# EDGAR Filing Document

**Accession Number:** 0000739421
**File Stem:** 0000739421-23-000007
**Filing Date:** 2023-2
**Character Count:** 10987
**Document Hash:** ae889f986f3d2875f2c026fd45b637f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000739421-23-000007.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0000739421-23-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230221

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIZENS FINANCIAL SERVICES INC
- **CENTRAL INDEX KEY:** 0000739421
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 232265045
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41410
- **FILM NUMBER:** 23660350

**BUSINESS ADDRESS:**
- **STREET 1:** 15 S MAIN ST
- **CITY:** MANSFIELD
- **STATE:** PA
- **ZIP:** 16933
- **BUSINESS PHONE:** 570-662-0444

**MAIL ADDRESS:**
- **STREET 1:** 15 S MAIN ST
- **CITY:** MANSFIELD
- **STATE:** PA
- **ZIP:** 16933

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): February 21, 2023

## CITIZENS FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Pennsylvania**<br>| **001-41410**<br>| **23-2265045**<br>|
| (State or other jurisdiction <br> of incorporation) | (Commission <br> File Number) | (IRS Employer <br> Identification No.) |

---

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| | |
|:---|:---|
| **15 S Main St<br> Mansfield, Pennsylvania**  | **16933<br>**  |
| (Address of principal executive offices) | (Zip code) |

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Registrant's telephone number, including area code (570) 662-2121

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

<u>Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:</u>

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, Par Value $1.00 Per Share | CZFS | NASDAQ Capital Market |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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#### Item 8.01. Other Events.
*Stock Repurchase Program*

On February 21, 2023, the Board of Directors of the Company authorized and approved a share repurchase program of up to 150,000 of the currently outstanding shares of the Company's common stock at an aggregate purchase price not to exceed $15,000,000 over the period beginning on April 22, 2023 and ending on April 22, 2026. Under the stock repurchase program, the Company intends to repurchase shares through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the "Exchange Act").

The Company cannot predict when or if it will repurchase any shares of common stock as such stock repurchase program will depend on a number of factors, including price and general business and market conditions. Information regarding share repurchases will be available in the Company's periodic reports on Form 10-Q and Form 10-K filed with the Securities and Exchange Commission as required by the applicable rules of the Exchange Act.

This report contains forward-looking statements, as that term is defined under the Securities Exchange Act of 1934, including statements regarding purchases by the Company of its common stock. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions. Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere periodically by the Company or on its behalf. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.

On February 23, 2023, the Company issued a press release announcing the stock repurchase program. A copy of the press release is filed as Exhibit 99.1 hereto and is incorporated herein by reference.

**Item 9.01.** &nbsp;&nbsp;&nbsp;&nbsp; **Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
|  **Exhibit No.** | **Description of Exhibit** |
|  [99.1](buybackpressrelease.htm) | [Press release, dated February 23, 2023, issued by Citizens Financial Services, Inc. announcing the Stock Repurchase Program](buybackpressrelease.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **CITIZENS FINANCIAL SERVICES, INC.** | **CITIZENS FINANCIAL SERVICES, INC.** |
| Date: February 23, 2023<br>| By:  | /s/ Stephen J. Guillaume |
|  |  | Stephen J. Guillaume |
|  |  | Chief Financial Officer |

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## Exhibit 9.01

#### FOR IMMEDIATE RELEASE
CONTACT:

Randall E. Black

Chief Executive Officer and President

(570) 662-2121

#### CITIZENS FINANCIAL SERVICES, INC. ANNOUNCES STOCK REPURCHASE PROGRAM
MANSFIELD, PENNSYLVANIA – February 23, 2023 – Citizens Financial Services, Inc. (NASDAQ: CZFS) today announced that its Board of Directors has authorized a stock repurchase program under which the Company can repurchase up to 150,000 of the currently outstanding shares of the Company's common stock at an aggregate purchase price not to exceed $15,000,000, over the period from April 22, 2023 through April 22, 2026, through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934.

Randall E. Black, Chief Executive Officer and President, commented, "This repurchase program demonstrates the Board's confidence in our future and our overall commitment to delivering added value to all of our shareholders, including providing an additional liquidity source for our currency. Our capital allocation strategy prioritizes deploying our strong balance sheet to fund both internal and external opportunities that will support our long-term growth strategy."

The actual timing, number and value of shares repurchased under the stock repurchase program will depend on a number of factors, including price and general business and market conditions. The share buyback program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time. Payment for shares repurchased under the program will be funded using the Company's cash on hand.

#### About Citizens Financial Services, Inc.
Citizens Financial Services, Inc. (NASDAQ: CZFS) is a $[2.33] billion bank holding company conducting business through First Citizens Community Bank ("First Citizens"), a Pennsylvania-chartered commercial bank. First Citizens operates 31 full-service branch offices in Pennsylvania, Delaware and New York. For more information about Citizens Financial Services, Inc. and First Citizens, please visit *www.firstcitizensbank.com*.

#### Forward-looking Statements
This press release contains forward-looking statements, as that term is defined under the Securities Exchange Act of 1934, including statements regarding purchases by the Company of its common stock. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions. Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this press release or made elsewhere periodically by the Company or on its behalf. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.