Doylestown's HV Bancorp acquired by Citizens Financial for $67M
HV Bancorp, the holding company for Huntingdon Valley Bank, will be acquired by Citizens Financial Services Inc. for about $67.4 million in cash and stock.
Shareholders in Doylestown-based HV Bancorp will have the choice of $30.50 per share in cash or 0.4 share of Citizens Financial common stock for each share they own.
The cash offer represents a premium of just more than 50% over Tuesday's HV Bancorp closing price of $19.99. Shares of Citizens Financial, which owns First Citizens Community Bank, traded at $70 Tuesday.
The transaction will expand Citizens Financial's presence in Montgomery, Bucks and Philadelphia counties in Pennsylvania, New Castle County in Delaware, and Burlington County in New Jersey. Citizens Financial is based in Mansfield, Tioga County, Pennsylvania.
The boards of directors of both companies have approved the deal, which is expected to be complete in the first half of 2023.
The combined company will have about $2.78 billion in assets and $2.36 billion in deposits, according to a joint statement from the banks.
"We are confident that our customers will receive the same high-quality experience from (First Citizens Community Bank) that they have come to expect from (HV Bancorp)," Travis Thompson, chairman and chief executive officer of HV Bancorp, said in the statement.
HV Bancorp trades under the ticker symbol HVBC and Citizens Financial is traded under CZFS.