---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-164104"
form_type: "8-K"
ticker: "CZFS"
cik: "0000739421"
company_name: "CITIZENS FINANCIAL SERVICES INC"
filed_at: "2023-06-09T23:59:59+00:00"
generated_at: "2026-06-14T04:24:19.078657+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Citizens Financial adjusts HV Bancorp merger exchange ratio to 0.4040 after 1% stock dividend

## Summary
- Declared 1% stock dividend payable June 30, 2023 to shareholders of record June 9, 2023.
- Merger exchange ratio for HVBC shares adjusted from 0.4000 to 0.4040 to reflect stock dividend.
- Merger closing expected on June 16, 2023; shareholder elections subject to 80% stock / 20% cash proration.
- HVBC shareholders may elect $30.50 cash or 0.4040 CZFS shares per HVBC share, subject to proration.

## SEC filing metadata
- accession: 0001193125-23-164104
- form_type: 8-K
- ticker: CZFS
- cik: 0000739421
- company_name: CITIZENS FINANCIAL SERVICES INC
- filed_at: 2023-06-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/739421/000119312523164104/0001193125-23-164104-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/739421/000119312523164104/d463147d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-164104
- JSON: https://secwatch.observer/filing/0001193125-23-164104.json
- Plain text: https://secwatch.observer/filing/0001193125-23-164104.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.