Citizens Financial completes acquisition of HV Bancorp; HVBC shareholders get $30.50 cash or 0.4 CZFS shares

CITIZENS FINANCIAL SERVICES INC

HVBC had total assets of $615.8M, loans of $469.0M, and deposits of $525.2M as of Dec 31, 2022.
HVBC 2022 net income was $2.23M ($1.06 diluted EPS) on net interest income of $18.84M.
Merger closed June 16, 2023; combined company pro forma financials filed for FY2022 and Q1 2023.
Deal consideration: 80% stock / 20% cash mix; each HVBC share elected $30.50 cash or 0.4000 CZFS shares.
Regulatory approvals received from FDIC, Fed, and PA Dept of Banking; shareholder vote approved in Feb 2023.

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