<SEC-DOCUMENT>0001104659-20-079382.txt : 20200701
<SEC-HEADER>0001104659-20-079382.hdr.sgml : 20200701
<ACCEPTANCE-DATETIME>20200701074806
ACCESSION NUMBER:		0001104659-20-079382
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200701
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200701
DATE AS OF CHANGE:		20200701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITIZENS & NORTHERN CORP
		CENTRAL INDEX KEY:			0000810958
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				232451943
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16084
		FILM NUMBER:		201003995

	BUSINESS ADDRESS:	
		STREET 1:		90-92 MAIN ST
		CITY:			WELLSBORO
		STATE:			PA
		ZIP:			16901
		BUSINESS PHONE:		877-838-2517

	MAIL ADDRESS:	
		STREET 1:		90-92 MAIN ST
		CITY:			WELLSBORO
		STATE:			PA
		ZIP:			16901
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2023858d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C.&nbsp; 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)
of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>July 1, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Citizens &amp; Northern Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><B>Pennsylvania</B></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><B>0-16084</B></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><B>23-2451943</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of incorporation)</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File Number)</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ident. No.)</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><B>90-92 Main Street, Wellsboro, Pennsylvania</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><B>16901</B></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(570) 724-3411</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
        area code</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: center"><B>N/A</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: center">(Former name or former address, if changed since last report.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4 (c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&nbsp;12(b) of the
Act<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:</FONT></P>

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<TR>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading Symbol</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of each exchange on which registered</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $1.00 per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CZNC</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Nasdaq Stock Market LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2
of the Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item&nbsp;2.01</B></TD><TD><B>Completion of Acquisition or Disposition of Assets.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">On
July&nbsp;1, 2020, </FONT>Citizens &amp; Northern Corporation, a Pennsylvania corporation (&ldquo;C&amp;N&rdquo;) <FONT STYLE="background-color: white">issued
a press release announcing the completion of the Covenant Transactions (as defined below). A copy of the press release is attached
as Exhibit 99.1 to this Current Report on Form&nbsp;8-K&nbsp;and is incorporated into this Item 8.01 by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #212529">On July&nbsp;1,
2020, C&amp;N completed its previously announced acquisition of Covenant Financial, Inc., a Pennsylvania corporation (&ldquo;Covenant&rdquo;),
pursuant to that certain Agreement and Plan of Merger, dated December&nbsp;18, 2019 (the &ldquo;Merger Agreement&rdquo;), by and
between C&amp;N and Covenant. </FONT>As of December 31, 2019, Covenant had approximately $516.0&nbsp;million in assets, $393.4&nbsp;million
in deposits and $42.1&nbsp;million of shareholders&rsquo; equity. <FONT STYLE="color: #212529">In accordance with the terms of
the Merger Agreement, effective as of July&nbsp;1, 2020, (a)&nbsp;Covenant merged with and into C&amp;N (the &ldquo;Merger&rdquo;),
with C&amp;N as the surviving corporation in the Merger and (b)&nbsp;immediately following the completion of the Merger, Covenant
Bank, a Pennsylvania chartered financial institution and a wholly-owned subsidiary of Covenant, merged with and into Citizens &amp;
Northern Bank, a Pennsylvania chartered financial institution and a wholly-owned subsidiary of C&amp;N (&ldquo;C&amp;N Bank&rdquo;),
with C&amp;N Bank as the surviving bank <FONT STYLE="background-color: white">(the &ldquo;Bank Merger&rdquo; and, together with
the Merger, the &ldquo;Covenant Transactions&rdquo;)</FONT>. At the effective time of the Merger, the former Covenant shareholders
became entitled to receive either (i)&nbsp;$16.50 in cash without interest or (ii)&nbsp;0.6212 shares of C&amp;N common stock,
together with cash in lieu of fractional shares of C&amp;N common stock, for each outstanding share of Covenant common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #212529"><FONT STYLE="background-color: white">The
foregoing description of the Merger Agreement and the Covenant Transactions does not purport to be complete and is qualified in
its entirety by reference to the Merger Agreement, which was attached as Exhibit 2.1 to C&amp;N&rsquo;s Current Report on Form&nbsp;8-K&nbsp;filed
on December 18, 2019 and is incorporated into this Item 2.01 by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.02</B></TD><TD><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements
of Certain Officers.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: #212529; background-color: white">As
contemplated by the terms of the Merger Agreement, the Board of Directors (the &ldquo;C&amp;N Board&rdquo;) of </FONT><FONT STYLE="color: #212529">C&amp;N,
