On October 19, 2022, HV Bancorp, Inc., Doylestown, Pennsylvania, announced the signing of a merger agreement with Citizens Financial Services, Inc., Mansfield, Pennsylvania, pursuant to which HV Bancorp will merge with and into Citizens for total merger consideration of approximately $67.4 million. HV Bancorp stockholders may elect to receive $30.50 in cash or 0.400 shares of Citizens common stock for each share of HV Bancorp common stock they own, subject to proration to ensure that 80% of the outstanding shares of HV Bancorp common stock are exchanged for shares of Citizens common stock and the remaining 20% are exchanged for cash.
HV Bancorp, Inc. is the holding company for Huntingdon Valley Bank and had approximately $570.6 million in total assets.
Citizens Financial Services, Inc. is the holding company for First Citizens Community Bank and had approximately $2.2 billion in total assets.
Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past seven years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.