8-K

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 (Date of earliest event reported) August 20, 2003
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CITIZENS FINANCIAL SERVICES, INC.
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                                        Pennsylvania                                                    0-13222                                   23-2265045

                             - -------------------------                                   - -------------------------                     - --------------------

                            (State or other jurisdiction                                  (Commission File                                (I.R.S. Employer

                            of incorporation)                                                 Number)                                            Identification Number)

                            15 South Main Street, Mansfield PA                                                                                           16901

                            - --------------------------------------                                                                                        - -----------

                            (Address of Principal Executive Office)                                                                                    (Zip Code)

Registrant's telephone number, including area code (570) 662-2121
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N/A
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(Former name or former address, if changed since last report)
 

ITEM 5.    OTHER EVENTS AND REGULATION FD DISCLOSURE.

On August 20, 2003, Citizens Financial Services, Inc. issued a press release titled "Citizens Financial Services, Inc. Appoints Dr. John M. Thomas Interim CEO", a copy of which is filed as an exhibit to this Current Report on Form 8-K and is incorporated herein by reference.

ITEM 7.    FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(a)    Not applicable.

(b)    Not applicable.

(c)    Exhibits.

            Exhibit 99:    Press Release issued by Citizens Financial Services, Inc. dated August 20, 2003, titled "Citizens Financial Services, Inc. Appoints Dr. John M. Thomas Interim CEO".

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 

CITIZENS FINANCIAL SERVICES, INC.

Date:  August 20, 2003                                                        /s/ Randall E. Black

                                                                                        - ------------------------------------------------

                                                                                        By:    Randall E. Black

                                                                                                Chief Financial Officer

EX-99

FOR IMMEDIATE RELEASE

Contact: Kathleen M. Campbell, CFMP
Senior Vice President
15 S. Main Street
Mansfield, PA 16933
570-662-0422
570-662-8512 (fax)

August 20, 2003
 
 

Citizens Financial Services, Inc. Appoints Dr. John M. Thomas Interim CEO

Dr. John M. Thomas was appointed Interim CEO of Citizens Financial Services, Inc. and its subsidiary First Citizens National Bank at a regularly scheduled meeting of the Board of Directors on August 19, 2003.  Dr. Thomas has been a Director of the Corporation and the Bank since 1990.  Dr. Thomas previously served on the Board of Directors of Star Savings and Loan from 1969 to 1981 and returned in 1986 to become Chairman of the Board until 1990.  He was also a Board Member with Commonwealth Bank from 1981- 1985.
 

The Board will be appointing a "Selection Committee" to search for a successor CEO to Richard E. Wilber who will be retiring in the fourth quarter of this year.
 

Citizens Financial Services, Inc. has over 1,500 shareholders, the majority of whom reside in Tioga, Bradford and Potter Counties. First Citizens National Bank has 15 offices located throughout these three counties.
 

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding revenues, margins, operating expenses, earnings, growth rates, and certain business trends that are subject to risks and uncertainties that could cause actual results to differ materially from the results described herein. Specifically, the ability to grow product and service revenues may not continue and the company may not be successful in developing new products, product enhancements, or services on a timely basis or in a manner that satisfies customers needs or achieves market acceptance. Other factors that could cause actual results to differ materially are: competitive pricing and supply, market acceptance and success for service offerings, short-term interest rate fluctuations, general economic conditions, employee turnover, possible future litigation, and related uncertainties on future revenue and earnings as well as the risks and uncertainties set forth from time to time in the company's other public reports and filings and public statements. Recipients of this document are cautioned to consider these risks and uncertainties and to not place undue reliance on these forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.