CITIZENS FINANCIAL SERVICES, INC. ANNOUNCES UPLISTING TO THE NASDAQ CAPITAL MARKET

Rhea-AI Summary

Citizens Financial Services (Nasdaq: CZFS) announced its uplisting to the Nasdaq Capital Market, effective June 3, 2022. This strategic move is expected to boost liquidity, improve access to capital, and enhance shareholder value. CEO Randall Black highlighted that this uplisting coincides with the company's 150th anniversary and reflects its growth, with 2021 results showing $2.1 billion in assets, $1.8 billion in deposits, and record net income of $29.1 million.

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• Uplisting to Nasdaq Capital Market expected to enhance liquidity and access to capital.
• Record financials in 2021, including $2.1 billion in assets and $29.1 million in net income.

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• None.

MANSFIELD, Pa., June 2, 2022 /PRNewswire/ -- Citizens Financial Services, Inc. (Nasdaq: CZFS) (the "Company"), the holding company for First Citizens Community Bank, today announced that The Nasdaq Stock Market LLC ("Nasdaq") has approved uplisting the Company's common stock to the Nasdaq Capital Market. The Company's common stock is expected to commence trading on the Nasdaq Capital Market at the opening of the market on June 3, 2022 under the Company's current ticker symbol "CZFS." Shareholders are not required to take any action as a result of the uplisting.

"Uplisting to Nasdaq represents a significant milestone that builds on our demonstrated growth," said Randall Black, Chief Executive Officer of the Company. "In addition to raising our overall profile, we anticipate the uplisting will improve the liquidity of our stock, provide us with better access to capital and improved means to use our stock as acquisition considerations, and ultimately enhance long-term shareholder value. I think it's very fitting that this milestone coincides with our 150^th year anniversary and the achievement of several financial milestones in 2021."

In 2021, the Company reached $2.1 billion in assets, record Deposits of $1.8 billion, record Net Income of $29.1 million, and record Earnings Per Share of $7.38 as compared to $6.53 for the year ended December 31, 2020.  Return on Average Equity and Return on Average Assets remained strong at 14.26% and 1.45% respectively.

First Citizens Community Bank (FCCB) is headquartered in Mansfield, Pennsylvania and currently operates 31 offices throughout Tioga, Bradford, Potter, Clinton, Centre, Union, Lebanon, Lancaster, Schuylkill, Berks, and Chester counties in Pennsylvania, Allegany County, New York, and New Castle, and Kent Counties in Delaware. Since their entry into Southern PA with the acquisition of The First National Bank of Fredericksburg in December, 2015, FCCB has experienced significant success in their market expansion efforts. In 2020 the Bank acquired The MidCoast Community Bancorp, extending their reach into Wilmington and Dover Delaware. In the 6 years since the start of their expansion, the Bank's assets have grown by $1.22 billion or 132%, since year ended December 31, 2014.

"We attribute a significant portion of our success to positioning ourselves in the right markets, with the right products and services, the right technology, and most importantly the right people," commented Black. "We are a bank large enough to offer the products and services consumers and businesses have come to expect, yet small enough to provide high-touch, community focused service."

For more information, call (800) 326-9486, visit www.myfccb.com or find them on Facebook and LinkedIn.

Forward-Looking Statements

This press release contains statements that are forward-looking and are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward-looking statements contained in this press release, which speak only as of the date made. Actual results may differ materially from those contained in or implied by such forward-looking statements as a result of various important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.  We do not undertake any obligation to republish revised forward-looking statements to reflect circumstances or events after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by law.

View original content:https://www.prnewswire.com/news-releases/citizens-financial-services-inc-announces-uplisting-to-the-nasdaq-capital-market-301560544.html

SOURCE Citizens Financial Services, Inc.

FAQ

What does the uplisting to the Nasdaq mean for CZFS?

The uplisting to the Nasdaq Capital Market enhances liquidity, access to capital, and is expected to improve shareholder value.

When does CZFS begin trading on Nasdaq?

CZFS is set to commence trading on the Nasdaq Capital Market on June 3, 2022.

What were Citizens Financial Services' financial results in 2021?

In 2021, CZFS achieved $2.1 billion in assets, $1.8 billion in deposits, and a record net income of $29.1 million.

How will the uplisting affect shareholders of CZFS?

Shareholders are not required to take any action, and the uplisting is expected to enhance long-term shareholder value.