Business
CITIZENS FINANCIAL SERVICES, INC. ANNOUNCES UPLISTING TO THE NASDAQ CAPITAL MARKET
MANSFIELD, Pa., June 2, 2022 /PRNewswire/ -- Citizens Financial Services, Inc. (Nasdaq: CZFS) (the "Company"), the holding company for First Citizens
About this update from Citizens Financial Services, Inc.
[{"type":"text","content":"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.\n\"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 150th year anniversary and the achievement of several financial milestones in 2021.\"\nIn 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.\nFirst 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.\n\"We attribute a significant portion of our success to positioning ourselves in the right markets, with...