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Seven Tioga County Students Earn Copp Scholarships

Posted Friday, 24 June 2011 10:36 | Filed under C&N News

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Copp Scholarship’s 2011 recipients were honored at a luncheon at the Penn Wells Hotel. Pictured are the recipients, front, from left, Lisa Shultz, Lyndsey King, Ashley Hanes, Charles Moyer and Kasey Baker. In back, from left, Angie Adams, Cowanesque Valley High School guidance counselor; Brian Tevlin, AVP and trust officer with the C&N Trust and Financial Management Group; Chris Morral, Wellsboro Area School District superintendent; Keith Yarger, Southern Tioga School District superintendent and Michael Charles, CPA, VP and tax officer with C&NTFMG. Absent from photo are Dr. Timothy Bowers, Northern Tioga School District superintendent, Danielle Strange and Richard Lee, both Copp Scholarship recipients.

WELLSBORO, PA - Seven Tioga County students have been named recipients of scholarships from the William Bowen Copp and Graydon S. Copp Agriculture Education Trust. The 2011 awards totaled $70,000.00.

The Scholarship Committee hosted a luncheon for scholarship recipients and their parents at the Penn Wells Hotel in Wellsboro.

The 2011 recipients include:

Lisa Jean Shultz, daughter of David and Jean Shultz of Wellsboro. A graduate of Wellsboro Area High School, Lisa plans to attend Lock Haven University majoring in pre-veterinarian.

Danielle Strange, daughter of David Strange and Audrey Williams of Wellsboro. A graduate of Wellsboro Area High School, she plans to attend Alfred University majoring in pre veterinarian.

Kasey Baker, daughter of Damon and Kendra Baker of Osceola. A graduate of Cowanesque Valley High School, Kasey plans to attend Penn State Altoona majoring in animal science.

Lyndsey Renee King, daughter of Randy and Marlene King of Westfield. A graduate of Cowanesque Valley High School, she plans to attend Coastal Carolina University majoring in marine science.

Richard Lee, son of Christopher Lee and Wendy Briggs of Westfield. A graduate of Cowanesque Valley High School, he plans to attend Unity College in Maine majoring in wildlife biology.

Ashley Jean Hanes, daughter of Ronald and Deborah Hanes of Tioga. A graduate of Elkland High School, Ashley plans to attend Mansfield University majoring in biology.

Charles Moyer, son of Paul and Carolyn Moyer of Roaring Branch. A graduate of Liberty Junior Senior High School, he plans to attend Penn State Altoona majoring in animal science.

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Eight C&N Employees Earn Service Awards

Posted Friday, 17 June 2011 08:11 | Filed under C&N News

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Honored for service by Charles H. Updegraff, Jr., back, center, chairman, president and CEO, were, front, from left, Nancy Tubbs, Terry Turner and Joan Blackwell. Back, from left, Steve Bolt, Glenda Marzo,
Harland Webster, Leda Bowers and Yvonne Gill.

WELLSBORO, PA - Eight Citizens & Northern Bank employees have been recognized for a combined 155 years of service to the financial institution.

Recognized during the May-June service awards luncheon were:

  • Joan Blackwell, Liberty Branch Manager, 40 years.
  • Steve Bolt, Courier, Wellsboro, 20 years.
  • Leda Bowers, MIS Operator, Wellsboro, 15 years
  • Yvonne Gill, Marketing Manager, Wellsboro, 10 years.
  • Glenda Marzo, Head Auditor, Wellsboro, 25 years.
  • Nancy Tubbs, Compliance Officer, Wellsboro, 25 years.
  • Terry Turner, Teller, Dushore, 10 years.
  • Harland Webster – Systems Analyst Programmer, Wellsboro, 10 years.

Service awards luncheons are held regularly and hosted by C&N Chairman, President and CEO Charles H. Updegraff, Jr. In 2011, C&N will recognize 25 employees for a total of 410 years of service to Citizens & Northern Bank.

Citizens & Northern Bank is a local, independent community bank providing complete financial, investment and insurance services through 26 full service offices throughout Cameron, Potter, McKean, Tioga, Bradford, Sullivan and Lycoming counties in Pennsylvania and in Canisteo and Hornell, NY in Steuben County. C&N can be found on the worldwide web at www.cnbankpa.com. The Company’s stock is listed on NASDAQ Capital Market Securities under the symbol CZNC.

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teaching

Todd Coolidge, left, C&N Wellsboro branch manager, congratulates Wellsboro High School Economics and Government Teacher
Benjamin Miller and his team for winning the state championship in the Stock Market Game competition. Team members are, from left,
Samuel Mitchell, Christopher Hume and Colby Davis. Also congratulating the team is Mike Pietropola, right, high school assistant principal.

