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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Zip Code)</p></td>
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<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Not Applicable </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:6pt;">&#160;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Title of each class</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Trading Symbol(s)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Name of each exchange on which registered</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000021" name="dei:TradingSymbol" contextRef="C_0001594555_20221018_20221018">HVBC</ix:nonNumeric></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000022" name="dei:SecurityExchangeName" contextRef="C_0001594555_20221018_20221018" format="ixt-sec:exchnameen">The NASDAQ Stock Market, LLC</ix:nonNumeric></p></td>
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<p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below): </p>
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<p style="margin-top:9pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </p></td></tr></table></div>
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<p style="margin-top:9pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </p></td></tr></table></div>
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<p style="margin-top:9pt;margin-bottom:0pt;font-family:Segoe UI Symbol;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Segoe UI Symbol;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000019" name="dei:PreCommencementIssuerTenderOffer" contextRef="C_0001594555_20221018_20221018" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></p></td>
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<p style="margin-top:9pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </p></td></tr></table></div>
<p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;&#8201;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;&#8201;240.12b-2 of this chapter).</p>
<p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Emerging growth company&#160;<span style="font-family:Segoe UI Symbol;"><ix:nonNumeric id="F_000005" name="dei:EntityEmergingGrowthCompany" contextRef="C_0001594555_20221018_20221018" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></p>
<p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;<span style="font-family:Segoe UI Symbol;">&#9744;</span><span style="font-size:4pt;">&#160;</span></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 1.01<span style="margin-left:36pt;">Entry into a Material Definitive Agreement. </span></p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 18, 2022, HV Bancorp, Inc. (&#8220;HVBC&#8221;) entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) with Huntingdon Valley Bank (&#8220;HVB&#8221;), HVBC&#8217;s subsidiary bank, Citizens Financial Services, Inc., a Pennsylvania corporation ( &#8220;CZFS&#8221;), First Citizens Community Bank (&#8220;FCCB&#8221;), CZFS&#8217; subsidiary bank, and CZFS Acquisition Company, LLC, FCCB&#8217;s direct shareholder, pursuant to which CZFS will acquire HVBC. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subject to the terms and conditions of the Merger Agreement, which has been approved by the boards of directors of each party, HVBC will merge with and into CZFS, with CZFS as the surviving entity (the &#8220;Merger&#8221;), and immediately thereafter, HVB will merge with and into FCCB, with FCCB as the surviving bank. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Merger Agreement provides that shareholders of HVBC will have the right to elect to receive, for each share of HVBC common stock, either (x) $30.50 in cash or (y) 0.4000 shares of CZFS common stock. Elections will be subject to proration procedures whereby 80% of the shares of HVBC common stock will be exchanged for CZFS common stock and 20% of the shares of HVBC common stock will be exchanged for cash.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Merger is subject to customary closing conditions, including (1) the receipt of regulatory approvals, (2) the approval of the Merger by the shareholders of HVBC, (3) the effectiveness of the registration statement on Form S-4 for CZFS common stock issued in the Merger, (4) the approval for listing on Nasdaq for CZFS common stock to be issued in the Merger, and (5) the absence of any order, decree or injunction preventing the completion of the Merger. The Merger is expected to close in the first half of 2023. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Following the Merger, Travis J. Thompson, currently the Chairman and Chief Executive Officer of HVBC, and Robert J. Marino, currently the President of HVBC, will be employed as senior officers of FCCB. Effective at the closing of the transaction, one member of the current board of directors of HVBC will be appointed to the board of directors of CZFS, to serve until the next annual meeting of CZFS, at which time the director will be nominated for re-election, and two members of the current board of directors of HVB will be appointed to the board of directors of FCCB, to serve until the next annual meeting of FCCB at which time the directors will be nominated for re-election. