October 20, 2022
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.
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October 18, 2022
On October 14, 2022, Barksdale Federal Credit Union, Bossier City, Louisiana, completed its acquisition of HomeBank of Arkansas ("HomeBank"), Greenbrier, Arkansas.
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October 13, 2022
To our clients and friends:
The Federal Reserve issued a supervisory letter requiring regulated institutions that are currently engaged in or seeking to engage in crypto-asset-related activities to provide notice to the Federal Reserve and take certain other steps.
Our Alert regarding crypto-asset-related activities is available here.
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October 12, 2022
On October 7, 2022, Hometown Financial Group, Inc. Easthampton, Massachusetts, the multi-bank holding company for bankESB, bankHometown and Abington Bank, completed its acquisition of Randolph Bancorp, Inc., Quincy, Massachusetts. Immediately following that merger, Abington Bank, Abington, Massachusetts, acquired Envision Bank, Randolph, Massachusetts, a wholly-owned subsidiary of Randolph Bancorp. The all-cash transaction was valued at approximately $146.5 million.
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October 5, 2022
To our clients and friends:
Federal Reserve Governor Michelle Bowman recently discussed the need to modernize methods used to analyze effects on competition in markets when evaluating mergers and acquisitions. Our Alert regarding Governor Bowman’s comments is available here.
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