UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

(X)     CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report - January 21, 2004




PEOPLES FINANCIAL SERVICES CORP.
(Exact Name of Registrant as Specified in its Charter)




PENNSYLVANIA
000-23863
23-2931852
(State or Other Jurisdiction of
Incorporation or Organization)		 (Commission File
Number)		 (I.R.S. Employer
Identification Number)


50 Main Street, Hallstead, PA 18822
(Address of Principal Executive Officer)
(570) 879-2175
(Registrant's telephone number, including area code)


N/A
(Former Name or Former Address, if changed since last report)
Item 1.      Changes in Control of Registrant    
                  Not Applicable 
                    
Item 2.      Acquisition or Disposition of Assets  
                  Not Applicable 
                    
Item 3.      Bankruptcy or Receivership  
                  Not Applicable 
                    
Item 4.      Changes in Registrant's Certifying Accountant  
                  Not Applicable 
                    
Item 5.      Other Events  
                   Registrant files this Current Report on Form 8K to submit a copy of Registrant's Press Release of
                   Peoples Financial Services Corp., dated January 21, 2004, regarding fourth quarter earnings		  
Item 6.      Resignations of Registrant's Directors  
                  Not Applicable 
                    
Item 7.      Financial Statements and Exhibits  
                  (a)     Not Applicable.   
                  (b)     Not Applicable.   
                  (c)     Exhibit:   
                            99       Press Release of Peoples Financial Services Corp. dated January 21, 2004, regarding fourth
                                       quarter earnings announcement.		   
                    
Item 8.      Change in Fiscal Year  
                  Not Applicable 
                    
Item 9.      Regulation FD Disclosure  
                  Not Applicable 

SIGNATURES

             Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PEOPLES FINANCIAL SERVICES, CORP.
(Registrant)




  /s/ Debra E. Dissinger  
Dated January 21, 2004  By Debra E. Dissinger 
   Executive Vice President 

EXHIBIT INDEX

    Page Number  
    in Manually 
Exhibit    Signed Original

 
     99  Press Release of Peoples Financial Services  3 
  Corp. dated January 21, 2004. 

EXHIBIT 99

Peoples Financial Services Corp. Announces Increased Earnings, Increased Dividends and a New Office in Deposit NY.

Peoples Financial Services Corp. reports that net income for 2003 exceeded 2002 by almost 11% at $5,564,000. Total assets at year end reached $371,334,000 vs. $346,842,000 at December 31, 2002, a gain of over 7% while net loans at December 31, 2003, were $233,374,000 compared to $219,258,000 at the same time last year, an increase of almost 6.5%. Total deposits at year end 2003 were $279,700,000 an increase of almost 8% over the December 31, 2002 deposit total of $259,187,000.

An increase in dividend of 1¢ per share payable February 17, 2004, to shareholders of record as of January 30, 2004, was also announced. The regular quarterly dividend was increased to 18¢ per share. The increase in dividends reflects the policy of the bank’s Board of Directors to share increases in net income with shareholders.

The Board also announced that regulatory approval has been received, which will allow a branch office to be established in Deposit, Broome County, New York. This will be the ninth community office for Peoples National Bank and the second in New York State. A third quarter 2004 opening is expected.

Peoples Financial Services Corp is the parent company of Peoples National Bank, an independent community bank headquartered in Hallstead, PA, and with office locations in the Hallstead Shopping Plaza, Hop Bottom, Susquehanna, and Montrose in Susquehanna County, PA, and Nicholson, Tunkhannock, and Meshoppen in Wyoming County, PA, as well as Conklin in Broome County, NY.

This press release contains certain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand for prices for the Company’s financial services and products may not occur, changing economic, interest rate and competitive conditions, technological developments, and other risks and uncertainties including those detailed in the Company’s filings with the Securities and Exchange Commission.