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PEOPLES
FINANCIAL SERVICES CORP.
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(Exact
name of registrant as specified in its charter)
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PENNSYLVANIA
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23-2391852
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(State
of incorporation)
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(IRS
Employer Identification No.)
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50
MAIN STREET, HALLSTEAD, PA
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18822
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(Address
of principal executive offices)
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(Zip
code)
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(570)
879-2175
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(Registrant’s
telephone number including area code)
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Item
5.02(b)
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Departure
of Directors or Principal Officers; Election of Directors; Appointment
of
Principal Officers
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As
previously reported, the management succession
plan of Peoples Financial Services Corp. has been completed.
John
W. Ord, CEO of Peoples Financial Services Corp., has retired from
his
position on January 2, 2007. As a result of his normal retirement,
Mr. Ord
received a lump sum of $19,467 which was a result of vacation time
earned
in 2006. Mr. Ord will also receive $84,520 per year under his Supplemental
Executive Retirement Agreement with the Company. Mr. Ord also has
a
bank-owned life insurance policy with a death benefit of $200,562.
Mr. Ord
will continue his position as Director and Chairman of the Board
and will
receive an annual retainer of $9,600, as well as $500 for each Board
Meeting and $200 for each Committee Meeting attended. Mr. Ord’s stock
options, in the amount of 5,625 shares, will remain exercisable as
before
due to his status as a Director of the Company.
Mr.
Richard S. Lochen, Jr., President of Peoples Financial Services Corp.,
became CEO of the Company on January 2, 2007.
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/s/
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Richard
S. Lochen, Jr.
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Dated:
January 10, 2007
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By:
Richard S. Lochen, Jr.
President
& CEO
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/s/
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Debra
E. Dissinger
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Dated:
January 10, 2007
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By:
Debra E. Dissinger
Executive
Vice President/COO
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/s/
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Joseph
M. Ferretti
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Dated:
January 10, 2007
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By:
Joseph M. Ferretti
Vice
President/CCO
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/s/
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Frederick
J. Malloy
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Dated:
January 10, 2007
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By:
Frederick J. Malloy
Asst.
Vice President/Controller
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