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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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82 FRANKLIN AVE., 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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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
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Pre-commencement communications pursuant to Rule 13e-4(c)) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01
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Entry into a Material Definitive Agreement:
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On May 9, 2011, Peoples Neighborhood Bank, subsidiary of the Company and Bank, entered into Supplemental Executive Retirement Plan agreements with Alan Dakey, CEO and Joseph Ferretti, CCO. The amount of the normal retirement benefit for Mr. Dakey is $30,000 per annum paid to the executive for 10 years. Mr. Ferretti’s benefit is based on his benefit percentage and his final pay. Copies of these agreements are included as Exhibit 10.18 and 10.19 to this report.
Also, on May 9, 2011, the Company entered into an Employment Agreement with Joseph Ferretti, Senior Vice President/Chief Credit Officer. The Executive's employment under this Agreement shall be for a period commencing on May 9, 2011 and shall end three years later. The Employment Period shall be automatically extended by one year on May 9, 2012, and again on May 9th of each year thereafter, to provide for a three- year term. It is the intention of the parties that this Agreement be “Evergreen.” A copy of this agreement is included as Exhibit 10.20 to this report.
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Item 9.01
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Financial Statements and Exhibits:
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10.18
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Supplemental Executive Retirement Plan Agreement Between Peoples Neighborhood Bank and Alan Dakey, CEO.
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10.19
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Supplemental Executive Retirement Plan Agreement Between Peoples Neighborhood Bank and Joseph Ferretti, CCO.
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10.20
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Employment Agreement Between Peoples Financial Services Corp. and Peoples Neighborhood Bank and Joseph Ferretti, CCO.
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/s/
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Alan W. Dakey
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Dated: May 11, 2011
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By: Alan W. Dakey
President/CEO
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/s/
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Debra E. Dissinger
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Dated: May 11, 2011
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By: Debra E. Dissinger
Executive Vice President/COO
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/s/
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Scott A. Seasock
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Dated: May 11, 2011
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By: Scott A. Seasock
Senior Vice President/CFO
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