‐800‐326‐9486
Telephone: 570‐662‐2121
Website:
firstci1zensbank.com
E‐mail:
fcnb@firstci1zensbank.com
Dividend Reinvestment: Certificate Safekeeping: Direct Deposit of Dividends: Ci1zens Financial Services, Inc. offers a Dividend Reinvestment Plan. Shareholders must enroll at least 100 shares to par1cipate in the Plan. Cash dividends are held by our Plan Ad‐
ministrator and used to automa1cally purchase addi1onal shares of our common stock. You may choose to have all divi‐
dends reinvested or a por1on. Please contact the Transfer Agent listed for an enrollment form.
Stock cer1ficates can be held by our Plan Admin‐
istrator for safekeeping, commonly referred to as book posi1on shares. A dividend check is pro‐
duced for book posi1on shares. Please contact the Transfer Agent listed for an enrollment form.
For shareholders who do not par1cipate in the Dividend Reinvestment Plan, direct deposit of cash dividend payments to a checking or savings account is available. Please contact the Transfer Agent listed for an enrollment form.
Reports: The Annual Report on Form 10K and other Company reports are filed electronically through the Electronic Data Gathering, Analysis, and Retrieval System (“EDGAR”) which performs automated collec1on, valida1on, indexing, acceptance, and forwarding of submis‐
sions to the Securi1es and Exchange Commission (SEC) and is accessible by the public using the internet at:
www.sec.gov/edgar.htm.
MARKET MAKERS
Domes1c Securi1es, Inc. 160 Summit Ave.
Montvale, NJ 07645
Telephone: 201‐505‐9855
Pershing Trading Company
One Pershing Plaza
Jersey City, NJ 07399
Telephone: 201‐413‐3531
UBS Securi1es, LLC
677 Washington Blvd. Stamford, CT 06901‐0305
Telephone: 203‐719‐7100
E*Trade Capital Markets, LLC
440 S. LaSalle St. Suite 3030
Chicago, IL 60605
Telephone: 312‐986‐9986
Hudson Securi1es, Inc.
525 Washington Blvd, Suite 3600
Jersey City, NJ 07310
Telephone: 201‐216‐0100
Monroe Securi1es, Inc.
47 State St., 2nd Fl.
Rochester, NY 14614
Telephone: 800‐766‐5560
Knight Equity Markets, LP
545 Washington Blvd. Jersey City, NJ 07310
Telephone: 201‐222‐9400
S1fel Nicolaus & Co., Inc.
501 N. Broadway
St. Louis, MO 63102
Telephone: 314‐342‐2000
Ferris, Baker, WaJs, Inc.
100 Light St. Bal1more, MD 21202
Telephone: 410‐539‐2357
Hill Thompson Magid & Co.
15 Exchange Pl. Suite 800
Jersey City, NJ 07302
Telephone: 201‐434‐6900
Boenning & ScaJergood Inc.
200 Barr Harbor Dr. Ste. 300
4 Tower Bridge
W. Conshohocken, PA 19428
Telephone: 610‐832‐1212
PAG E 11
Company Information
Board of Directors OFFICE LOCATIONS
FCNB & CFSI
R. Lowell Coolidge, Esquire, Chairman of the Board
Carol J. Tama, Vice Chairperson
Randall E. Black, CEO & President
Robert W. Chappell, Esquire
Mark L. Dalton
Rinaldo A. DePaola, Esquire
Roger C. Graham, Jr.
E. Gene Kosa
R. Joseph Landy, Esquire
Rudolph J. van der Hiel, Esquire
Mansfield
15 South Main Street
Mansfield, PA 16933
570‐662‐2121
Kevin J. Green, AVP
Kris1na M. Bogaczyk
Local Board
Thomas E. Freeman, Chairman
Gary R. BuJers
Kevin J. Green
Stephen A. Saunders William J. Waldman
Blossburg
BOARD OF DIRECTORS, OFFICERS
Board of Directors Directors Emeriti ‐ CFSI
Robert E. Dalton
Larry J. Croj
Edward G. Kosa
Robert J. Landy, Esquire
John E. Novak John M. Thomas, MD
Richard E. Wilber
CFSI Officers
Randall E. Black, CEO & President
Terry B. Osborne, Secretary
Robert W. Chappell, Asst. Secretary
Mickey L. Jones, Treasurer, CPA
Banking Ser vices
Terry B. Osborne, EVP
Robin K. Carleton, VP
Jeffrey B. Carr, VP
Brian J. Dygert, VP
Robert P. Fitzgerald, VP
Mark C. Griffis, VP
Christopher S. Landis, VP
Chester L. Reed, VP
