Citizens Financial Services, Inc. Declares Quarterly Cash Dividend

Rhea-AI Summary

The Board of Directors of Citizens Financial Services declared a cash dividend of $0.46 per share, payable on September 25, 2020, to shareholders of record by September 11, 2020. This represents a 3.33% increase over the previous year’s dividend of $0.445, adjusted for a 1% stock dividend in June 2020. CEO Randall E. Black noted the bank's strong financial performance amidst the COVID-19 pandemic, reaffirming the commitment to return value to shareholders. Citizens Financial Services, operating as a bank holding company, manages assets of $1.85 billion across 30 offices.

Positive

• Declared cash dividend of $0.46 per share.
• 3.33% increase over previous year's dividend.
• Strong financial performance enabling ongoing dividends.

Negative

• None.

MANSFIELD, Pa., Sept. 15, 2020 /PRNewswire/ -- The Board of Directors of Citizens Financial Services, Inc. (OTCPink: CZFS), the bank holding company for First Citizens Community Bank, recently declared a cash dividend for its shareholders.

The cash dividend of $0.46 per share is payable on September 25, 2020 to shareholders of record at the close of business on September 11, 2020. This quarterly cash dividend is an increase of 3.33% over the regular cash dividend of $0.445 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2020.

"Our 2020 financial results have allowed us to continue to pay an attractive cash dividend despite the uncertainty of the COVID-19 pandemic. Through it all, our Board of Directors has remained committed to providing a solid return to shareholders as we remain a strong, independent community bank," said Randall E. Black, CEO and President.

Citizens Financial Services, Inc. is a $1.85 billion bank holding company conducting business through First Citizens Community Bank.  First Citizens Community Bank operates 30 offices in Pennsylvania, Delaware and New York. 

For further information regarding the common stock of Citizens Financial Services, Inc., please contact any of the following firms:  Automated Trading Desk, 866-283-2831; Boenning & Scattergood, Inc., 800-842-8928; Keefe, Bruyette & Woods, Inc., 800-342-5529; Monroe Securities Inc., 800-766-5560; Pershing LLC, 201-413-2700; RBC Capital Markets Corp., 800-959-5951; Sandler O' Neill & Partners, 212-466-8020; Stifel, Nicolaus & Co., Inc., 973-549-4200; UBS Securities, LLC, 203-719-8710.

Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks; changing economic and competitive conditions and other risks and uncertainties.

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SOURCE Citizens Financial Services, Inc.

FAQ

What is the cash dividend amount declared by CZFS?

Citizens Financial Services declared a cash dividend of $0.46 per share.

When is the dividend payment date for CZFS shareholders?

The dividend is payable on September 25, 2020.

What was the previous year's dividend amount for CZFS before this increase?

The previous year's dividend was $0.445 per share.

What percentage increase does the new dividend represent?

The new dividend represents a 3.33% increase over the previous year's dividend.

What is the total asset size of Citizens Financial Services?

Citizens Financial Services has total assets of $1.85 billion.