UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report - July 8, 2002
PEOPLES FINANCIAL SERVICES CORP.
(Exact name of registrant as specified in its charter)
Pennsylvania 000-23863 23-2391852
------------ --------- ----------
(State or other Commission File (I.R.S. Employer
jurisdiction of Number Identification
Incorporation) Number)
50 Main Street, Hallstead, PA 18822
(Address of Principal Executive Officer) (Zip Code)
Registrant's telephone number,
including area code (570) 879-2175
N/A
(Former name or former address, if changed since last report)
Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
Registrant files this Current Report on Form 8-K to submit a copy of
Registrant's Press Release, dated July 8, 2002, regarding certain
financial information.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibit:
99 Press Release of Peoples Financial Services Corp.
dated July 8, 2002.
Item 8. Change in Fiscal Year.
Not Applicable.
Item 9. Regulation FD Disclosure.
Not Applicable.
SIGNATURES
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, thereunto duly authorized.
PEOPLES FINANCIAL SERVICES, CORP.
(Registrant)
/s/ Debra E. Dissinger
Dated: July 8, 2002 By Debra E. Dissinger
Executive Vice President
EXHIBIT INDEX
Page Number
in Manually
Exhibit Signed Original
99 Press Release of Peoples Financial Services 3
Corp. dated July 8, 2002.
EXHIBIT 99
PRESS RELEASE
WorldCom Investment Impacts Second Quarter Earnings
Peoples Financial Services Corp.
Peoples Financial Services Corp. reported today that its subsidiary, Peoples
National Bank holds $1 million in WorldCom Group bonds. Peoples Financial
Services Corp. recorded an unrealized, after tax, loss of $562,000 in the second
quarter ended June 30, 2002, related to the decline in market value of its
WorldCom investment. Peoples National Bank holds $1 million par value of
WorldCom maturing in August 2003 as part of its $96.5 million investment
portfolio. Market value of the bonds as of June 30, 2002, was $150,000.
Subsequent events in the WorldCom situation may increase or decrease Peoples
Financial Services Corp. loss on this investment.
Peoples Financial Services Corp. is the parent company of Peoples National Bank,
a locally owned and operated independent community bank with offices in the
Hallstead Plaza, Susquehanna, Montrose and Hop Bottom in Susquehanna County, in
Nicholson, Tunkhannock and Meshoppen in Wyoming County, PA, and also in Norwich,
Chenango County, NY.
This press release contains certain forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995. Actual results
and trends could differ materially from those set forth in such statements due
to various factors. Such factors include the possibility that increased demand
for prices for the Company's financial services and products may not occur,
changing economic, interest rate and competitive conditions, technological
developments, and other risks and uncertainties including those detailed in the
Company's filings with the Securities and Exchange Commission.