Patricia T. Vlajic, VP
Jeffrey L. Wilson, VP
Shari L. Johnson, AVP
PAGE Marketing & Training
Kathleen M. Campbell, SVP
Carol L. Strong, VP
Wendy L. Southard, AVP
300 Main Street
Blossburg, PA 16912
570‐638‐2115
Beth A. Weiskopff, AVP
Mary E. Warner
Local Board
Cynthia T. Pazzaglia, VP
Benjamin F. Jones, Chairman
George D. Lloyd
Mary Lou MaJhews
Susan M. Signor Beth A. Weiskopff
Finance
Ulysses
Mickey L. Jones, CFO, EVP, CPA
Ryan M. Allen, Controller, CPA
MaJhew M. Lundgren
502 Main Street
Ulysses, PA 16948
814‐848‐7572
Phillip D. Vaughn, AVP
Tonya R. Coursey
Administrative Ser vices
Operations
Gregory J. Anna, VP
Allan K. Reed, VP
Michele E. Litzelman, AVP
Joanne W. Marvin, AVP
Valerie S. S1ckler, AVP
Local Board
Investments & Trust
Sayre
Robert B. Mosso, VP
Linda L. Kriner, VP
Jean A. Knapp, AVP
Sara J. Roupp, AVP
MaJhew G. Geer
Christopher W. Lynch
306 W. Lockhart Street
Sayre, PA 18840
570‐888‐6602
Cathy C. Pientka, AVP
AntoineJe G. Tracy
$JUJ[FOT'JOBODJBM4 FS WJDFT* ODt :FBSJO3 FWJFX
Victor O. Brown, DMD PC
Susan S. Kefover
Jerry R. McCaslin
Phillip D. Vaughn
Company Information
O F F I C E LO C AT I O N S
Sayre Local Board
Gillett
Wellsville
Angelo M. Sisto, Chairman
Timothy M. Hickey
Thomas J. McDonald, Jr., MD
Stephen J. Novak
Cathy C. Pientka
Michael J. Yanuzzi
PO Box 125, 33178 Route 14
GilleJ, PA 16925
570‐596‐2679
Cassy Dygert, AVP
Kris1e M. Dibble
10 S. Main Street
Wellsville, NY 14895
585‐593‐7290
L. Abbie Pritchard, AVP
Local Board Dennis C. Smoker, Chairman
Donald G. Baldwin, Jr.
Dale R. Hoffman
Kevin LaForge
L. Abbie Pritchard
Gary H. Ransom
Keith A. Slep, Esquire
Sayre
1778 Elmira Street
Sayre, PA 18840
570‐888‐4900
Timothy M. Hickey, AVP
Debbie L. Casey
Local Board (see Sayre lis1ng above)
Canton
29 West Main Street
Canton, PA 17724
570‐673‐3103
Janet E. Holmes, AVP
Diane S. SloJer
Local Board
Randy L. Castle, Chairman
John E. Brenchley
Lester E. Hilfiger
Janet E. Holmes
Troy 2 West Main Street
Troy, PA 16947
570‐297‐2131
Cassy Dygert, AVP
Kathy Swain
Local Board
Thomas A. Calkins, III
Cassy Dygert
Glenn D. Gorrell
Gary W. Horning
Betsy L. Seeley
Local Board
Lawrence W. Colunio
Cassy Dygert
John L. Hun1ngton
Kathy S. Webster
Millerton
RR2 Box 41D, Route 328
Millerton, PA 16936
570‐537‐2203
Kathy S. Webster, AVP
Local Board (see GilleJ lis1ng above)
Towanda
111 Main Street
Towanda, PA 18848
570‐265‐6137
Lorraine F. Brown, AVP
Judy R. Burleigh
Local Board
Lorraine F. Brown
Roger L. Brown
Thomas R. Horn, DC
Anthony J. Ventello
Weis Market
201 Weis Plaza
Wellsboro, PA 16901
570‐724‐4644
Richard A. Pino, II, AVP
Nancy M. Stamilio
Wal‐Mart
2 WalMart Plaza
Mansfield, PA 16933
570‐662‐8520
Richard A. Pino, II, AVP
Mis1 L. MaJhews
Genesee
391 Main Street
Genesee, PA 16923
814‐228‐3201
Alaina Knisely
Cathryn E. Ransom
Local Board (see Wellsville lis1ng above)
Wellsboro
99 Main Street
Wellsboro, PA 16901
570‐724‐2600
Marsha B. Jones, AVP
Deborah L. Meacham
Local Board
William A. Hebe, Esquire, Chairman
D. Edward Cornell
Timothy J. Gooch, CPA
Marsha B. Jones
James K. Stager
LeRaysville
1 Route 467 & Main Street
LeRaysville, PA 18829
570‐744‐2431
Debra S. Donnelly, AVP
Local Board
Louis C. Ugliuzza, Chairman
Debra S. Donnelly
Gerald A. Histand
Martha D. Young
Communit y O ffices ~ Toll Free to All Locations ~ 800-326-9486
PAG E 13
Citizens Financial S er vices, I nc.
15 S outh M ain Street
. BOTGJFME1FOOTZMWBOJB
w w w.firstcitizensbank .com
CITIZENS
FINANCIAL SERVICES
I N C O R P O R A T E D
PAGE
$JUJ[FOT'JOBODJBM4 FS WJDFT* ODt :FBSJO3 FWJFX
ª$JUJ[FOT'JOBODJBM4
FS WJDFT* OD
All rights reser ved. Printed in U.S.A.