Citizens Financial Services in Mansfield, Pa., sold a business it recently inherited from an acquisition.
The $2.9 billion-asset company said in a press release that it sold loans and software associated with digital banking division Braavo to an unnamed buyer during the first quarter for $7.2 million. The company also transferred certain contracts, processes and employees as part of the transaction.
Citizens reported a pretax gain of about $1.1 million from the sale. The company incurred about $201,000 in associated legal fees.
Citizens inherited Braavo from its 2023 purchase of HV Bancorp.