CZFS - Citizens Financial Services finalizes exchange ratio for HV Bancorp merger

2023-06-09 10:15:21 ET

• Citizens Financial Services ( NASDAQ: CZFS ) said Friday it finalized the exchange ratio for the pending merger with HV Bancorp ( NASDAQ: HVBC ) announced late last year.
• The exchange ratio has been adjusted to 0.4040 shares of CZFS stock for each share of HVBC stock from 0.4000 shares to reflect the 1% stock dividend declared on May 30 by Citizens Financial ( CZFS ) and payable on June 30.
• CZFS and HVBC are regional lenders based in Pennsylvania. Both stocks dropped in March amid a broader selloff among regional bank stocks, but they have since erased those losses relatively quickly .
• In April, CZFS said it received regulatory approvals and waivers to complete its acquisition of HVBC. The deal is expected to close on June 16.

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