Citizens Financial Services, Inc. and HV Bancorp, Inc. Sign Definitive Merger Agreement

MANSFIELD, Pa. and DOYLESTOWN, Pa., Oct. 19, 2022 /PRNewswire/ -- Citizens Financial Services, Inc. (NASDAQ: CZFS) (the "Company" or "CZFS"), the holding company for First Citizens Community Bank ("FCCB"), and HV Bancorp, Inc. (NASDAQ: HVBC) ("HVBC"), the holding company for Huntingdon Valley Bank ("HVB"), are pleased to jointly announce entry into a definitive agreement (the "Agreement") pursuant to which HVBC will merge with and into CZFS. Under the terms of the Agreement, the shareholders of HVBC will have the right to elect to receive for each share of HVBC common stock either $30.50 in cash or 0.400 shares of CZFS common stock, or approximately $67.4 million in the aggregate. Elections will be subject to proration procedures whereby 80% of the shares of HVBC common stock will be exchanged for CZFS common stock and 20% of the shares of HVBC common stock will be exchanged for cash.

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