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 reported): May 25, 2010
FIRST KEYSTONE CORPORATION
____________________________________
(Exact name of registrant as specified in its Charter)
PENNSYLVANIA 2-88927 23-2249083
__________________ __________ _____________
(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.
of 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 8K 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))
CURRENT REPORT ON FORM 8-K
Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain
Directors; Compensatory Arrangements of Certain
Officers.
On May 25, 2010, the Board of Directors of First Keystone
Corporation (the "Corporation") announced that effective October
1, 2010, Matthew P. Prosseda will assume the position of Chief
Executive Officer of both the Corporation and its wholly owned
subsidiary, First Keystone National Bank (the "Bank"). Mr.
Prosseda has been Executive Vice President of the Corporation and
Executive Vice President and Secretary of the Bank for the past
five years. That same date, J. Gerald Bazewicz will retire as
Chief Executive Officer but retain the position of President of
the Corporation and the Bank. Mr. Bazewicz will also remain a
director of the Corporation and Bank.
Other than as set forth in the Corporation's definitive
proxy statement for the 2010 annual meeting of shareholders filed
with the Securities and Exchange Commission on March 11, 2010
which is incorporated herein by reference, there are no
arrangements or understandings between Mr. Prosseda and any other
person pursuant to which Mr. Prosseda was appointed to serve as
Chief Executive Officer. There are no family relationships
between Mr. Prosseda and any director or executive officer of the
Corporation. Mr. Prosseda, as well as members of his family with
which he is associated, are customers of and have banking
transactions with the Bank in the ordinary course of business.
All loans and commitments to lend money extended to such parties
were made on substantially the same terms, including interest
rates and collateral, as those prevailing at the time for
comparable transactions with persons not related to Bank. In the
opinion of management, such loans and commitments do not involve
more than a normal risk of collectability or present other
unfavorable features.
Biographical and other information with respect to Mr.
Prosseda is contained in the Corporation's definitive proxy
statement for the 2010 annual meeting of shareholders filed with
the Securities and Exchange Commission on March 11, 2010 and is
incorporated herein by reference.
Signatures
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this Current Report on
Form 8K to be signed on its behalf by the undersigned, thereunto
duly authorized.
FIRST KEYSTONE CORPORATION
(Registrant)
By: /s/ J. Gerald Bazewicz
J. Gerald Bazewicz
President and Chief Executive Officer
Date: May 26, 2010