CZFS - Citizens Financial Services to acquire HV Bancorp

• Citizens Financial Services ( NASDAQ: CZFS ) is set to acquire HV Bancorp ( NASDAQ: HVBC ).
• The two companies have entered into a definitive merger agreement, pursuant to which HVBC shareholders will have the right to elect to receive for each share either $30.50 in cash or 0.400 shares of CZFS.
• The amount will come to ~$67.4M in aggregate.
• The transaction, approved by the boards of both the companies, will close in H1 of 2023, subject to regulatory approval, approval by HVBC shareholders and other customary closing conditions.
• A procedure will be followed as part of which 80% of the HVBC shares will be exchanged for stock and 20% of the shares for cash.
• Additionally, CZFS CEO Randall Black announced a strategic combination of the units, First Citizens Community Bank and Huntingdon Valley Bank.
• Source: Press Release

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