8-K

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 (Date of earliest event reported):		November 17, 2008
CITIZENS FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania	0-13222			23-2265045
(State or other jurisdiction of incorporation)	(Commission File Number)			(I.R.S. Employer Identification No.)
15 South Main Street, Mansfield, PA				16933
(Address of principal executive offices)				(Zip Code)
Registrant’s telephone number, including area code:			(570) 662-2121
N/A
(Former name or former address, if changes since last report.)

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):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act  (17 CFR 240.13e-4(c))

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Item 7.01.  Regulation FD Disclosure.

On November 17, 2008, the Company issued a Press Released announcing that they will not file an application to participate in the U.S. Treasury Department’s Capital Purchase Program (TARP).  The Press Release, attached as Exhibit 99.1 hereto and incorporated herein by reference, is being furnished to the SEC and shall not be deemed to be “Filed” for any purpose.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

Exhibit Number	Description
99.1	Press Release dated November 17, 2008.

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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 hereunto duly authorized.

	CITIZENS FINANCIAL SERVICES, INC.
Date:  November 17, 2008	By:	/s/ Randall E. Black
		Randall E. Black
		CEO & President

EX-99.1

EXHIBIT 99.1

Citizens Financial Services, Inc. Announces that it Did Not Apply for Participation in the U.S. Treasury Department's Troubled Assets Relief Program Capital Purchase Program

November 17, 2008 - MANSFIELD, PENNSYLVANIA— The Board of Directors of Citizens Financial Services, Inc. (the “Company”) (OTC BB: CZFS) announced that it has decided not to apply for participation in the U.S. Treasury Department's recently announced Troubled Assets Relief Program ("TARP") Capital Purchase Program ("TARP Program") as authorized by the recently enacted Emergency Economic Stabilization Act of 2008. The TARP Program is designed to provide the means for the Treasury Department to provide equity capital under standardized terms to eligible financial institutions and their holding companies. After considering the merits of the TARP Program and the financial condition of the Company and its subsidiary, First Citizens National Bank, the Company's Board of Directors decided that the Company will not apply to participate in the TARP Program. The Company’s regulatory capital is in excess of well capitalized levels.

Randall E. Black, CEO and President of Citizens Financial Services, Inc., commenting on the decision not to participate in the TARP Program said, "The Company had a record year in 2007, and despite the current unstable economic environment, we continue to achieve strong financial performance in 2008.  Based upon our strong financial earnings we anticipate generating additional capital through our earnings stream over future quarters.  First Citizens continuously adheres to the fundamentals of safety and soundness, sound underwriting standards, and due diligence which greatly limits the impact of credit risk in our loan portfolio within our organization. At First Citizens, our capital remains strong and our performance solid. These positive conditions provide us with the opportunity to grow our company and meet the lending needs of consumers and businesses in our markets."

Note: This press release may contain forward-looking statements as 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. These factors include operating, legal and regulatory risks; changing economic and competitive conditions and other risks and uncertainties.

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CONTACT:	Randall E. Black
	Chief Executive Officer and President
	15 South Main Street
	Mansfield, PA 16933
	570-662-2121
	570-662-2365 (fax)