Step 1: Recall the properties of series resonance.
At resonance,
\[
X_L=X_C,
\]
so the net reactance becomes zero.
Hence,
\[
Z=R,
\]
which is the minimum impedance of the circuit.
Step 2: Identify the correct statement.
At resonance,
\[
\boxed{
\begin{aligned}
\text{Impedance} &\rightarrow \text{Minimum},
\text{Current} &\rightarrow \text{Maximum},
\text{Power factor} &\rightarrow 1.
\end{aligned}
}
\]
Therefore,
\[
\boxed{(B)}
\]
is the correct answer.