Citizens Financial Services reports preliminary merger election results

Citizens Financial Services (CZFS) reported the preliminary results of the elections regarding the merger consideration to be received by stockholders of HV Bancorp (HVBC) in HVBC’s pending merger with CZFS. CZFS and HVBC anticipate closing the transaction on June 16, subject to the satisfaction of customary closing conditions. HVBC stockholders were entitled to elect to receive either $30.50 in cash or 0.4040 shares of CZFS common stock for each share of HVBC common stock. Based on the preliminary election results, of the 2,242,421 shares of HVBC common stock outstanding as of the record date for the election process, holders of 888,303 shares, or 39.61%, elected to receive CZFS common stock; holders of 985,979 shares, or 43.97%, elected to receive cash; and holders of 368,139 shares, or 16.42%, did not make a valid election or did not express a preference.