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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
8.01.
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Other
Events
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Peoples
Financial Services Corp. announces that its wholly owned subsidiary,
Peoples National Bank, has completed a transaction as of September
26,
2005, involving the early retirement of debt at the Federal Home
Loan Bank
(FHLB) of Pittsburgh. Two separate $5 million FHLB advances at
corresponding interest rates of 6.37% and 6.10% were paid in full.
The
FHLB advances were originally scheduled to mature on May 3, 2010
and
September 22, 2010, respectively. The early retirement of the FHLB
advances was funded with overnight borrowings at a
lower rate
that is expected to reduce future interest expense. The premature
retirement of the debt included a before-tax prepayment penalty of
$808,519 that will be taken as a charge against income in the current
period.
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PEOPLES
FINANCIAL SERVICES, CORP.
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/s/
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Debra
E. Dissinger
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Dated: September
28, 2005
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By:
Debra E. Dissinger
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Executive
Vice President
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/s/
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Frederick
J. Malloy
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Dated:
September 28, 2005
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By:
Frederick J. Malloy
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Asst.
Vice President/Controller
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/s/
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John
W. Ord
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Dated:
September 28, 2005
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By:
John W. Ord
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President/
CEO/Chairman
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/s/
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Joseph
M. Ferretti
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Dated:
September 28, 2005
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By:
Joseph M. Ferretti
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Vice
President/Chief Credit Officer
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