Form 4: Peoples Financial Services Corp. EVP Reports Share Conversion Following Merger with FNCB Bancorp

Mary Griffin Cummings, EVP/General Counsel of Peoples Financial Services Corp., reports the conversion of FNCB Bancorp shares to Peoples Financial Services Corp. shares following the merger on July 1, 2024.

Summary

• On July 1, 2024, FNCB Bancorp merged with Peoples Financial Services Corp., with Peoples continuing as the surviving company.
• Mary Griffin Cummings, EVP/General Counsel of Peoples Financial Services Corp., reported changes in her beneficial ownership due to the merger.
• Each share of FNCB common stock held by Cummings was converted into the right to receive 0.1460 of a share of Peoples common stock, rounded down to the nearest whole number.
• As a result of the transaction, Cummings directly acquired 6,751 shares of Peoples Financial Services Corp. common stock.
• Following the reported transaction, Cummings directly owns 6,751 shares of Peoples Financial Services Corp. common stock.

Sentiment

Score: 7

Explanation: The document reports a completed merger and a routine share conversion, which is generally viewed positively as it signifies the execution of a strategic plan. The sentiment is neutral to slightly positive.

Positives

• The merger between FNCB Bancorp and Peoples Financial Services Corp. has been completed.
• Mary Griffin Cummings now holds shares in the combined entity, Peoples Financial Services Corp.

Future Outlook

The document does not contain specific forward-looking statements beyond the completion of the merger.

Industry Context

This announcement reflects ongoing consolidation trends within the financial services industry, where smaller banks merge to achieve economies of scale and broader market reach.

Comparison to Industry Standards

• Mergers between regional banks are common, with deal terms often involving a share exchange ratio similar to the 0.1460 ratio in this case.
• Comparable transactions include recent mergers among community banks seeking to enhance their competitive position.
• The success of the merger will depend on the effective integration of FNCB's operations and customer base into Peoples Financial Services Corp.

Stakeholder Impact

• Shareholders of FNCB Bancorp have received shares of Peoples Financial Services Corp.
• The merger may lead to operational efficiencies and enhanced services for customers of both banks.

Key Dates