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Peoples National Bank Changes their Charter

Sep 17, 2010

Hallstead, Pa. – based Peoples Financial Services Corp. (PFIS) subsidiary Peoples National Bank filed an application with the Pennsylvania Department of Banking to convert from a national banking association to a state-chartered bank, according to a Form 8-K filed September 13, 2010.

Peoples National Bank said the primary purpose for the charter change is to provide the bank with greater flexibility in executing its strategy of profitable growth and expansion.  In addition, the bank anticipates significant annual cost savings going forward.

If approved, the newly state-chartered bank will operate as Peoples Neighborhood Bank.   The conversion is expected to take place late in the fourth quarter, pending regulatory approval.  The bank and its holding company expect that the transition from a national charter will be seamless for Peoples National Bank customers.  Bank customers will not notice any changes in the bank’s services or operations and customers can continue to use their existing checks and deposit slips.  There will be no changes in the bank’s hours or services.

Alan Dakey, President and CEO of Peoples National Bank stated, “The change to include neighborhood in our new name further demonstrates our commitment to the communities we serve and the principles of community banking.  We will continue to deliver high quality service and products in the same manner that our customers have been accustomed to for the past 105 years.”