<SEC-DOCUMENT>0000739421-20-000025.txt : 20200422
<SEC-HEADER>0000739421-20-000025.hdr.sgml : 20200422
<ACCEPTANCE-DATETIME>20200422104031
ACCESSION NUMBER:		0000739421-20-000025
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200417
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200422
DATE AS OF CHANGE:		20200422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITIZENS FINANCIAL SERVICES INC
		CENTRAL INDEX KEY:			0000739421
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				232265045
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13222
		FILM NUMBER:		20806927

	BUSINESS ADDRESS:	
		STREET 1:		15 S MAIN ST
		CITY:			MANSFIELD
		STATE:			PA
		ZIP:			16933
		BUSINESS PHONE:		570-662-0444

	MAIL ADDRESS:	
		STREET 1:		15 S MAIN ST
		CITY:			MANSFIELD
		STATE:			PA
		ZIP:			16933
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>midcoastmerger.htm
<DESCRIPTION>FCCB COMPLETED MERGER OF MIDCOAST
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">UNITED STATES</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
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    <div style="text-align: center; line-height: 15.95pt; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">FORM 8-K</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Date of Report (Date of earliest event reported):&#160; April 17, 2020</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><u>CITIZENS FINANCIAL SERVICES, INC.</u></div>
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            <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">0-13222</div>
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            <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">15 South Main Street, Mansfield, Pennsylvania</div>
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            <div style="line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(Address of Principal Executive Offices)</div>
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            <div style="text-align: center; line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(Zip Code)</div>
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    <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Registrant&#8217;s telephone number, including area code:&#160; <u>(570) 662-2121</u></div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Not applicable</u></div>
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    <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">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 (see General Instruction A.2. below):</div>
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                <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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                <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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                <div style="font-family: 'Times New Roman', serif; font-size: 12pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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    <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Securities registered pursuant to Section 12(b) of the Act:</div>
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            <div style="text-align: center; line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(Title of Each Class)</div>
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            <div style="text-align: center; line-height: 10.25pt; font-family: 'Times New Roman', serif; font-size: 9pt;">(Trading Symbol(s))</div>
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    <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
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    <div style="text-align: right; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Emerging growth company&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#9723;</font></div>
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    <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with
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              <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Item 2.01</td>
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                <div style="font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Completion of Acquisition or Disposition of Assets.</div>
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    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Effective April 17, 2020, Citizens Financial Services, Inc. (&#8220;Citizens&#8221;), the holding company for First Citizens Community
      Bank (&#8220;FCCB&#8221;), completed its acquisition of MidCoast Community Bancorp, Inc. (&#8220;MidCoast&#8221;), the holding company for MidCoast Community Bank (&#8220;MCB&#8221;), pursuant to the previously filed Agreement and Plan of Merger by and between Citizens and MidCoast
      dated as of September 18, 2019, as amended (the &#8220;Merger Agreement&#8221;).&#160; Before the April 17, 2020 effective date and in accordance with the Merger Agreement, Citizens organized CZFS Acquisition Company, LLC (&#8220;CZFS LLC&#8221;), a Pennsylvania limited
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      into CZFS LLC, with CZFS LLC as the surviving entity (the &#8220;Merger&#8221;), and immediately thereafter MCB merged with and into FCCB, with FCCB as the surviving institution (the &#8220;Bank Merger&#8221;).&#160; In accordance with the Merger Agreement, each share of
      MidCoast common stock that was outstanding at the effective time of the Merger was converted into the right to receive, at the election of the holder, either $6.50 in cash, without interest, 0.1065 shares of Citizens common stock, or a combination of
      cash and shares of Citizens common stock, subject to the allocation and proration procedures contained in the Merger Agreement.&#160; The foregoing description of the Merger does not purport to be complete and is qualified in its entirety by reference to
      the Merger Agreement, which is filed as Appendix A to Citizen&#8217;s Definitive Prospectus filed with the Securities and Exchange Commission on January 27, 2020 pursuant to Rule 424(b)(3) promulgated under the Securities Act of 1933, as amended, and
      incorporated herein by reference.</div>
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    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On April 17, 2020, Citizens issued a press release to announce the completion of the Merger and the Bank Merger.&#160; For
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              <div style="margin-left: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(d)</div>
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              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Exhibits</div>
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              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif; font-size: 12pt;"><a href="midcoastpressrelease.htm">99.1</a></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', serif; font-size: 12pt;"><a href="midcoastpressrelease.htm">Press Release Dated April 17, 2020</a></div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SIGNATURES</div>
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    </div>
    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">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.</div>
    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
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    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
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            <td colspan="2" style="width: 38%;" valign="top"><strong><font style="font-size: 12pt;">Citizens Financial Services, Inc.</font><br>
