CITIZENS FINANCIAL SERVICES, INC. (NASDAQ:CFFI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departures of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Citizens Financial Services, Inc. (as guarantor) entered into a
change in control agreement with Jeffrey L. Wilson, Executive
Vice President.
renews on December 20 of each year to maintain a three-year term,
unless either party notifies in writing the other party at least
90 days prior to December 20 of such party’s intent not to renew
the agreement beyond the existing term, or the agreement is
terminated by the Company for cause, death or disability, or if
the agreement is terminated by the executive.
control (as defined in the agreement), the executive is
involuntarily terminated, the executive’s title,
responsibilities, or salary are reduced, or for reductions or
changes in the executive’s duties, location of employment or
benefits as set forth in the agreement, the executive shall be
entitled to receive a lump sum amount equal to one time the
executive’s base salary. In addition, for a period of 18 months
from the date of termination or until the executive secures
substantially similar benefits through other employment,
whichever shall occur first, the executive shall receive a
continuation of health care, life and disability insurance in
effect prior to his termination.
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Exhibit Number
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Description
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99.1
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Form of Change In Control Agreement for Jeffrey L. Wilson
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About CITIZENS FINANCIAL SERVICES, INC. (NASDAQ:CFFI)
C&F Financial Corporation is a bank holding company. The Company owns and operates through its subsidiary, Citizens and Farmers Bank (the Bank or C&F Bank), which is an independent commercial bank. The Company’s segments include Retail Banking, Mortgage Banking, Consumer Finance and Other. Through the Retail Banking segment, the Company engages in a range of lending activities, which include the origination of one- to four-family and multi-family residential mortgage loans, commercial real estate loans, construction loans, land acquisition and development loans, consumer loans and commercial business loans. The Company engages in residential mortgage lending through the Mortgage Banking segment. The Company engages in non-prime automobile lending through the Consumer Finance segment. Its Other segment includes a full-service brokerage firm. It conducts mortgage banking activities through C&F Mortgage Corporation. It conducts consumer finance activities through C&F Finance Company. CITIZENS FINANCIAL SERVICES, INC. (NASDAQ:CFFI) Recent Trading Information
CITIZENS FINANCIAL SERVICES, INC. (NASDAQ:CFFI) closed its last trading session up +1.25 at 51.15 with 7,666 shares trading hands.