The Bank Slate


Citizens Financial in Pa. to buy HV Bancorp

Citizens Financial Services in Mansfield, Pa., has agreed to buy HV Bancorp in Doylestown, Pa.

The $2.2 billion-asset Citizens said in a press release that it will pay $67.4 million in cash and stock for the $571 million-asset HV Bancorp. The deal is expected to close in the first half of 2023.

HV Bancorp has $388 million of loans and $482 million of deposits.

Travis Thompson, HV Bancorp’s CEO, and Robert Marino, the company’s president, will become senior officers at Citizens. One HV Bancorp director will join Citizens’ board.

“Our complementary business models and shared values make this partnership a natural fit,” Randall Black, Citizens’ president and CEO, said in the release.

“This agreement creates great excitement, and we believe our combination will deepen our reach in providing banking services and enhanced technological offerings across our entire bank franchise,” Black added.

Janney Montgomery Scott and Hogan Lovells US advised Citizens. The Kafafian Group and Luse Gorman advised HV Bancorp.

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