HV Bancorp rises on merger agreement with Citizens Financial Services

HV Bancorp

19/10/2022 18:57

** Shares of HV Bancorp  HVBC.O  up ~29% at $25.8 
    ** HVBC, which is a holding co for Huntingdon Valley Bank,
to merge with and into Citizens Financial Services  CZFS.O , a
holding co for First Citizens Community Bank (FCCB) 
    ** HVBC shareholders have the right to elect between getting
$30.50 per share or 0.400 shares of CZFS or approx. $67.4 mln in
aggregate for their investment
    ** Transaction approved by Board of both cos, expected to
close during first half of 2023
    ** Upon closing, one HVBC director will join each of the
Board of Directors of CZFS and FCCB, and one HVBC director will
join the Board of Directors of FCCB
    ** HVBC has 2.24 mln outstanding shares and mkt cap of
$44.80 mln as of Wed - Refinitiv data
    ** CZFS down 4% at $67.13
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))