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 - June 7, 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  
                   Hallstead, PA – June 1, 2004 – Peoples National Bank, the wholly owned subsidiary of Peoples
                  Financial Services Corp., announced today that because of a bankruptcy filing involving
                  a single commercial loan account, an additional $741,000 was being transferred to loan loss
                  reserves. Based on an assessment of the risks in the loan portfolio, management believes
                  the allowance is adequate.		  
                    
Item 6.      Resignations of Registrant's Directors  
                  Not Applicable 
                    
Item 7.      Financial Statements and Exhibits  
                  (a)      Not Applicable.   
                  (b)     Not Applicable.   
                  (c)     Not Applicable.   
   
                    
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 June 7, 2004  By Debra E. Dissinger 
   Executive Vice President