---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-169056"
form_type: "8-K"
ticker: "CZFS"
cik: "0000739421"
company_name: "CITIZENS FINANCIAL SERVICES INC"
filed_at: "2023-06-16T23:59:59+00:00"
generated_at: "2026-06-13T23:24:11.165282+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Citizens Financial Services completes acquisition of HV Bancorp, issuing 723k shares and $13.65M cash

## Summary
- Each HVBC share converted into $30.50 cash or 0.4040 CZFS shares; proration yielded 80% stock, 20% cash.
- Total consideration: 723,068 CZFS shares plus ~$13.65 million in cash to former HVBC holders.
- Robert J. Marino (ex-HVBC President) joined CZFS board and appointed Chief Revenue Officer & Senior EVP of FCCB.
- John D. Behm, former HVBC director, appointed to FCCB board; board expands to 13 (CZFS) and 16 (FCCB).
- Merger expands CZFS/FCCB footprint into Montgomery, Bucks, Philadelphia (PA), New Castle (DE), and Burlington (NJ) counties.

## SEC filing metadata
- accession: 0001193125-23-169056
- form_type: 8-K
- ticker: CZFS
- cik: 0000739421
- company_name: CITIZENS FINANCIAL SERVICES INC
- filed_at: 2023-06-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/739421/000119312523169056/0001193125-23-169056-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/739421/000119312523169056/d497245d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-169056
- JSON: https://secwatch.observer/filing/0001193125-23-169056.json
- Plain text: https://secwatch.observer/filing/0001193125-23-169056.txt

## Key facts
- Executive change
  John D. Behm was appointed as Director at CITIZENS FINANCIAL SERVICES INC.
  - Action: appointed
  - Role: Director
  source text: appointed Mr. Marino and John D. Behm to the FCCB Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/739421/000119312523169056/0001193125-23-169056-index.htm
- Executive change
  Robert J. Marino was appointed as Director at CITIZENS FINANCIAL SERVICES INC.
  - Action: appointed
  - Role: Director
  source text: appointed Mr. Marino and John D. Behm to the FCCB Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/739421/000119312523169056/0001193125-23-169056-index.htm
- Executive change
  Robert J. Marino was appointed as Director at CITIZENS FINANCIAL SERVICES INC.
  - Action: appointed
  - Role: Director
  source text: the Board ... increased the number of directors that comprise the Board to 13 directors, an increase of one, and appointed Robert J. Marino, former President of HVBC, to the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/739421/000119312523169056/0001193125-23-169056-index.htm
- M&A Transactions
  CITIZENS FINANCIAL SERVICES INC completed an acquisition involving HV Bancorp, Inc. for aggregate of approximately 723,068 shares of CZFS common stock and an aggregate of approximately $13.65 million in cash (closed 2023-06-16).
  - Action: acquisition
  - Counterparty: HV Bancorp, Inc.
  - Consideration: aggregate of approximately 723,068 shares of CZFS common stock and an aggregate of approximately $13.65 million in cash
  - Closing: 2023-06-16
  source text: will be exchanged for cash. Based on the elections and proration procedures, the total consideration payable to HVBC shareholders is comprised of an aggregate of approximately 723,068 shares of CZFS common stock and an aggregate of approximately $13.65 million in cash. A copy of CZFS’s press release dated June 16, 2023, announcing the completion of the Merger,
  evidence_url: https://www.sec.gov/Archives/edgar/data/739421/000119312523169056/0001193125-23-169056-index.htm

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