8-K
FIRST KEYSTONE CORP (FKYS)
8-K
2022-05-10
For: 2022-05-05
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Added on
April 06, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2022
| <br><br> |
|---|
| First Keystone Corporation |
| (Exact name of Registrant as specified in its charter) |
| | | |||
|---|---|---|---|---|
| Pennsylvania | **** | 000-21344 | **** | 23-2249083 |
| (State or other | | (Commission | | (IRS Employer |
| jurisdiction of | | File Number) | | Identification No.) |
| incorporation) | | |
| | ||
|---|---|---|
| 111 West Front Street , Berwick , Pennsylvania **** | **** | 18603 **** |
| (Address of principal executive offices) | | (Zip Code) |
| |
|---|
| ( 570 ) 752-3671 |
| (Registrant's telephone number, including area code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|---|
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|---|
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
|---|
Securities registered pursuant to Section 12(b) of the Act:
| Title of class | Symbol | Name of exchange on which registered |
|---|---|---|
| Common Stock | FKYS | OTC: Pink |
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
CURRENT REPORT ON FORM 8-K
ITEM 5.07 **** Submission of Matters to a Vote of Security Holders
On May 5, 2022, First Keystone Corporation (the “Corporation”) held a Virtual Annual Meeting of Shareholders. A total of 5,947,224 shares of the Corporation’s common stock were entitled to vote as of March 11, 2022, the record date for the Annual Meeting. There were 4,352,716 shares present in person or by proxy at the Annual Meeting, at which the shareholders were asked to vote on two proposals. Set forth below are the matters acted upon by the shareholders at the Virtual Annual Meeting, and the final voting results of each such proposal.
Proposal No. 1 – Election of Class B Directors
The shareholders voted to elect three (3) Class B Directors to serve for a term of three (3) years and until their successor is elected and qualified. The results of the vote were as follows:
| Name | **** | For | **** | Withheld | **** | Broker Non-Votes |
|---|---|---|---|---|---|---|
| John E. Arndt | | 3,383,971 | | 56,686 | | 912,059 |
| Whitney B. Holloway | | 2,969,833 | | 470,824 | | 912,059 |
| Nancy J. Marr | | 3,338,304 | | 102,353 | | 912,059 |
Proposal No. 2 – Ratification of the Selection of Independent Registered Public Accounting Firm for Fiscal Year 2022
The shareholders voted to ratify the selection of Baker Tilly US, LLP as the Corporation’s independent registered public accounting firm for the fiscal year 2022. The results of the vote were as follows:
| For | **** | Against | **** | Abstain | **** | Broker Non-Votes |
|---|---|---|---|---|---|---|
| 4,316,727 | | 23,177 | | 12,812 | | 0 |
ITEM 7.01 **** Regulation FD Disclosure
On May 5, 2022, members of management gave presentations at the Annual Meeting. A copy of these slides and related material is included in this report as Exhibit 99.1 and is furnished herewith.
ITEM 9.01 **** Financial Statements and Exhibits
(d) Exhibits.
| Exhibit Number | Description | |
|---|---|---|
| | | |
| 99.1 | | Annual Meeting Presentation Slides |
| 99.2 | | Press release dated May 10, 2022 |
| 104 | | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.
