Peoples Financial Services Corp. operates as the bank holding company for Peoples Security Bank and Trust Company that provides various commercial and retail banking services. The company accepts money market, NOW, savings, individual retirement, demand deposit, and certificates of deposit accounts. It also provides residential real estate, automobile, manufactured housing, personal, and home equity loans; and commercial real estate, working capital, construction, small business administration, and agricultural loans, as well as loans for equipment and other commercial needs, and mineral rights. In addition, the company offers investment management, IRA trustee, estate administration, living and life insurance trust, trustee under will, guardianship, custodial/IRA custodial, and corporate trust services, as well as pension and profit sharing plans. Further, it provides investment portfolio management, estate and business succession planning, annuities, insurance, retirement plan, and tax planning, as well as education funding strategies; and securities and brokerage, and investor services. Additionally, the company offers small business checking and merchant money market accounts, online and telephone banking, business credit cards, merchant line of credit, and financial checkup services; and remote deposit capture, automatic clearing house transaction, cash management, automated teller machine, point of sale transaction, safe deposit box, night depository, direct deposit, and official check services. It serves business, non-profit, governmental, municipal agency, and professional customers, as well as retail customers through 28 full-service community banking offices located in Allegheny, Bucks, Lackawanna, Lebanon, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Susquehanna, and Wyoming Counties of Pennsylvania; Middlesex County of New Jersey; and Broome County of New York. The company was founded in 1905 and is headquartered in Scranton, Pennsylvania.
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A community bank, like a neighborhood version of Bank of America or Chase.
Think of it as a local, independent version of a regional bank like PNC Financial Services.
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- Deposit Accounts: Offers various checking, savings, money market, and certificate of deposit accounts for individuals and businesses to manage their funds.
- Lending Services: Provides a range of loans including residential mortgages, commercial real estate loans, commercial and industrial loans, and consumer loans.
- Wealth Management & Trust Services: Delivers financial planning, investment management, and trust administration for individuals and businesses.
- Digital Banking: Offers online and mobile banking services, bill pay, and ATM access for convenient account management.
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Major Customers of Peoples Financial Services (PFIS)
Peoples Financial Services Corp. (PFIS) operates as a bank holding company for Peoples National Bank of Montrose. As a community financial institution, its primary customers are not other companies in a traditional B2B sense, but rather individuals, businesses, and organizations within the communities it serves. Therefore, the company serves primarily a diverse range of customers rather than a few major corporate clients.
The categories of customers that Peoples Financial Services primarily serves include:
- Individuals and Consumers: This category includes residents seeking a full range of personal banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), individual retirement accounts (IRAs), residential mortgage loans, home equity loans, auto loans, and other personal loans.
- Small to Medium-Sized Businesses: The bank provides various financial products and services to local and regional businesses. This includes business checking and savings accounts, commercial loans, lines of credit, real estate loans, equipment financing, treasury management services, and merchant services.
- Non-profit Organizations and Local Government Entities: Peoples Financial Services also caters to the banking needs of local non-profit organizations, educational institutions, and municipal entities, offering specialized accounts, treasury management solutions, and financing options.
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- Jack Henry & Associates (JKHY)
- Baker Tilly US, LLP
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Gerard A. Champi Chief Executive Officer
Gerard A. Champi assumed the role of Chief Executive Officer of Peoples Financial Services Corp. and its subsidiary, Peoples Security Bank and Trust Company, effective January 1, 2025. He has over three decades of experience in banking, including serving eight years as President and CEO of FNCB Bank. This leadership transition follows Peoples Financial Services Corp.'s merger with FNCB Bancorp, Inc., completed in 2024.
James M. Bone, Jr., CPA Chief Financial Officer
James M. Bone, Jr., CPA, will become Chief Financial Officer of Peoples Financial Services Corp. and its banking subsidiary, Peoples Security Bank and Trust Company, effective March 31, 2025. Prior to this appointment, Mr. Bone served as Executive Vice President and Chief Operations Officer of PFIS. He was previously the Chief Financial Officer of FNCB Bancorp, Inc., which merged with Peoples Financial Services Corp. in 2024. Mr. Bone has 39 years of experience in banking.
Thomas P. Tulaney President
Thomas P. Tulaney took on the position of President for Peoples Financial Services Corp. and Peoples Security Bank and Trust Company, effective January 1, 2025. He previously served as Chief Operating Officer of the company and the Bank.
John R. Anderson, III Chief Operating Officer
John R. Anderson, III will transition from Executive Vice President and Chief Financial Officer to Chief Operating Officer of Peoples Financial Services Corp. and its banking subsidiary, Peoples Security Bank and Trust Company, effective March 31, 2025. He previously held the role of Chief Financial Officer for Peoples Financial Services.
Neal D. Koplin Senior Executive Vice President, Chief Banking Officer
Neal D. Koplin was appointed Senior Executive Vice President and Chief Banking Officer of Peoples Financial Services Corp. and Peoples Security Bank and Trust Company in December 2019. Before this role, he served as Executive Vice President and Lehigh Valley Division Head since August 2014.
