On June 16, 2023, Citizens Financial Services, Inc. (CZFS), the holding company for First Citizens Community Bank (FCCB), completed its merger with HV Bancorp, Inc. (HVBC), including the merger of HVBC’s subsidiary, Huntingdon Valley Bank (HVB), into FCCB. This strategic merger aims to strengthen CZFS’s market presence in Pennsylvania, Delaware, and New Jersey.
Randall E. Black, President & CEO of FCCB, highlighted that the merger will enable the combined entity to offer a more comprehensive range of financial services, leveraging the synergies between the two organizations to enhance capabilities and expand their reach in the Philadelphia market.
Post-merger, Robert J. Marino, the former President of HVBC, joined the new entity as Chief Revenue Officer and Senior Executive Vice President of FCCB, and also became a board member of CZFS and FCCB. Additionally, John D. Behm, a former HVBC director, was appointed to the FCCB board.
Under the merger agreement, HVBC shareholders had the option to receive either $30.50 in cash or 0.4040 shares of CZFS common stock per HVBC share, with cash payable for any fractional shares. At least 80% of HVBC shares were exchanged for CZFS stock, resulting in former HVBC shareholders receiving approximately 723,068 shares of CZFS common stock and about $13.65 million in cash.
Citizens Financial Services, Inc., a $2.3 billion bank holding company, conducts business through its 33 FCCB offices across Pennsylvania, Delaware, and New York. The merger is expected to bring operational efficiencies and enhanced financial service offerings to its expanded customer base.
This announcement includes forward-looking statements that involve risks and uncertainties, including the successful integration of the two companies, cost savings realization, and potential economic and regulatory impacts.
For more information click here
