The Board of Directors of Citizens Financial Corp. announced that the resolution unanimously adopted an Amendment to the company's Articles of Incorporation and an Agreement of Merger which, if approved by the shareholders, will have the effect of reclassifying certain company shares into the right to receive Class A Common Stock shares. The Amendment to the Articles of Incorporation provides for the creation of two new classes of Common Stock, a Class A Common Stock and a Class B Common Stock. The Class A Common Stock and Class B Common Stock have rights and privileges which are different than the Common Stock rights and privileges. These differences include a dividend preference, right of first refusal in favor of the holding company, limited voting rights and a right of conversion to Common stock in the event of a change in ownership of the corporation.

Citizens Financial Corp. reported earnings results for the first quarter ended March 31, 2009. The company reported a net income of $518,000. In contrast, the company posted a net income of $462,000 for the same quarter in the previous year.

Citizens Financial Corp. announced earnings results for the full year ended December 31, 2007. The company reported earnings of $1,407,000 compared to $2,087,000 in the year ended December 31, 2006. On a per share basis earnings were $0.77 in 2007 and $1.13 in 2006, respectively. The decrease in earnings is primarily attributable to a $779,000 increase in the provision for loan losses and a $237,000 increase in costs associated with the operation, valuation, and disposition of other real estate (ORE) acquired in the satisfaction of loans.