The board of Citizens Financial Services Inc. has proposed to increase the company's number of authorized common shares to 25.0 million from 15.0 million.
Of the 15.0 million shares currently authorized, 3,634,305 shares are outstanding or reserved for issuance, the company noted in a proxy statement. An increase would allow Citizens Financial to more quickly raise additional capital, complete equity financings or pursue acquisition opportunities.
Shareholders will vote on the proposal at the April 17 annual meeting.
Citizens Financial Services is the Mansfield, Pa.-based holding company of First Citizens Community Bank, which had $1.36 billion in assets at the end of 2017.