Business report

Citizens Financial Services and HV Bancorp Announce Merger

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Citizens Financial Services (CZFS) and HV Bancorp (HVBC) recently signed an agreement to merge HVBC with CZFS.

Citizens Financial Services is the holding company of First Citizens Community Bank (FCCB), which operates 31 offices in Pennsylvania, Delaware and New York. HV Bancorp is the holding company of Huntingdon Valley Bank. The bank operates in Montgomery, Bucks, and Philadelphia counties and two out-of-state counties.

The merger will strengthen and expand CZFS’ presence in the communities operated by HVBC.

“This agreement is creating great excitement, and we believe our combination will deepen our reach in providing enhanced banking services and technology offerings across our banking franchise. Additionally, the expertise of the combined organization will enable us to invest in the future, grow market share and better serve all of our constituencies,” said CZFS President and CEO. , Randall Black.

HVBC shareholders will have the option to receive either $30.50 in cash or 0.400 common shares of CZFS for each common share of HVBC.

The boards of both companies have approved the merger. The deal is expected to close in the first half of 2023, subject to regulatory approval and HVBC shareholder approval.

Travis J. Thompson, CEO of HVBC, and Robert J. Marino, President of HVBC, will become senior executives of FCCB.