Peoples Financial to acquire FNCB Bancorp in all-stock merger

PEOPLES FINANCIAL SERVICES CORP.

FNCB shareholders to receive 0.1460 shares of Peoples common stock per FNCB share; deal includes customary conditions.
Termination fee of $4.8 million payable by either party upon termination under certain circumstances.
Combined board will have 16 directors initially; FNCB CEO Gerard A. Champi to become CEO after one year.
Directors of both companies entered into voting agreements to vote in favor of the merger.
CFO John R. Anderson III receives amended severance with 24-month payments upon change-in-control termination.

item 1.01 item 5.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PEOPLES FINANCIAL SERVICES CORP. entered into Agreement and Plan of Merger with FNCB Bancorp, Inc. (effective 2023-09-27).

Action: entry
Agreement: merger
Counterparty: FNCB Bancorp, Inc.
Effective: 2023-09-27

Exact text from the filing

On September 27, 2023, Peoples Financial Services Corp., a Pennsylvania corporation (“Peoples”), and FNCB Bancorp, Inc., a Pennsylvania corporation (“FNCB”), entered into an Agreement and Plan of Merger (the “Merger Agreement”).

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PEOPLES FINANCIAL SERVICES CORP. filing history →

Source: SEC EDGAR

accession 0001104659-23-104464

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