DOYLESTOWN, PA — Citizens Financial Services, Inc. (NASDAQ: CZFS) and HV Bancorp, Inc. (NASDAQ: HVBC) recently announced the deadline for shareholders of HVBC to elect the form of consideration that they wish to receive in HVBC’s pending merger with CZFS. CZFS and HVBC anticipate closing the transaction on June 16, 2023, subject to the satisfaction of customary closing conditions.
HVBC shareholders who wish to elect to receive either CZFS common stock or cash, or a combination of stock and cash, in exchange for their shares of HVBC common stock must deliver a properly completed Election Form to Broadridge Corporate Issuer Solutions, LLC prior to 5:00 p.m., Eastern Time, on Monday, June 5, 2023. Notwithstanding the foregoing, HVBC shareholders who are participants in the Huntingdon Valley Bank Employee Stock Ownership Plan or the Huntingdon Valley Bank 401(k) Profit Sharing Plan (each a “Plan”) who wish to make such an election in exchange for their shares of HVBC common stock held in a Plan account must deliver a properly completed Election Form with respect to such shares to Broadridge Corporate Issuer Solutions, LLC prior to 5:00 p.m., Eastern Time, on Tuesday, May 30, 2023. Pursuant to the merger agreement, CZFS and HVBC have the right to extend the election deadline, in which case they will issue a press release announcing such extension. Election materials were mailed on or about May 9, 2023 to holders of record of HVBC common stock at the close of business on December 27, 2022.
Under the terms of the merger agreement, shareholders of HVBC may elect to receive either $30.50 in cash or 0.4000 shares of CZFS common stock for each share of HVBC common stock, subject to allocation procedures to ensure that 20% of the outstanding shares of HVBC common stock are exchanged for cash and 80% of the outstanding shares of HVBC common stock are exchanged for shares of CZFS common stock. As a result of the allocation procedures, an HVBC shareholder may not receive the merger consideration in the form elected, and the extent to which an HVBC shareholder receives the merger consideration in the form elected will depend on the elections made by other HVBC shareholders.
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