Peoples Financial Services Appoints New Chief Financial Officer and Chief Operating Officer

On January 31, 2025, Peoples Financial Services Corp. (“PFIS”), a Pennsylvania corporation, and its banking subsidiary, Peoples Security Bank and Trust Company (“PSBT”), revealed the approval of the appointment of James M. Bone, Jr., CPA as the Chief Financial Officer of both PFIS and PSBT. Simultaneously, John R. Anderson, III was appointed as the Chief Operating Officer of PFIS and PSBT. These appointments are set to be effective as of March 31, 2025. As a result of these changes, Mr. Bone will transition from his current role as Executive Vice President and Chief Operations Officer of PFIS and PSBT, while Mr. Anderson will move from his position as Executive Vice President and Chief Financial Officer of PFIS and PSBT.

Mr. Bone, 63, has held various executive positions within the banking sector, most notably Executive Vice President and Chief Operations Officer of PFIS and PSBT post the merger with FNCB Bancorp., Inc. in July 2024. He is a licensed Certified Public Accountant and actively involved in professional and community organizations. Mr. Anderson, 58, has been serving as the Executive Vice President and Chief Financial Officer of PFIS and PSBT since March 2018.

In regards to any conflict of interest, there are no family relationships between either Mr. Bone, Mr. Anderson, and any other individuals serving as directors or executives at PFIS. Additionally, PSBT has provided loans in the ordinary course of business to PFIS’ directors and executive officers, ensuring terms align with prevailing market conditions.

Furthermore, there are no new material agreements or changes involving Mr. Bone or Mr. Anderson amidst their appointments. Both individuals are parties to an existing Amended and Restated Employment Agreement dated November 27, 2024. The agreement outlines terms including salary, bonuses, equity participation, benefits, and potential severance arrangements.

On February 4, 2025, PFIS released a press statement formally announcing the appointments of Mr. Bone and Mr. Anderson to their new executive roles. The Board of Directors expressed confidence in the expertise and commitment both individuals bring to their new positions.

The information contained in this report is summarized and does not encompass all details of the entire employment agreement, which can be referenced in full within the Current Report on Form 8-K. Alongside this announcement, PFIS also issued an employment agreement that highlights details of remuneration, benefits, and potential severance packages for Mr. Bone and Mr. Anderson.

This news release falls under an 8-K filing with the Securities and Exchange Commission, displaying PFIS’ commitment to transparency and disclosure in organizational changes and developments within the company.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Peoples Financial Services’s 8K filing here.

Peoples Financial Services Company Profile

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, negotiable order of withdrawal, savings, individual retirement, demand deposit, and certificates of deposit accounts.