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- Competition from digital-only banks and financial technology (fintech) companies: These entities operate with significantly lower overheads, enabling them to offer highly competitive rates, lower fees, and superior digital user experiences. They directly appeal to a growing segment of consumers who prioritize convenience and digital access, thereby eroding the customer base and deposit share of traditional community banks like PFIS.
- Expansion of large technology companies (Big Tech) into financial services: Companies such as Apple, Google, and Amazon are increasingly leveraging their vast user bases, advanced data analytics, and integrated platforms to offer a range of financial products, including payments, lending, and 'buy now, pay later' services. Their ability to embed financial services seamlessly within their existing ecosystems presents a significant competitive threat, potentially disintermediating traditional banks from their customer relationships and revenue streams.
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Peoples Financial Services (PFIS) operates primarily as a regional community bank offering a comprehensive range of financial products and services in Pennsylvania, Middlesex County in New Jersey, and Broome County in New York.
The company's main products and services include checking accounts, business accounts, savings accounts, money market accounts, certificates of deposit, various loan products (commercial, commercial real estate, municipal, retail, residential real estate, consumer, automobile, manufactured housing, personal, home equity, agricultural, working capital, construction, small business administration loans, equipment loans, and mineral rights loans), mortgages, debit and credit cards, credit card processing, advisory services, financial planning, investment management, wealth management, estate/legacy planning, and insurance.
While specific addressable market sizes for each product or service within the exact counties PFIS operates are not readily available, broader market sizes for the encompassing industries at the U.S. level provide an indication of the addressable market.
- Regional Banking Services (U.S. Market): The market size of the Regional Banks industry in the United States is estimated at $406.5 billion in 2025. This market includes depository institutions with assets ranging from $50.0 billion to $500.0 billion, providing services such as deposits, loans, leases, mortgages, and credit cards.
- Wealth Management and Financial Advisory Services (U.S. Market): The U.S. financial advisory services market was valued at $85.1 billion in 2022 and is projected to grow to approximately $146.8 billion by 2032, with a compound annual growth rate (CAGR) of 5.5% from 2023 to 2032. Another projection estimates the U.S. financial advisory services market to reach $161.68 billion by 2033, growing at a CAGR of 6.04% during the forecast period. The broader financial advisory market was valued at $93.54 billion in 2024 and is projected to reach $98.58 billion in 2025. North America is recognized as the largest market for wealth management.
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Here are 3-5 expected drivers of future revenue growth for Peoples Financial Services (PFIS) over the next 2-3 years:
- Expansion and Synergy Realization from the FNCB Merger: The merger with FNCB Bancorp, completed on July 1, 2024, significantly boosted Peoples Financial Services' asset base and expanded its branch network and market share in northeastern Pennsylvania. This strategic move is expected to drive future revenue growth through increased scale, diversified earnings, and higher loan and deposit volumes across a broader geographic footprint.
- Organic Loan Portfolio Growth in Expanded Geographic Markets: Peoples Financial Services operates in "demographically attractive and stable markets across Pennsylvania, New York, and New Jersey." Specifically, the company highlights its presence in the Allentown-Bethlehem-Easton, PA-NJ metropolitan statistical area, which was ranked as a U.S. hotspot for business attraction and expansion in 2024. This expanded presence provides opportunities for continued organic growth in various loan categories, including commercial real estate, working capital, and consumer loans.
- Optimization of Net Interest Income (NII): As a bank, net interest income is a primary revenue driver. Peoples Financial Services has demonstrated efforts to manage interest expenses and maintain a strong base of non-maturity deposits, which comprised 84.4% of total deposits in Q3 2025. The company's Q1 2025 and Q3 2025 results showed an increase in net interest income, indicating a focus on optimizing this key revenue stream through effective management of its interest-earning assets and interest-bearing liabilities.
- Growth in Noninterest Income through Diversified Financial Services: Beyond traditional banking, Peoples Financial Services offers specialized wealth management, trust services, and personal and business insurance solutions through its subsidiary PB Wealth Management. Expanding these complementary services allows the company to diversify its revenue streams and capture additional income from existing and new customer relationships.
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Share Repurchases
- Peoples Financial Services Corp. announced the restart of its common stock repurchase plan in May 2023.
Share Issuance
- As part of the FNCB Bancorp, Inc. merger, completed on July 1, 2024, Peoples Financial Services Corp. issued 2,935,456 shares of its common stock.
- These issued shares were valued at $45.54 per share, based on the closing price on June 28, 2024.
- The number of common shares outstanding as of February 28, 2025, was 9,993,803.
Outbound Investments
- Peoples Financial Services Corp. completed a strategic merger with FNCB Bancorp, Inc. on July 1, 2024.
- This merger brought approximately $1.8 billion in assets to Peoples Financial Services Corp.
- The FNCB merger also resulted in the recognition of $13.0 million in goodwill.
Capital Expenditures
- In 2020, the company expanded its physical presence by opening a branch office in Doylestown, Bucks County.
- Peoples Financial Services Corp. continued its growth strategy in 2021 by opening additional branch offices in Warrendale, Pennsylvania.