| FIRST KEYSTONE CORPORATION | |
|---|---|
| (Registrant) | |
| Dated: May 10, 2022 | /s/ Elaine A. Woodland |
| | Elaine A. Woodland |
| | President & Chief Executive Officer |
Exhibit 99.1
| Annual Shareholders’ Meeting<br>May 5, 2022 | |
|---|---|
| ANNUAL MEETING OF SHAREHOLDERS<br>I.<br>Introduction<br>–<br>Robert A. Bull, Chairman<br>II.<br>Call to Order<br>III.<br>Welcome<br>IV.<br>Ascertain Presence of a Quorum<br>–<br>David R.<br>Saracino<br>, Secretary<br>V.<br>Proposal No. 1<br>–<br>Election of Directors<br>VI.<br>Proposal No. 2<br>–<br>Ratification of Independent Auditors<br>VII.<br>Management Presentations<br>I.<br>Diane Rosler<br>II.<br>Elaine Woodland<br>VIII.<br>Questions<br>IX.<br>Results of Voting<br>X.<br>Closing Comment/Adjournment | |
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| Introduction<br>➢<br>COVID<br>-<br>19, and the resulting guidance for Social Distancing, has created the necessity of holding our third<br>Virtual Annual Shareholders Meeting. We appreciate your understanding of the required change and we<br>miss being with you in person.<br>➢<br>Due to this change, our presentation today will be an abbreviated version of what had been “normal.“<br>There will be a shortened presentation on our results for 2021 & 1<br>st<br>quarter 2022 made by our CFO, Diane<br>Rosler.<br>➢<br>Our President and CEO, Elaine Woodland’s, presentation will address some of the projects we completed in<br>2021 and will address our plans for the future.<br>➢<br>We WILL conduct the normal business portion of the meeting.<br>➢<br>To supplement today's annual meeting, we will release a more detailed presentation of today's meeting as<br>part of the investor presentation on Form 8<br>-<br>K.<br>➢<br>Unlike our typical previous Annual Meetings, we will not be spending much time focusing on the past. You<br>may find our results for 2021 in our 10<br>-<br>K filing and 1st Quarter 2022 in our 10<br>-<br>Q filing. These documents<br>provide very detailed information. | |
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| First Keystone Corporation Board of Directors | |
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| First Keystone Corporation Director Emeriti | |
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| Diane C.A. Rosler<br>Senior Vice President, Chief Financial Officer<br>This<br>presentation<br>contains<br>certain<br>forward<br>-<br>looking<br>statements,<br>which<br>are<br>included<br>pursuant<br>to<br>the<br>“safe<br>harbor”<br>provisions<br>of<br>the<br>Private<br>Securities<br>Litigation<br>Reform<br>Act<br>of<br>1995<br>,<br>and<br>reflect<br>management’s<br>beliefs<br>and<br>expectations<br>based<br>on<br>information<br>currently<br>available<br>..<br>These<br>forward<br>-<br>looking<br>statements<br>are<br>inherently<br>subject<br>to<br>significant<br>risks<br>and<br>uncertainties,<br>including<br>changes<br>in<br>general<br>economic<br>and<br>financial<br>market<br>conditions,<br>the<br>Corporation’s<br>ability<br>to<br>effectively<br>carry<br>out<br>its<br>business<br>plans<br>and<br>changes<br>in<br>regulatory<br>or<br>legislative<br>requirements<br>..<br>Other<br>factors<br>that<br>could<br>cause<br>or<br>contribute<br>to<br>such<br>differences<br>are<br>changes<br>in<br>competitive<br>conditions,<br>and<br>pending<br>or<br>threatened<br>litigation<br>..<br>Although<br>management<br>believes<br>the<br>expectations<br>reflected<br>in<br>such<br>forward<br>-<br>looking<br>statements<br>are<br>reasonable,<br>actual<br>results<br>may<br>differ<br>materially<br>.. | |
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| $200,000<br> $250,000<br> $300,000<br> $350,000<br> $400,000<br> $450,000<br> $500,000<br> $550,000<br> $600,000<br> $650,000<br> $700,000<br>2017<br>2018<br>2019<br>2020<br>2021<br>$536,054<br>$584,960<br>$621,598<br>$684,132<br>$736,839<br>$388,488<br>$341,826<br>$306,810<br>$312,537<br>$413,805<br> Loans<br> Investments<br>Average Loan and Investment Balances<br>(amounts in thousands) | |
