---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-165772"
form_type: "8-K"
ticker: "CZFS"
cik: "0000739421"
company_name: "CITIZENS FINANCIAL SERVICES INC"
filed_at: "2023-06-13T23:59:59+00:00"
generated_at: "2026-06-14T02:25:56.171103+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# CZFS announces merger consideration elections for HVBC; closing expected June 16

## Summary
- HVBC stockholders will receive 0.4040 CZFS shares per share unless a valid cash election was made; proration caps cash at 20% of total shares.
- Holders of 43.97% of HVBC shares elected cash; 39.61% elected stock; 16.42% made no election.
- Cash-electing shareholders will have 45.49% of their shares exchanged at $30.50 cash per share; remainder converted to CZFS stock.
- Closing anticipated on June 16, 2023, subject to customary conditions.

## SEC filing metadata
- accession: 0001193125-23-165772
- form_type: 8-K
- ticker: CZFS
- cik: 0000739421
- company_name: CITIZENS FINANCIAL SERVICES INC
- filed_at: 2023-06-13T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/739421/000119312523165772/0001193125-23-165772-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/739421/000119312523165772/d485350d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-165772
- JSON: https://secwatch.observer/filing/0001193125-23-165772.json
- Plain text: https://secwatch.observer/filing/0001193125-23-165772.txt

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