form10ka.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K/A
Amendment No. 1
(Mark One)

■     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended
  
     December 31, 2008

or
 
 
□     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from
  
to
  

Commission file number
     000-13222

CITIZENS FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania
  
23-2265045
State or other jurisdiction of
incorporation or organization
  
(I.R.S. Employer
Identification No.)
15 South Main Street, Mansfield, Pennsylvania
  
16933
(Address of principal executive offices)
  
(Zip Code)
Registrant’s telephone number, including area code
(570) 662-2121
         
Securities registered pursuant to Section 12(b) of the Act:
None
  
         
Securities registered pursuant to Section 12(g) of the Act:
         
Common Stock, par value $1.00 per share
(Title of class)
 
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
□  Yes     ■  No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
□  Yes     ■  No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
■  Yes     □  No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.                                              □
 

 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
 
 
Large accelerated filer  o                                                                                     Accelerated filer  £
 
 
Non-accelerated filer  o                                                                           Smaller reporting company  ■
 
(Do not check if a smaller reporting company)


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
    □  Yes     ■  No


State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. $54,961,808 as of June 30, 2008.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. 2,847,371 as of February 18, 2009

DOCUMENTS INCORPORATED BY REFERENCE

Certain information required by Part III is incorporated by reference to the Registrant’s Definitive Proxy Statement for the 2009 Annual Meeting of Shareholders.


 
EXPLANATORY NOTE
 
 

 
This Amendment No. 1 on Form 10-K/A (“Amendment No. 1”) amends the Annual Report on Form 10-K of Citizens Financial Services, Inc. (the “Company”) for the fiscal year ended December 31, 2008, originally filed with the Securities and Exchange Commission on March 6, 2009.  This Amendment No. 1 is being filed for the sole purpose of filing corrected copies of Exhibits 31.1 and 31.2 (the Rule 13a-14(a)/15(d)-14(a) Certifications).
 

 
II
 

 

 
Citizens Financial Services, Inc.
Form 10-K/A
INDEX
 
Page
PART IV
  
ITEM 15 – EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
1
SIGNATURES
3

 
III
 
 
PART IV
 
 

ITEM 15 – EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
 
 
(a)  The following documents are filed as a part of this report:
 
 
    1.  The following financial statements are incorporated by reference in Item 8:
 
Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheet as of December 31, 2008 and 2007
Consolidated Statement of Income for the Years Ended December 31, 2008, 2007 and 2006
Consolidated Statement of Changes in Stockholders' Equity for the Years Ended December 31, 2008, 2007 and2006
Consolidated Statement of Cash Flows for the Years Ended December 31, 2008, 2007 and 2006
Notes to Consolidated Financial Statements

 
    2.  All financial statement schedules are omitted because the required information is either not applicable, not required or isshown in the respective financial statement or in the notes thereto, which are incorporated by reference at subsection(a)(1) of this item.
 
 
    3. The following Exhibits are filed herewith, or incorporated by reference as a part of this report.
 
3.1
  
Articles of Incorporation of Citizens Financial Services, Inc., as amended(1)
3.2
  
Bylaws of Citizens Financial Services, Inc.(2)
4
  
Instrument defining the rights of security holders (3)
10.1
  
Amended and Restated Executive Employment Agreement between Citizens Financial Services, Inc., First Citizens National Bank and Randall E. Black(4)
10.2
  
Consulting and Non-Compete Agreement between Citizens Financial Services, Inc., First Citizens National Bank and Richard E. Wilber(5)
10.3
  
Citizens Financial Services, Inc. Directors’ Deferred Compensation Plan(6)
10.4
  
Citizens Financial Services, Inc. Directors’ Life Insurance Program(7)
10.5
  
Citizens Financial Services, Inc. 2006 Restricted Stock Plan(8)
10.6
  
Supplemental Executive Retirement Plan(9)
21
  
List of Subsidiaries(9)
23
  
Consent of S.R. Snodgrass, A.C., Certified Public Accountants(9)
31.1
  
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
31.2
  
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
32.1
  
Section 1350 Certification of Chief Executive Officer(9)
32.2
  
Section 1350 Certification of Chief Financial Officer(9)
 
______________________
 
1
 
(1)                 Incorporated by reference to Exhibit 3(i) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2000, as filed with the Commission on May 11, 2000.
 
 
(2)      Incorporated by reference to Exhibit 3(ii) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2003, as filed with the Commission on April 29, 2004.
 
 
(3)      Incorporated by reference to Exhibit 4 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005, as filed with the commission on March 14, 2006.
 
 
(4)      Incorporated by reference to Form 8-K filed with the Commission on September 19, 2006.
 
 
(5)      Incorporated by Reference to Exhibit 10 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2003, as filed with the Commission on March 18, 2004.
 
 
(6)      Incorporated by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2004, as filed with the Commission on March 14, 2005.
 
 
(7)      Incorporated by reference to Exhibit 10.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2004, as filed with the Commission on March 14, 2005.
 
 
(8)      Incorporated by reference to Exhibit 4.1 to the Company’s Form S-8, as filed with the Commission on August 29, 2006.
 
 
(9)      Incorporated by reference to the exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, as filed with the Commission on March 6, 2009.
 
 
2

 
SIGNATURES
 
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
  CITIZENS FINANCIAL SERVICES, INC.  
       
Date:  January 8, 2010
By:
/s/ Randall E. Black  
    Randall E. Black  
   
President
(Principal Executive Officer)
  
       

 
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