WELLSBORO, PA - A three-member team from Wellsboro High School has won the state championship by leading all divisions in the late spring Stock Market Game competition, an award-winning educational program offered by EconomicsPennsylvania. The team was sponsored by Citizens & Northern Bank.

Team members are Samuel Mitchell, Christopher Hume and Colby Davis, all juniors at the high school. Their teacher and advisor is Benjamin Miller, high school economics and government teacher. To win the state title, the local team competed with nearly 1,500 other teams and more than 4,500 other students.

The Stock Market Game, a regional and statewide competition, is open to teachers and students in grades 4-12. The game is a 10-week simulation that offers players the opportunity to invest a hypothetical $100,000 in stock chosen from the American, New York and NASDAQ markets. The activity is designed to increase the students’ understanding of the economy, markets, corporations, long term investment options and more. The winning Wellsboro team finished the game with a 20.5044% return above the S&P 500 growth rate accumulating total equity of $124,560.82.

C&N has sponsored teams for the past two years. “We are so pleased to recognize this very impressive team and their teacher for their commitment to this program,” said Todd Coolidge, Wellsboro branch manager. “Winning the state championship was certainly no small feat. C&N’s sponsorship is in keeping with our commitment to promote financial literacy among our local students.”

EconomicsPennsylvania is the state’s largest not-for-profit K-12 economic and financial literacy organization. Teachers who would like more information on the game may visit the EconomicsPennsylvania website at www.economicspa.org or e-mail Carolyn Shirk, vice president, at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Citizens & Northern Bank is a local, independent community bank providing complete financial, investment and insurance services through 26 full service offices throughout Cameron, Potter, McKean, Tioga, Bradford, Sullivan and Lycoming counties in Pennsylvania and in Canisteo and Hornell, NY in Steuben County. C&N can be found on the worldwide web at www.cnbankpa.com. The Company’s stock is listed on NASDAQ Capital Market Securities under the symbol CZNC.

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C&N Bankers Teach Children To Save!

Posted Thursday, 28 April 2011 15:19 | Filed under C&N News

teaching

C&N mascot Sammy Saver gives a young fan a hug. Sammy visited pre-K and fourth grade classrooms in the Galeton Area School District as part of the Teach Children to Save initiative.

WELLSBORO, PA - Citizens & Northern bankers from throughout C&N’s eight-county market area participated in the annual Teach Children to Save initiative sponsored by the American Bankers Association Education Foundation.

Classroom presentations and bank visits were held throughout the month of April, with 1,595 students in 18 local schools participating. Teach Children to Save (TCTS) is a national campaign that raises awareness about the role that banks and bankers play in helping young people develop lifelong savings habits. TCTS lessons couple reality with learning, incorporating hands-on scenarios and real life experiences. Lessons are available for all ages, from elementary to high school.

Area elementary students were often treated to visits by Sammy Saver, Citizens & Northern’s mascot and “spokesbug” for the Ju$t For Kid$ savings club. C&N bankers provided lessons for students in Canisteo and Hornell, NY, Coudersport, Dushore, Laporte, East Smithfield, Emporium, Jersey Shore, Knoxville, Liberty, Mansfield, Monroeton, Towanda, Muncy, Old Lycoming, Williamsport, South Williamsport, Troy, Wellsboro and Wysox.

“The economic crisis has brought into sharp focus the necessity to begin teaching financial responsibility early,” said Charles H. Updegraff, Jr., C&N chairman, president and CEO. “I’m proud of our local bankers who share their time and talent with students in our market area, making sure our young people have access to the tools necessary to make them better consumers.”

Citizens & Northern Bank is a local, independent community bank providing complete financial, investment and insurance services through 26 full service offices throughout Cameron, Potter, McKean, Tioga, Bradford, Sullivan and Lycoming counties in Pennsylvania and in Canisteo and Hornell, NY in Steuben County. C&N can be found on the worldwide web at www.cnbankpa.com. The Company’s stock is listed on NASDAQ Capital Market Securities under the symbol CZNC.

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Citizens & Northern Corporation Declares Dividend

Posted Thursday, 21 April 2011 15:05 | Filed under C&N News

WELLSBORO, PA - Directors of Citizens & Northern Corporation, parent company of Citizens & Northern Bank, have declared a regular quarterly cash dividend of $0.14 per share. The record date is May 2, 2011 and it is payable on May 13, 2011 to shareholders of record. The amount is increased from the previous dividend of $0.13 per share, which was paid in February, 2011, and is the fifth consecutive quarterly increase in the dividend.

Declaration of the dividend was made at the April 19, 2011 meeting of the C&N Board of Directors.

