Citizens Financial Services (CZFS) and HV Bancorp (HVBC) recently signed an agreement to merge HVBC with CZFS.
Citizens Financial Services is the holding company for First Citizens Community Bank (FCCB), which operates 31 offices in Pennsylvania, Delaware, and New York. HV Bancorp is the holding company for Huntingdon Valley Bank. The bank operates in Montgomery, Bucks, and Philadelphia counties and two counties out of state.
The merger will enhance and expand CZFS’s presence in the communities HVBC operates.
“This agreement creates great excitement, and we believe our combination will deepen our reach in providing banking services and enhanced technological offerings across our entire bank franchise. In addition, the expertise of the combined organization will enable us to invest in the future, build market share, and better serve all of our constituencies,” CZFS President and CEO Randall Black said.
HVBC shareholders will have the option to receive either $30.50 in cash or 0.400 shares of CZFS common stock for each share of HVBC common stock.
The boards of directors of both companies approved the merger. The deal is expected to close during the first half of 2023, subject to regulatory approval and HVBC shareholders’ approval.
Travis J. Thompson, HVBC CEO, and Robert J. Marino, HVBC president, will become FCCB senior officers.