Business
Citizens Financial Services, Inc. Announces Receipt of Regulatory Approvals for the Acquisition of HV Bancorp, Inc.
MANSFIELD, Pa., April 10, 2023 /PRNewswire/ -- Citizens Financial Services, Inc. (NASDAQ: CZFS) (the "Company" or "CZFS") announced today that it has received
About this update from Citizens Financial Services, Inc.
[{"type":"text","content":"MANSFIELD, Pa., April 10, 2023 /PRNewswire/ -- Citizens Financial Services, Inc. (NASDAQ: CZFS) (the \"Company\" or \"CZFS\") announced today that it has received the requisite regulatory approvals and waivers from the Pennsylvania Department of Banking and Securities and the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of Philadelphia necessary to complete its acquisition of HV Bancorp, Inc. (\"HVBC\"). CZFS and HVBC anticipate closing the transaction on June 16, 2023, subject to the satisfaction of customary closing conditions. CZFS and HVBC anticipate mailing election materials to shareholders of HVBC during the week of May 8, 2023, pursuant to which such shareholders may elect, subject to the terms of the merger agreement, the form of consideration that they wish to receive in the pending transaction.\nAbout Citizens Financial Services, Inc.\nCitizens Financial Services, Inc. (NASDAQ: CZFS) is a $2.3 billion bank holding company conducting business through First Citizens Community Bank. First Citizens Community Bank operates 33 offices in Pennsylvania, Delaware and New York. For more details on Citizens Financial Services, Inc. visit: www.firstcitizensbank.com.\nForward-Looking Statements\nThis press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about CZFS and HVBC and their industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding CZFS' or HVBC's future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to CZFS or HVBC, are forward-looking statements. Words such as \"anticipates,\" \"believes,\" \"estimates,\" \"expects,\" \"forecasts,\" \"intends,\" \"plans,\" \"projects,\" \"may,\" \"will,\" \"should\" and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results.\nAmong the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: (1) the businesses of C...