secwatch.observer — SEC 8-K summary
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Issuer:     CITIZENS FINANCIAL SERVICES INC (CZFS)
CIK:        0000739421
Form:       8-K
Filed at:   2023-06-16T23:59:59+00:00
Accession:  0001193125-23-169056
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/739421/000119312523169056/0001193125-23-169056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/739421/000119312523169056/d497245d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-169056

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer