Citizens Financial Services : Declares Quarterly Cash Dividend and a 1% Stock Dividend

Mansfield, Pennsylvania (May 2023) - The Board of Directors of Citizens Financial Services, Inc. (Nasdaq: CZFS), the bank holding company for First Citizens Community Bank (FCCB), recently declared a cash and stock dividend for its shareholders.

The cash dividend of $0.485 per share, plus a 1% stock dividend, is payable on June 30, 2023 to shareholders of record at the close of business on June 9, 2023. This quarterly cash dividend is an increase of 3.1% over the regular cash dividend of $0.470 per share declared one year ago, as adjusted for the 1% stock dividend declared in June 2022.

"As evidenced by our financial performance, our Community Banking model is not only strong, but thriving," noted Randall Black, CEO & President.

Citizens Financial Services, Inc. is a $2.30 billion bank holding company conducting business through First Citizens Community Bank (FCCB). First Citizens Community Bank (FCCB) operates 33 offices in Pennsylvania, Delaware and New York.

For further information regarding the common stock of Citizens Financial Services, Inc., please contact any of the following firms: Automated Trading Desk, 866-283-2831; Boenning & Scattergood, Inc., 800-842-8928; Keefe, Bruyette & Woods, Inc., 800-342-5529; Monroe Securities Inc., 800-766-5560; Pershing LLC, 201-413-2700; RBC Capital Markets Corp., 800-959-5951; Sandler O' Neill & Partners, 212-466-8020; Stifel, Nicolaus & Co., Inc., 973-549-4200; UBS Securities, LLC, 203-719-8710.

Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks; changing economic and competitive conditions and other risks and uncertainties.

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