Citizens Financial Services, Inc. declares cash and 5 percent stock dividend
MANSFIELD - The Board of Directors of Citizens Financial Services, Inc. (CZFS) the bank holding company for First Citizens Community Bank, recently declared a stock and cash dividend for CZFS shareholders. The cash dividend of $.285 per share along with a five percent stock dividend, is payable on June 28, to shareholders of record on June 21.
The cash dividend compares to $.285 per share paid on March 29 and when coupled with the first quarter 2013 accelerated dividend payment of $.38 per share paid on December 31, 2012, continues to represent an attractive dividend yield.
The Board of Directors of Citizens Financial Services accelerated the first quarter dividend due to the significant issues in Washington regarding the very complex fiscal cliff tax issues at that time and its intent was to benefit shareholders that may have been affected by the potential tax increase on dividends during 2013.
The continued strength of our financial performance has permitted us to pay an attractive cash dividend and one-time five percent stock dividend and reflects the Board of Directors' desire to provide total shareholder return to our shareholder base," stated Randall E. Black, CEO and president.