Company: PFIS
Filing Date: 2025-06-06
Form Type: 8-K
Source: 0001104659-25-057415
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Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-06-06
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Material Definitive Agreement.  

On June 6, 2025, Peoples Financial Services
Corp. (the “ Company”) entered into Subordinated Note Purchase Agreements (collectively, the “ Subordinated Note Purchase
Agreements”) with certain qualified institutional buyers and institutional accredited investors (collectively, the “ Subordinated
Note Purchasers”) pursuant to which the Company issued and sold $85.0 million in aggregate principal amount of its 7.75% Fixed-to-Floating
Rate Subordinated Notes due 2035 (the “ Subordinated Notes”) at a price equal to 100 percent of the principal amount. The Subordinated
Note Purchase Agreements include customary representations, warranties, and covenants. The representations, warranties, and covenants
contained in the Subordinated Note Purchase Agreements were made only for purposes of the Subordinated Note Purchase Agreements and as
of specific dates, were solely for the benefit of the parties to the Subordinated Note Purchase Agreements, and are not representations
of factual information to investors about the Company or its subsidiaries.

The Subordinated Notes were offered and sold by
the Company to the Subordinated Note Purchasers in a private placement transaction in reliance on the Section 4(a)(2) exemption
from the registration requirements of the Securities Act of 1933, as amended (the “ Securities Act”), and the provisions of
Regulation D thereunder. The Company intends to use the proceeds from the offering to repay existing subordinated debt and for general
corporate purposes.

The Subordinated Notes mature on June 15,
2035 and bear interest at a fixed annual rate of 7.75%, payable semi-annually in arrears, to but excluding June 15, 2030. From and
including June 15, 2030 to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an
interest rate per annum initially equal to the then-current three-month Secured Overnight Financing Rate plus 411 basis points, payable
quarterly in arrears. The Company is entitled to redeem the Subordinated Notes, in whole or in part, any time on or after June 15,
2030 on any interest payment date, and to redeem the Subordinated Notes at any time in whole upon certain other events. Any redemption
of the Subordinated Notes will be subject to prior regulatory approval to the extent required.

On June 6, 2025,