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| 2.50%<br>3.00%<br>3.50%<br>4.00%<br>4.50%<br>5.00%<br>2017<br>2018<br>2019<br>2020<br>2021<br>4.30%<br>4.49%<br>4.78%<br>4.63%<br>4.49%<br>3.11%<br>3.47%<br>3.45%<br>3.05%<br>2.61%<br> Loan Yields<br> Investment Yields<br>Loan and Investment Yields<br>(tax equivalent) | |
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| $-<br> $100,000<br> $200,000<br> $300,000<br> $400,000<br> $500,000<br> $600,000<br>2017<br>2018<br>2019<br>2020<br>2021<br>$607,222<br>$596,401<br>$583,740<br>$658,889<br>$807,970<br>$154,892<br>$165,341<br>$157,379<br>$95,791<br>$89,918<br> Average Interest Bearing Deposits<br> Average Borrowings<br>Average Interest<br>-<br>Bearing Deposits and Borrowings<br>(amounts in thousands) | |
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| 0.00%<br>0.50%<br>1.00%<br>1.50%<br>2.00%<br>2.50%<br>2017<br>2018<br>2019<br>2020<br>2021<br>0.70%<br>0.87%<br>1.14%<br>0.75%<br>0.39%<br>1.50%<br>2.07%<br>2.28%<br>1.48%<br>2.23%<br> Deposits<br> Borrowings<br>Liability Costs | Deposit and Borrowing Costs |
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| 2.50%<br>2.60%<br>2.70%<br>2.80%<br>2.90%<br>3.00%<br>3.10%<br>3.20%<br>3.30%<br>3.40%<br>3.50%<br>2017<br>2018<br>2019<br>2020<br>2021<br>2.93%<br>2.98%<br>2.95%<br>3.25%<br>3.08%<br>3.09%<br>3.18%<br>3.23%<br>3.46%<br>3.22%<br> Net Interest Spread<br> Net Interest Margin<br>Net Interest Spread and Net Interest Margin<br>(tax equivalent) | |
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| $(2,000)<br> $-<br> $2,000<br> $4,000<br> $6,000<br> $8,000<br> $10,000<br> $12,000<br> $14,000<br> $16,000<br>2017<br>2018<br>2019<br>2020<br>2021<br>$8,648<br>$9,211<br>$10,227<br>$11,837<br>$14,688<br>$1,455<br>$459<br>$1,114<br>$1,577<br>$2,321<br>$938<br>$(65)<br>$911<br>$(58)<br>$323<br> Net Income After Taxes<br> Tax Expense<br>Net Securities Gain/Loss<br>Net Income After Taxes, Tax Expense & Net Securities Gains/(Losses)<br>(amounts in thousands) | |
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| 3 Months Ended<br>March 31, 2022<br>3 Months Ended<br>March 31, 2021<br>% Change<br>Net Interest Income*<br>9,456<br>$<br><br>8,970<br>$<br><br>5.4%<br>Plus Non-Interest Income**<br>1,389<br><br><br>1,875<br><br><br>-25.9%<br>Equals Operating Revenue<br>10,845<br><br><br>10,845<br><br><br>0.0%<br>Less Loan Loss Provision<br>219<br><br><br>135<br><br><br>62.2%<br>Less Non-Interest Expense<br>6,516<br><br><br>6,197<br><br><br>5.2%<br>Equals Pre-Tax Income<br>4,110<br><br><br>4,513<br><br><br>-8.9%<br>Less Income Tax Expense<br>567<br><br><br>635<br><br><br>-10.7%<br>Equals Net Income<br>3,543<br>$<br><br>3,878<br>$<br><br>-8.6%<br>Earnings Per Share<br>0.60<br>$<br><br>0.66<br>$<br><br>-9.1%<br>Return on Assets<br>1.07%<br>1.30%<br>-17.7%<br>Return on Equity<br>9.88%<br>11.60%<br>-14.8%<br>Unaudited<br>Income Statement<br>(amounts in thousands)<br>*The increase in interest income was mainly the result of a $331,000 increase in interest earned on taxable securities and a<br>$228,000 increase in interest earned on loans, offset by a $246,000 decrease in SBA PPP lender fees.<br>**(Losses) gains on sales of mortgage loans decreased $388,000 or 109.6% to ($34,000) due to a lower number of individual sol<br>d<br>loans in the first quarter of 2022 as compared to the first quarter of 2021. Many of the loans sold in the first quarter of 2<br>022<br>were<br>sold at a loss. | |