              </strong></td>
            <td style="width: 12%;" valign="top">&#160;</td>
          </tr>
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            <td style="width: 50%;" valign="top">&#160;</td>
            <td style="width: 3%;" valign="top">&#160;</td>
            <td style="width: 35%;" valign="top">&#160;</td>
            <td style="width: 12%;" valign="top">&#160;</td>
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              <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt" align="left"><font style="font-size: 12pt;">April 22, 2020</font><br>
              </div>
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              <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; font-size: 12pt;" align="left">By: </div>
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            <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0); font-size: 12pt;" align="left" nowrap="nowrap" valign="top">/s/ Randall E. Black<br>
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            <td style="width: 35%; font-size: 12pt;" align="left" nowrap="nowrap" valign="bottom">Randall E. Black<br>
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            <td style="width: 35%; font-size: 12pt;" valign="top">Chief Executive Officer and President<br>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>midcoastpressrelease.htm
<DESCRIPTION>CZFS COMPLETES MERGER WITH MIDCOAST
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">**<u>PRESS RELEASE</u>**</div>
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    <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Contact</u>:</div>
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    <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Randall E. Black</div>
    <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Chief Executive Officer&#160; and President</div>
    <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(724) 225-2400</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Citizens Financial Services, Inc. Completes Acquisition</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">of MidCoast Community Bancorp, Inc.</div>
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    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Mansfield, PA; April 17, 2020.&#160; Citizens Financial Services, Inc. (&#8220;Citizens&#8221;) (OTC Pink &#8220;CZFS&#8221;), the holding company for
      First Citizens Community Bank (&#8220;FCCB&#8221;), announced today the completion of its acquisition of MidCoast Community Bancorp, Inc. (&#8220;MidCoast&#8221;), the holding company for MidCoast Community Bank (&#8220;MCB&#8221;), effective after the close of business today.&#160;
      MidCoast merged with Citizens and MCB merged with FCCB, with Citizens and FCCB the resulting institutions.</div>
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    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">In accordance with the merger agreement, MidCoast shareholders were permitted to elect to receive either 0.1065 shares of
      Citizens common stock, $6.50 in cash, or a combination of cash and shares of Citizens common stock for each share of MidCoast common stock owned, subject to proration and allocation to ensure that 75% of the shares of MidCoast common stock
      outstanding immediately before the completion of the merger were exchanged for shares of Citizens common stock and 25% were exchanged for cash as required by the merger agreement.&#160; The election deadline was 5:00 p.m., Eastern Time, on April 8, 2020.&#160;
      Based on the election results and the merger agreement, MidCoast shareholders are entitled to receive the following merger consideration in exchange for their shares of MidCoast common stock:</div>
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              <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Shareholders who made a valid all-stock election are entitled to receive 0.1065 shares of Citizens common stock for each of their
                shares of MidCoast common stock, plus cash in lieu of a fractional share based on a price of $61.00 per share, without interest;</div>
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              <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Cash elections were oversubscribed.&#160; Shareholders who made a valid all-cash election or a valid mixed stock/cash election are entitled
                to receive $6.50 in cash, without interest, for approximately 55% of their shares of MidCoast common stock for which they made a valid cash election and 0.1065 shares of Citizens common stock for each of their remaining shares of MidCoast
                common stock, plus cash in lieu of a fractional share based on a price of $61.00 per share, without interest; or</div>
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              <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Shareholders who made no election or an invalid election are entitled to receive 0.1065 shares of Citizens common stock for each of
                their shares of MidCoast common stock, plus cash in lieu of a fractional share based on a price of $61.00 per share, without interest.</div>
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    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Citizens issued 373,356 shares of common stock as consideration in the merger and now has 3,879,365 shares of common stock
      outstanding as a result of the completion of the merger.</div>
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    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Broadridge Corporate Issuer Solutions, Inc., Citizens&#8217; election/exchange agent, will mail to MidCoast shareholders a letter
      of transmittal in order to surrender their MidCoast stock certificates, if any, in exchange for the merger consideration that they are entitled to receive.&#160; MidCoast shareholders with questions regarding their individual election results should
      contact Broadridge Corporate Issuer Solutions, Inc., at 1-855-793-5068 (toll-free).</div>
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    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Janney Montgomery Scott LLC acted as financial advisor to Citizens, and Luse Gorman, PC served as legal counsel.&#160; Boenning
      &amp; Scattergood, Inc. acted as financial advisor to MidCoast, and Barley Snyder LLP served as legal counsel.</div>
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    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Citizens Financial Services, Inc. is the bank holding company for First Citizens Community Bank, a Pennsylvania-chartered
      commercial bank.&#160; FCCB operates 31 full-service branch offices in Pennsylvania, Delaware and New York.&#160; For more information about Citizens and FCCB, visit its website at <font style="font-style: italic;">www.firstcitizensbank.com</font>.</div>
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    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform
      Act. Forward-looking statements are typically identified by words such as "believe", "plan", "expect", "anticipate", "intend", "outlook", "estimate", "forecast", "will", "should", "project", "goal", and other similar words and expressions. These
      forward-looking statements involve certain risks and uncertainties.&#160; Citizens undertakes no obligation to revise these forward-looking statements or to reflect changes in events or circumstances after the date of this press release.</div>
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