Acquisition of MidCoast Community Bancorp, Inc

3 Months Ended

Mar. 31, 2020

Acquisition of MidCoast Community Bancorp, Inc [Abstract]

Acquisition of MidCoast Community Bancorp, Inc

Note 10 – Acquisition of MidCoast Community Bancorp, Inc.

On April 17, 2020, Citizens Financial Services, Inc. (Company) and its wholly owned subsidiary, First Citizens Community Bank (Bank), and MidCoast Community Bancorp, Inc. (MidCoast), and its wholly owned subsidiary, MidCoast Community Bank (“MC Bank”) completed the merger agreed to in 2019, pursuant to which MidCoast merged with and into a wholly-owned acquisition subsidiary of the Company, with the acquisition subsidiary as the surviving corporation. Concurrent with the merger, MC Bank merged with and into the Bank, with the Bank as the surviving institution.

Each outstanding share of MidCoast common stock was converted into $6.50 in cash or 0.1065 shares of the Company’s common stock.  The merger resulted in 25% of the outstanding shares of MidCoast common stock (including for this purpose, dissenters’ shares) paid in cash and the remainder was paid in the Company’s common stock.   

The senior management of the Company and the Bank remained the same following the merger.