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| 3 Months Ended<br>March 31, 2022<br>3 Months Ended<br>March 31, 2021<br>% Change<br>Cash & Cash Equivalents<br>9,899<br>$<br><br>37,141<br>$<br><br>-73.3%<br>Securites & Restricted Stocks<br>439,829<br><br><br>391,583<br><br><br>12.3%<br>Net Loans<br>770,091<br><br><br>714,942<br><br><br>7.7%<br>Premises & Equipment, Net<br>17,994<br><br><br>18,454<br><br><br>-2.5%<br>Other Assets<br>59,274<br><br><br>53,401<br><br><br>11.0%<br>Total Assets<br>1,297,087<br>$<br><br>1,215,521<br>$<br><br>6.7%<br>Non-Interest Bearing Deposits<br>241,600<br>$<br><br>226,581<br>$<br><br>6.6%<br>Interest-Bearing Deposits<br>803,877<br><br><br>751,276<br><br><br>7.0%<br>Total Deposits<br>1,045,477<br><br><br>977,857<br><br><br>6.9%<br>Borrowings<br>87,331<br><br><br>62,423<br><br><br>39.9%<br>Subordinated Debentures<br>25,000<br><br><br>25,000<br><br><br>0.0%<br>Other Liabilities<br>5,724<br><br><br>7,308<br><br><br>-21.7%<br>Stockholders' Equity<br>133,555<br><br><br>142,933<br><br><br>-6.6%<br>Liabilities and Stockholders' Equity<br>1,297,087<br>$<br><br>1,215,521<br>$<br><br>6.7%<br>Balance Sheet<br>Unaudited<br>(amounts in thousands)<br>For further financial details, see March 31, 2022 10Q filing | |
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| FKC’s Franchise Value<br>➢<br>History of solid investor returns<br>➢<br>Dividend Yield of 4.65% at 12/31/2021 & 4.48%<br>at 3/31/2022<br>➢<br>Historically strong capital position<br>➢<br>Investor<br>-<br>focused dividend policy<br>–<br>Share of record income with increased dividends<br>and three special dividends during 2021<br>➢<br>Consistent financial performance<br>➢<br>Efficiency Ratio of 57.54% at 12/31/2021 & 57.21% at 3/31/2022<br>➢<br>Community focused banking strategies<br>➢<br>Economic diversity<br>–<br>servicing four distinct markets<br>➢<br>Strong experienced management team and over 200 dedicated employees<br>➢<br>Our shareholders | |
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| Elaine A. Woodland<br>This<br>presentation<br>contains<br>certain<br>forward<br>-<br>looking<br>statements,<br>which<br>are<br>included<br>pursuant<br>to<br>the<br>“safe<br>harbor”<br>provisions<br>of<br>the<br>Private<br>Securities<br>Litigation<br>Reform<br>Act<br>of<br>1995<br>,<br>and<br>reflect<br>management’s<br>beliefs<br>and<br>expectations<br>based<br>on<br>information<br>currently<br>available<br>..<br>These<br>forward<br>-<br>looking<br>statements<br>are<br>inherently<br>subject<br>to<br>significant<br>risks<br>and<br>uncertainties,<br>including<br>changes<br>in<br>general<br>economic<br>and<br>financial<br>market<br>conditions,<br>the<br>Corporation’s<br>ability<br>to<br>effectively<br>carry<br>out<br>its<br>business<br>plans<br>and<br>changes<br>in<br>regulatory<br>or<br>legislative<br>requirements<br>..<br>Other<br>factors<br>that<br>could<br>cause<br>or<br>contribute<br>to<br>such<br>differences<br>are<br>changes<br>in<br>competitive<br>conditions,<br>and<br>pending<br>or<br>threatened<br>litigation<br>..<br>Although<br>management<br>believes<br>the<br>expectations<br>reflected<br>in<br>such<br>forward<br>-<br>looking<br>statements<br>are<br>reasonable,<br>actual<br>results<br>may<br>differ<br>materially<br>..<br>President and CEO | |
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| Making Connections, Corporate Culture and Commitment<br>➢<br>First Keystone Community Bank is committed to connecting with our<br>communities, each other, and building a culture that benefits our employees,<br>customers, and shareholders.<br>➢<br>We continued our focus in 2021 on meeting the challenges of the ongoing<br>COVID<br>-<br>19 pandemic, increasing revenue from core operating functions,<br>improving efficiency, and reducing operating expenses. We did this in tandem<br>with providing quality banking services to the communities we serve. | |
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| Overcoming Unique Challenges<br>During 2021 we continued to proactively confront the challenges of COVID<br>-<br>19<br>➢<br>In October 2020 we fully opened all branches for in<br>-<br>person customer service while continuing<br>to follow CDC and PA Department of Health guidelines.<br>➢<br>Throughout 2021 we provided customer service not only in person, but also provided 24/7<br>service via our ATMs, Online Banking, Mobile, and Telephone Banking<br>➢<br>Marketing and Social Media initiatives were implemented to provide customer updates and<br>education<br>➢<br>Provided fraud and scams education via social media and our website<br>➢<br>Focused on Employee Morale and Community support<br>–<br>“Denim Days”, Business Casual<br>dress code, and Employee Appreciation initiatives | |