Citizens & Northern Corporation is the parent company of Citizens & Northern Bank. Citizens & Northern Bank is a local, independent community bank providing complete financial, investment and insurance services through 26 full service offices throughout Bradford, Cameron, Lycoming, Potter, McKean, Steuben, Sullivan and Tioga Counties. C&N can be found on the worldwide web at www.cnbankpa.com. The Corporation’s stock is listed on NASDAQ Capital Market Securities under the symbol CZNC.

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C&N Announces First Quarter 2011 Unaudited Financial Results

Posted Friday, 15 April 2011 16:24 | Filed under C&N News

WELLSBORO, PA - Citizens & Northern Corporation (C&N) announced its unaudited, consolidated financial results for the first quarter 2011.

First quarter 2011 net income available to common shareholders was $5,541,000, or $0.46 per share – basic and $0.45 per share – diluted. First quarter 2011 earnings were up from $0.40 per share – basic and diluted in the fourth quarter 2010 and $0.34 per share – basic and diluted in the first quarter 2010.

Some of the more significant fluctuations in the components of earnings are as follows:

  • Pre-tax gains from available-for-sale securities totaled $1,839,000 in the first quarter 2011, up from $64,000 in the fourth quarter 2010 and $58,000 in the first quarter 2010. In the first quarter 2011, C&N realized gains of $1,510,000 from two pooled trust-preferred securities that had been written off in prior periods.

  • Net interest income was $11,282,000 in the first quarter 2011, up $92,000 from the fourth quarter 2010 and $809,000 over the first quarter 2010. Net interest income has increased over the past several months, reflecting ongoing reductions in cost of funds.

  • The (credit) for loan losses (a reduction in expense) was ($192,000) in the first quarter 2011, including the effect of reversing an allowance of $150,000 on loans to an individual borrower that were repaid in full. The provision for loan losses was $719,000 in the fourth quarter 2010 and $207,000 in the first quarter 2010.

  • Noninterest revenue was $2,555,000 in the first quarter 2011, down from $3,480,000 in the fourth quarter 2010 and $3,548,000 in the first quarter 2010. The reduction in noninterest revenue in the first quarter 2011 resulted from an impairment loss of $948,000 related to an investment in a real estate limited partnership.

  • Noninterest expense totaled $8,263,000 in the first quarter 2011, up from $7,720,000 in the fourth quarter 2010 and $7,997,000 in the first quarter 2010. Total compensation-related expenses, including salaries and wages, payroll taxes, employee benefits and related costs, were higher in the first quarter 2011 than in the fourth quarter 2010 or first quarter 2010. The increase in compensation-related expense in the most recent quarter included stock option compensation of $122,000, with none in 2010, as well as higher payroll taxes and estimated 401(k) and ESOP costs related to incentive compensation paid in January 2011 for 2010 performance. Also, first quarter 2010 expense was reduced $215,000 as a result of total self-funded health insurance costs for 2009 being lower than previously estimated amounts.

  • The provision for income taxes totaled $2,064,000, or 27.1% of pre-tax income in the first quarter 2011, up from 22.4% of pre-tax income in the fourth quarter 2010 and 24.5% of pre-tax income in the first quarter 2010. The provision for income tax in the fourth quarter 2010 included a benefit (reduction in expense) of $148,000 resulting from a reduction in a valuation reserve.

Other Information:

Changes in other unaudited financial information are as follows:

  • Total assets amounted to $1,316,209,000 at March 31, 2011, as compared to $1,316,588,000 at December 31, 2010 and $1,347,311,000 at March 31, 2010.

  • Net loans outstanding (excluding mortgage loans held for sale) were $710,113,000 at March 31, 2011, down from $721,304,000 at December 31, 2010 and $711,450,000 at March 31, 2010. Total nonperforming assets as a percentage of assets was 0.88% at March 31, 2011, down from 0.92% as of December 31, 2010 and up from 0.72% at March 31, 2010.

  • Total deposits and repo sweep accounts of $1,026,069,000 at March 31, 2011 were up 0.3% from December 31, 2010 and 4.3% from March 31, 2010.

  • Total shareholders’ equity was $146,053,000 at March 31, 2011, up from $138,944,000 at December 31, 2010 and down from $155,484,000 at March 31, 2010. The reduction in total equity at March 31, 2011 as compared to March 31, 2010 resulted from repayment of preferred stock in the third quarter 2010. Tangible common equity as a percentage of tangible assets was 10.26% at March 31, 2011, up from 8.79% a year earlier.

  • Assets under management by C&N’s Trust and Financial Management Group amounted to $635,497,000 at March 31, 2011, up from $608,843,000 at December 31, 2010 and up 6.1% from one year earlier. Fluctuations in the value of assets under management have resulted mainly from volatility in U.S. and international stock market values.

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