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Subsequent events
 6 Months Ended
Jun. 30, 2024
Subsequent events  
Subsequent events

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13. Subsequent events

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On July 1, 2024, the Company completed its previously announced merger with FNCB, pursuant to which FNCB merged with and into the Company, and FNCB Bank merged with and into Peoples Bank.

Pursuant to the terms of the Merger Agreement, each outstanding share of FNCB‘s common stock was converted into the right to receive 0.146 shares of the Company’s common stock. The value of the total transaction consideration was approximately $133.7 million. The consideration included the issuance of 2,935,456 shares of the Company’s common stock, which had a value of $45.54 per share, which was the closing price of the Company’s common stock on June 28, 2024, the last trading day prior to the consummation of the acquisition. Also included in the total consideration was cash in lieu of any fractional shares.

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(Dollars in thousands)

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Purchase Price:

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Peoples Financial Services Corp. common stock paid at closing price of $45.54 as of June 30, 2024

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$

133,681

Cash consideration (cash in lieu for fractional shares)

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32

Total purchase price

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$

133,713

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Sales of Acquired Securities

As of July 2, 2024, the Company sold $271.2 million par value of available for sale securities, which were acquired from FNCB on July 1, 2024, for net proceeds of $241.2 million and used $189 million of the proceeds to reduce FHLB advances.