Citizens Financial Services, Inc. announced that it has completed a private placement of $10 million aggregate principal amount of its 4.00% fixed-to-floating rate subordinated notes due 2031 to certain qualified investors. Unless earlier redeemed, the Notes mature on April 16, 2031. The Notes will initially bear interest from the initial issue date to but excluding April 16, 2026 or the earlier redemption, at a fixed rate of 4.00% per annum, payable semiannually in arrears on June 30 and December 30 of each year, beginning June 30, 2021, and thereafter to, but excluding, the maturity date or earlier redemption, at an interest rate per year, reset quarterly, equal to the sum of a base rate, equal to the 90-day average secured overnight financing rate, determined on the determination date of the applicable interest period, plus 323 basis points, payable quarterly in arrears on March 30, June 30, September 30 and December 30 of each year. The Company may also redeem the Notes, in whole or in part, on or after April 16, 2026, and at any time upon the occurrence of certain events, subject in each case to the approval of the Board of Governors of the Federal Reserve System.