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| Overcoming Unique Challenges<br>➢<br>The SBA Paycheck Protection Program (“PPP”) began shortly after the<br>COVID<br>-<br>19 pandemic in 2020 to help business keep their workforce employed<br>during the crisis. The program provided banks with guaranteed loans for<br>their small business customers and allows for loan forgiveness by the SBA if<br>the proceeds were used for directed purposes. The program ended on May<br>31, 2021.<br>➢<br>We participated in both the 2020 and 2021 SBA Paycheck Protection Program (“PPP”<br>loans) by providing in total<br>810<br>loans for<br>$48,562,747<br>.. | |
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| Commitment to Community<br>First Keystone Community Bank is YOUR community bank<br>➢<br>We are passionate about giving generously to the communities we serve, in both corporate<br>and individual employee donations.<br>➢<br>Throughout the year, our employees donated $13,947 of their own funds during Denim Days,<br>supporting various non<br>-<br>profit agencies throughout our markets including food banks and<br>Salvation Armies.<br>➢<br>During our CONNECT for Wellness campaign our employees provided support for school<br>age children by collecting, donating and distributing hygiene products to ten non<br>-<br>profit<br>agencies focused on supporting children of all ages.<br>➢<br>Our employees continue to think not only of the Bank, themselves and their families, but<br>others in our communities.<br>We are so proud of our employees! | |
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| Commitment to Community | |
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| Commitment to Community | |
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| Commitment to Community<br>➢<br>In addition to the employee donations, FKCB provided Sponsorships and Donations<br>to various schools and non<br>-<br>profit agencies throughout our communities.<br>➢<br>Examples include various fundraising walks and events, arts and food festivals,<br>YMCAs, little leagues and school sports teams, holiday events, economic groups,<br>and United Way. We also supported education through EITC donations.<br>➢<br>Total support in 2021<br>$237,329 | |
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| Recognition and Appreciation for Years of Service<br>Robert E. Bull<br>Retired from Boards of Directors Effective April 1, 2022<br>First Keystone Corporation<br>Chairman of the Board ~ July 5, 1983<br>–<br>May 5, 2017<br>Director of the Board ~ July 5, 1983<br>–<br>April 1, 2022<br>First Keystone Community Bank<br>Chairman of the Board<br>–<br>February 17, 1981<br>–<br>May 5, 2017<br>Director of the Board ~ October 16, 1956<br>–<br>April 1, 2022 | |
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| Awards and Recognition<br>The PA Bankers<br>Association awarded<br>four of our team<br>members with the<br>“Future Under 40”<br>award for being future<br>leaders in our industry. | |
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| Name/Title<br>Overall<br>Banking<br>Experience<br>Number of years<br>with First<br>Keystone<br>Community Bank<br>Prior Positions held at First Keystone<br>Community Bank<br>Prior Experience<br>Elaine A. Woodland<br>President and CEO<br>41 years<br>29 years<br>Teller, CSR,<br>Acctg<br>Clerk, Commercial Loan<br>Officer, Director of Lending, Chief Operating<br>Officer<br>Credit Analyst, Credit Department Manager, Commercial<br>Lender<br>Diane C.A. Rosler<br>Sr<br>VP, CFO, Cashier<br>31 years<br>31 years<br>Purchasing Agent,<br>Acctg<br>Manager, Primary<br>Financial Officer<br>Has worked her entire career at First Keystone Community<br>Bank<br>Mark J. McDonald<br>Sr<br>VP, Chief Credit Officer<br>36 years<br>16 ½ years<br>Commercial Services Officer, Credit Admin.