WYALUSING - The Board of Directors of Peoples LTD and its subsidiary PS Bank announce the retirement of Donald E. Abrey from his role as Chairman of the Board and Director.

Abrey joined the bank in January of 1986 as president and CEO and served in this position until 2007. During his tenure, the bank grew in assets from $37 million to almost $200 million. Abrey was responsible for the formation of the bank holding company in 1987. He saw the bank grow from a single location to having multiple locations servicing Bradford, Sullivan, and Wyoming counties. Abrey was responsible for numerous renovations and modernizations, including the two-story addition to the administration building, as well as the construction of the bank's Route 6 facility in Wyalusing. Abrey retired from his role as president and CEO in 2007 and assumed the role of chairman of the board.

In 2010, amidst severe asset quality problems, Abrey returned to the bank in his previous role as president and CEO. Abrey helped guide the bank through these difficult times and return the bank to profitability. With the condition of the bank improving, Abrey resumed his retirement in fall 2011.

Jay W. Chadwick, newly elected chairman of the board, commented that "Don has dedicated himself to the bank for over 25 years and is revered in the hearts of the bank's directors, shareholders, employees, and customers. I consider it an honor to have worked alongside him these past years."

Anthony J. Gabello, president and CEO stated "the bank is truly fortunate to have had someone the caliber of Don lead the organization. Future generations are indebted to him for his contributions over his many years of service."

The Board of Directors has appointed Jay W. Chadwick to the position of chairman of the board.

Chadwick is the president and chief executive officer of Tuscarora Wayne Group of Companies based in Wyalusing. Chadwick served as vice chairman since 2007 and has served as a board member since 2001.

The board also appointed John R. Snell to the position of vice chairman. Snell is a licensed public accountant and retired from LaBarr & LaBarr, a public accounting firm located in Sayre. Snell currently serves as the chair of the bank's audit committee. Snell has served on the Board since 2001.