On October 19, 2022, HV Bancorp, Inc., Doylestown, Pennsylvania, announced the signing of a merger agreement with Citizens Financial Services, Inc., Mansfield, Pennsylvania, pursuant to which HV Bancorp will merge with and into Citizens for total merger consideration of approximately $67.4 million. HV Bancorp stockholders may elect to receive $30.50 in cash or 0.400 shares of Citizens common stock for each share of HV Bancorp common stock they own, subject to proration to ensure that 80% of the outstanding shares of HV Bancorp common stock are exchanged for shares of Citizens common stock and the remaining 20% are exchanged for cash.

HV Bancorp, Inc. is the holding company for Huntingdon Valley Bank and had approximately $570.6 million in total assets.

Citizens Financial Services, Inc. is the holding company for First Citizens Community Bank and had approximately $2.2 billion in total assets.

Luse Gorman is serving as legal counsel to HV Bancorp in the transaction.  The Luse Gorman team consists of Benjamin Azoff, Gregory Sobczak, Zachary Davis and Brendan Saxon.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past seven years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.