<FONT STYLE="background-color: white">effective July 1, 2020, (a) expanded the size of the C&amp;N Board by two members, and (b)&nbsp;appointed
(i)&nbsp;</FONT></FONT>Stephen M. Dorwart to fill the vacancy created in Class III of the C&amp;N Board, and (ii) Robert G. Loughery
to fill the vacancy created in Class I of the C&amp;N Board. <FONT STYLE="color: #212529; background-color: white">In addition,
as contemplated by the terms of the Merger Agreement, the Board of Directors (the &ldquo;Bank Board&rdquo;) of </FONT><FONT STYLE="color: #212529">C&amp;N
Bank, <FONT STYLE="background-color: white">effective July 1, 2020, (x) approved the expansion of the size of the Bank Board by
two members, and (y)&nbsp;appointed each of Messrs. Dorwart and Loughery to the Bank Board. Additionally, effective July 1, 2020,
(A)&nbsp;Mr. Dorwart was appointed to the Audit Committee of the C&amp;N Board and the Trust Investment Committee of the Bank Board,
and (B)&nbsp;Mr. Loughery was appointed to the Information Technology Committee and the Finance and Loan Committee of the Bank
Board.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with their appointments as
directors, <FONT STYLE="color: #212529; background-color: white">Messrs. Dorwart and Loughery </FONT>will be entitled to the compensation
paid to non-employee directors. A description of such compensation can be found under the heading &ldquo;Director Compensation&rdquo;
in the Proxy Statement filed by C&amp;N on Schedule 14A with the Securities and Exchange Commission on March&nbsp;6, 2020, and
additional information regarding each of <FONT STYLE="color: #212529; background-color: white">Messrs. Dorwart and Loughery </FONT>can
be found under the heading &ldquo;Information about Covenant Designees to C&amp;N Board of Directors&rdquo; in the Proxy Statement/Prospectus
filed by C&amp;N pursuant to SEC Rule 424(b)(4) with the Securities and Exchange Commission on May&nbsp;1, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item&nbsp;9.01</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Financial statements of businesses acquired.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial statements required by this
item will be filed by amendment to this Current Report on Form 8-K as soon as practicable, but no later than 71 calendar days after
the date this Current Report on Form 8-K is required to be filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Pro forma financial information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The pro forma financial information required
by this item will be filed by amendment to this Current Report on Form 8-K as soon as practicable, but no later than 71 calendar
days after the date this Current Report on Form 8-K is required to be filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Exhibits</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/810958/000110465919073824/tm1926408d1_ex2-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/810958/000110465919073824/tm1926408d1_ex2-1.htm" STYLE="-sec-extract: exhibit">Agreement
                                         and Plan of Merger, dated December 18, 2019, by and between Covenant Financial, Inc.
                                         and Citizens &amp; Northern Corporation</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><A HREF="tm2023858d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD><TD STYLE="text-align: justify"><A HREF="tm2023858d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release, dated July 1, 2020, of Citizens &amp;
Northern Corporation.</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">CITIZENS &amp; NORTHERN CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated:&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">July 1, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/&nbsp;&nbsp;Mark A. Hughes</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Mark A. Hughes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Treasurer and Chief Financial Officer</TD></TR>
<TR>
    <TD STYLE="width: 63%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2023858d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><IMG SRC="image_001.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Citizens &amp; Northern Corporation and
Covenant Financial, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 120.65pt 0pt 119.75pt; text-align: center"><B>Announce Completion
of Acquisition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>July 1, 2020</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For Immediate Release</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WELLSBORO, Pa. and DOYLESTOWN, Pa. -- Citizens &amp; Northern
Corporation (&ldquo;C&amp;N&rdquo;) (NASDAQ: CZNC), headquartered in Wellsboro, Pennsylvania, and Covenant Financial, Inc. (&ldquo;Covenant&rdquo;),
headquartered in Doylestown, Pennsylvania, announced the completion of their merger as of July 1, 2020. The parties previously
announced the execution of an agreement and plan of merger on December 18, 2019. Under the agreement, Covenant merged with and
into C&amp;N and Covenant&rsquo;s bank subsidiary, Covenant Bank, merged into C&amp;N&rsquo;s bank subsidiary, Citizens &amp; Northern
Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens &amp; Northern Bank now operates 29 banking offices
located in Bradford, Bucks, Cameron, Chester, Lycoming, McKean, Potter, Sullivan and Tioga Counties in Pennsylvania and Steuben
County in New York as well as loan production offices in Elmira, New York, and Warminster and York, Pennsylvania. With the addition
of Covenant, C&amp;N is projected to have assets of approximately $2.3&nbsp;billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C&amp;N&rsquo;s President and CEO, Brad Scovill, said, &ldquo;<FONT STYLE="background-color: white">We