<br>Manager<br>Branch Manager, Mortgage Loan Officer, Mortgage Loan<br>Underwriter, Mortgage Loan Dept. Mgr., Credit Analyst,<br>Relationship<br>Mgmt<br>Development Trainee, Underwriting<br>Analyst, Commercial Lender, Loan Workout Officer<br>David Warho, CISO<br>VP, IT Manager<br>7 years<br>7 years<br>Interim IT Manager/ISO, Technology Systems<br>Engineer<br>Tech Support Specialist, Network Operation Center<br>Operator. Holds several degrees, Credentials and<br>Certifications including Masters Degree of Science<br>Cybersecurity and Information Assurance ; CISSP, CHFI,<br>CEH,<br>etc<br>Jonathan Littlewood<br>Sr VP, Chief Lending<br>Officer<br>19 years<br>14 years<br>Business Deposit Specialist, Commercial Loan<br>Officer<br>Worked for M&T for 5 years as a CSR<br>Rebecca A. Hooper<br>VP,<br>Sr<br>Trust Officer<br>19 years<br>19 years<br>Trust Clerk, Trust Admin.,<br>Asst<br>Trust Officer,<br>Trust Officer<br>Has worked her entire career at First Keystone Community<br>Bank<br>Kevin Krieger<br>VP, Compliance Officer and<br>CRA Officer<br>43 years Full<br>Time plus 2<br>years Part<br>Time<br>14 years<br>BSA Officer<br>Compliance Consultant, Training Manager, Teller,<br>Teller Supervisor, Bookkeeping Clerk, Proof Clerk, Control<br>Department Clerk, Fed Funds Desk Manager, Branch<br>Manager/Loan Officer,<br>Microfilm Clerk (PT)<br>June George<br>VP, Branch Administrator<br>36 years<br>25 years<br>Consumer Loan Underwriter, Regional Manager<br>(PCB)<br>Pocono Community Bank Branch Manager, Mellon Bank<br>CSR, Asst Branch Manager<br>Chris Zlobik<br>Sr VP<br>, Deposit Operations<br>Officer<br>11 years<br>11 years<br>Computer Applications Analyst,<br>Asst<br>IT<br>Manager<br>Served in the Navy 1992<br>-<br>1994, worked in other industries<br>and started his banking career in Nov 2010 | |
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| Looking to the Future<br>➢<br>First Keystone Corporation and First Keystone Community Bank are at an inflection point in<br>our history.<br>➢<br>After successfully navigating the prior financial crisis (2008<br>-<br>2010) and the Covid<br>-<br>19 pandemic,<br>FKCB and many other community banks face the challenge of an uncertain future with<br>changing demographics in its market areas, an evolving financial institutions landscape,<br>economic unpredictability, and geopolitical volatility.<br>➢<br>The Board and Management believe that the Bank’s strengths of a sound financial position, a<br>strong and dedicated management team, and quality customers have permitted it to meet prior<br>challenges and will provide the foundation upon which to evolve its business model that is<br>paramount to retaining its competitive advantage as an independent community financial<br>services company. | |
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| Looking to the Future<br>➢<br>Our goal is to evolve without losing the values that has made the Bank successful.<br>➢<br>Profitability and growth are primary and competing goals. Driving efficiencies<br>throughout the Bank, though important, will be weighed against the ongoing strong<br>needs to invest and enhance risk management and make investments in management<br>to have the “right people” in the “right seats” on “the bus,” to drive long<br>-<br>term<br>sustainable profitability.<br>➢<br>We believe that simultaneous tracts of growth, product and service enhancement,<br>optimization and growth of branch network, staff recruitment, training and<br>compensation are keys to future performance. | |
