The acquisition of HV Bancorp, previously announced by Citizens Financial Services, has received regulatory approval.
Source: motionarray.com
The company has received permission from the authorities to make this transaction. The firm announced its intention to acquire HV Bancorp in October last year. Since then, the company has been in standby mode as regulators considered the potential possibility of a transaction with a view to deciding whether to allow or ban it.
The press release of Citizens Financial Services, which was published last Monday, April 10, states that HV Bancorp will enter the company’s ownership structure in June this year. The transaction is subject to the usual closing conditions.
Citizens Financial Services is the holding company of First Citizens Community Bank. HV Bancorp is the holding company of Huntingdon Valley Bank.
The press release states that approvals for the transaction were received from the Pennsylvania Department of Banking and Securities, the Board of Governors of the Federal Reserve System, and the Federal Reserve Bank of Philadelphia.
Citizens Financial Services and HV Bancorp plan to send materials to HVBC shareholders in May 2023. By reviewing these materials, shareholders will be able to choose the form of remuneration they wish to receive in accordance with the terms of the merger agreement.
In October last year, the parties to the transaction finally confirmed their intentions to implement a draft agreement of an appropriate nature. At that time, Citizens Financial Services stated that the appearance of a new functional unit in the ownership structure would contribute to strengthening and expanding its presence in Pennsylvania, New Jersey, and Delaware.
Randall Black, President of Citizens Financial Services, said in an October press release that the parties to the interaction in this case have common values and business strategies that complement each other. He noted that these circumstances make the partnership natural.
Travis Thompson, Chairman, and Chief Executive Officer of HV Bancorp said last fall that the merger would create a number of benefits for shareholders, customers, and employees.
As we have reported earlier, Bloomberg Agrees Broadway Acquisition.