are pleased to start the second half of 2020 by welcoming the shareholders, customers and employees of Covenant Bank to our C&amp;N
family</FONT>. Covenant&rsquo;s deep roots in Bucks and Chester Counties and its relationship-based, community focused culture
aligns well with C&amp;N&rsquo;s mission and values. Combining Covenant with our recent acquisition of Monument Bank last year
strengthens our position to create value for customers and communities in the attractive and growing southeastern Pennsylvania
markets.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon completion of the acquisition of Covenant, <FONT STYLE="color: #212529">the
former Covenant shareholders became entitled to receive either (i)&nbsp;$16.50 in cash without interest or (ii)&nbsp;0.6212 shares
of C&amp;N common stock, together with cash in lieu of fractional shares of C&amp;N common stock, for each outstanding share of
Covenant common stock</FONT>. Based on the $20.65 per share closing price of C&amp;N common stock on June 30, 2020, the total transaction
value for the Covenant transaction was approximately $63.9&nbsp;million (including options). Effective as of the completion of
the Covenant transaction, Covenant directors Stephen M. Dorwart and Robert G. Loughery were appointed to the boards of directors
of C&amp;N and Citizens &amp; Northern Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Blair Rush, Covenant&rsquo;s President/Chief Operating Officer,
and Kelley Cwiklinski, Covenant&rsquo;s Chief Lending Officer, will join the C&amp;N southeast regional leadership team as Executive
Vice President/Region President and Senior Vice President/Regional Commercial Lending Executive, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About C&amp;N</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens &amp; Northern Corporation is the bank holding company
for Citizens &amp; Northern Bank, headquartered in Wellsboro, Pennsylvania which operates 29 banking offices located in Bradford,
Bucks, Cameron, Chester, Lycoming, McKean, Potter, Sullivan and Tioga Counties in Pennsylvania and Steuben County in New York,
as well as loan production offices in Elmira, New York and Warminster and York, Pennsylvania. Citizens &amp; Northern Corporation
trades on NASDAQ under the symbol &ldquo;CZNC.&rdquo; For more information about Citizens &amp; Northern Bank and Citizens &amp;
Northern Corporation, visit www.cnbankpa.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">This press release contains
 &ldquo;forward-looking statements&rdquo; within the meaning of the federal securities laws, including Section&nbsp;27A of the Securities
Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements
may include: management plans relating to the acquisition of Covenant Financial, Inc. (the &ldquo;Covenant Transaction&rdquo;);
any statements of the plans and objectives of management for future operations, products or services, including the execution of
integration plans relating to the Covenant Transaction; any statements of expectation or belief; projections related to certain
financial metrics; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are typically
identified by words such as &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;seek&rdquo;,
 &ldquo;plan&rdquo;, &ldquo;will&rdquo;, &ldquo;would&rdquo;, &ldquo;target,&rdquo; &ldquo;outlook,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;forecast,&rdquo; &ldquo;project&rdquo; and other similar words and expressions or negatives of these words. Forward-looking
statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking
statements speak only as of the date they are made, </FONT>even if subsequently made available by C&amp;N on its website or otherwise.
C&amp;N does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after
the date of this press release<FONT STYLE="background-color: white">. Because forward-looking statements are by their nature, to
different degrees, uncertain and subject to assumptions, actual results or future events could differ, possibly materially, from
those that C&amp;N anticipated in its forward-looking statements, and future results could differ materially from historical performance.
Factors that could cause or contribute to such differences include, but are not limited to, those included under Item 1A &ldquo;Risk
Factors&rdquo; in C&amp;N&rsquo;s Annual Report on Form&nbsp;10-K&nbsp;and those disclosed in C&amp;N&rsquo;s other periodic reports
filed with the SEC, as well as the possibility that expected benefits of the Covenant Transaction may not materialize in the timeframe
expected or at all, or may be more costly to achieve; that C&amp;N&rsquo;s and Covenant&rsquo;s respective businesses may not perform
as expected due to transaction-related uncertainty or other factors; that C&amp;N is unable to successfully implement integration
strategies related to the Covenant Transaction; reputational risks and the reaction of the companies&rsquo; shareholders, customers,
employees and other constituents to the Covenant Transaction, diversion of management time as a result of matters related to Covenant
Transaction, and the impact of&nbsp;COVID-19. The list of factors presented here, and the list of factors that are presented in
the registration statements on Form&nbsp;S-4&nbsp;for each of the Covenant Transaction, is not, and should not be considered, a
complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the
realization of forward looking statements. For any forward-looking statements made in this press release or in any documents, C&amp;N
claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act
of 1995.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