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| Keys to our Success are expressed in our<br>Mission Statement<br>First Keystone Corporation and First Keystone Community Bank will be the independent<br>financial services provider of choice to its customers and communities that it serves by<br>providing quality, cost effective, customer focused financial services and products<br>through our dedicated bankers and technology. By doing so, we will enhance our value<br>to our shareholders through sustainable profits and dividends.<br>First Keystone Corporation and First Keystone Community Bank recognize and value the<br>contribution of our employees. To them, we pledge to provide opportunity for a high<br>level of job satisfaction and an equitable exchange for their services. | |
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| Commitment to You<br>➢<br>For more than 157 years, we have been committed to listening to our customers’ needs<br>➢<br>That commitment remains true today, and will remain into the future<br>➢<br>Our role as bankers is more important now than ever as we strive to provide financial<br>access, support and guidance<br>➢<br>We recently launched our “Healthy Financial Habits” education campaign.<br>COVID may have changed your life in many ways. We will help you assess your current<br>status and help you develop healthy financial habits as you look to the future | |
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| Commitment to You<br>The Board of Directors, management and the entire staff are firmly<br>focused on increasing value for our customers, our communities and<br>our shareholders.<br>Thank you for your confidence and continued support of<br>First Keystone Corporation. | |
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| Thank you for attending our May 5<br>th<br>, 2022 Annual<br>Shareholders’ Meeting! | |
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Exhibit 99.2
FIRST KEYSTONE CORPORATION HOLDS VIRTUAL ANNUAL MEETING –
ANNOUNCES RE-ELECTIONS AND PROMOTIONS
Berwick, Pennsylvania – May 10, 2022 – First Keystone Corporation (OTC PINK: FKYS), the parent company of First Keystone Community Bank, recently held its 2022 Virtual Annual Meeting of Shareholders. It was announced that John E. Arndt, Whitney B. Holloway, and Nancy J. Marr were re-elected as a Class B Directors to serve for a three-year term and until their successors are properly elected and qualified. They will serve on the Board of Directors for First Keystone Corporation, and its subsidiary, First Keystone Community Bank.
First Keystone Community Bank announced the following employee promotions: June George, Branch Administrator, was promoted to Senior Vice President. Kristi McClintock, Document Preparation Specialist; Laurie Nudo, Regional Branch Administrator; Jeff Gilbert, Commercial Services Officer III; Amanda Jarski, Assistant Compliance Officer; and Cindy Laidacker, HR Manager, were promoted to Vice President. Kayla Acornley, Fraud Manager/BSA Officer; Bonnie Nevel, Deposit Processing Supervisor; and Herb Harmon, Senior Facilities Manager Officer, were promoted to Assistant Vice President. Patrick Connor, Security Administrator; Jackson Jaffin, Credit Analyst I; Teresa Sterner, Marketing/Sales Coordinator; and Elizabeth Thomas, Consumer Loan Underwriter-Processor, were promoted to Officer.
“First Keystone has recognized these employees for their outstanding service to the Bank and its customers,” stated Elaine A. Woodland, President and Chief Executive Officer.
First Keystone Community Bank is an independently owned community bank since 1864 and presently operates branches in Columbia (5), Luzerne (8), Montour (1), and Monroe (4) counties and a loan production office in Northampton county. First Keystone Community Bank provides innovative business and personal banking products that focus on “Yesterday’s Traditions. Tomorrow’s Vision.”
Inquiries regarding the purchase of the Corporation’s stock may be made through the following brokers: RBC Wealth Management, 800-223-4207; Janney Montgomery Scott, Inc., 800-526-6397; Boenning & Scattergood, Inc., 800-883-1212; and Stifel Nicolaus & Co. Inc., 800-679-5446.
For more information on First Keystone Community Bank or its parent company, First Keystone Corporation, please contact Elaine A. Woodland at 570-752-3671.