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Merger Agreement provides certain termination rights for both HVBC and CZFS and<span style="color:#000000;"> further provides that if the Merger is not consummated under specified circumstances, HVBC may be required to pay CZFS a termination fee of approximately $2.7 million. </span></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Merger Agreement also contains customary representations and warranties that CZFS and HVBC made to each other as of specific dates. The assertions embodied in those representations and warranties were made solely for purposes of the contract between CZFS and HVBC, and may be subject to important qualifications and limitations agreed to by the parties in connection with negotiating its terms. Moreover, the representations and warranties are subject to a contractual standard of materiality that may be different from what may be viewed as material to shareholders, and the representations and warranties may have been used to allocate risk between CZFS and HVBC rather than establishing matters as facts. Each party has also agreed to customary covenants, including, among others, covenants relating to the conduct of HVBC&#8217;s and CZFS&#8217;s businesses during the interim period between the execution of the Merger Agreement and the effective time of the Merger and, in the case of HVBC, its obligation to call a meeting of its shareholders to adopt the Merger Agreement, its obligation, subject to certain exceptions, to recommend that its shareholders approve the Merger Agreement and the Merger, and its&#160;non-solicitation&#160;obligations relating to alternative acquisition proposals.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which is attached hereto as Exhibit&#160;2.1 and is incorporated herein by reference. The representations, warranties and covenants of each party set forth in the Merger Agreement have been made only for purposes of, and were and are solely for the benefit of the parties to, the Merger Agreement, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between HVBC and CZFS instead of </span></p>
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<p style="margin-top:12pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Accordingly, the representations and warranties may not describe the actual state of affairs at the date they were made or at any other time, and investors should not rely on them as statements of fact. In addition, such representations and warranties (1)&#160;will not survive consummation of the Merger, unless otherwise specified therein, and (2)&#160;were made only as of the date of the Merger Agreement or such other date as is specified in the Merger Agreement. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in the parties&#8217; public disclosures. Accordingly, the Merger Agreement is included with this filing only to provide investors with information regarding the terms of the Merger Agreement, and not to provide investors with any other factual information regarding HVBC or CZFS, their respective affiliates or their respective businesses. The Merger Agreement should not be read alone, but should instead be read in conjunction with the other information regarding HVBC, CZFS, their respective affiliates or their respective businesses, the Merger Agreement and the Merger that will be contained in, or incorporated by reference into, the Registration Statement on Form&#160;S-4&#160;that will include a proxy statement of HVBC and a prospectus of CZFS, as well as in the Annual Reports on Form&#160;10-K,&#160;Quarterly Reports on Form&#160;10-Q&#160;and other filings that each of HVBC and CZFS make with the Securities and Exchange Commission (the &#8220;</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SEC</span><span style="Background-color:#FFFFFF;">&#8221;).</span></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">The Voting Agreement<br /></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Concurrently with entering into the Merger Agreement, CZFS entered into Voting Agreements with each of the directors and certain of the executive officers of HVBC (the &#8220;Voting Agreements&#8221;), pursuant to which, among other things, such shareholders agreed to vote their shares of HVBC in favor of the Merger. </p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item&#160;5.02<span style="margin-left:36pt;"></span>Departure of Directors or Certain Officers&#59; Election of Directors&#59; Appointment of Certain </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:6.67%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Officers&#59; Compensatory Arrangements of Certain Officers.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 18, 2022, <span style="color:#000000;">HVBC</span>, <span style="color:#000000;">HVB</span>, and <span style="Background-color:#FFFFFF;">CZFS</span> entered into settlement and non-competition and non-solicitation agreements (the &#8220;Agreements&#8221;) with each of Travis J. Thompson and Robert J. Marino.&#160;&#160;The Agreements provide that effective as of, and contingent on, the closing of the Merger, the executives&#8217; employment agreements will be terminated, and the executives will not be entitled to any further payments thereunder. Further, under the Agreements, the executives will be subject to non-competition and non-solicitation provisions for a period of two years (one year, for Mr. Marino) following the executive&#8217;s termination of employment from <span style="Background-color:#FFFFFF;">CZFS</span> and/or FCCB.&#160;&#160;In consideration for entering into the Agreements, the executive will receive a restrictive covenant payment from CZFS in a lump sum equal to $1,500,000 for Mr. Thompson ($300,000 for Mr. Marino), less required tax withholdings, payable on, or immediately prior to, the closing date of the Merger.&#160;&#160;In addition, Mr. Thompson will receive a transaction bonus equal to $400,000, less required tax withholding, payable on, or immediately prior to, the closing date of the Merger. </p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This summary of the Agreements is qualified in its entirety by reference to the full text of the Agreements, each dated October&#160;18, 2022, copies of which are filed as Exhibits 10.1 and 10.2 hereto and incorporated by reference herein.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 8.01<span style="margin-left:36pt;">Other Events. </span><br /><br /><span style="font-weight:normal;">On October 19, 2022, HVBC and CZFS issued a joint press release to announce the signing of the Merger Agreement, a copy of which is filed as Exhibit 99.1 hereto and incorporated herein by reference. </span></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Important Additional Information and Where to Find It </p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the proposed transaction, CZFS expects to file with the SEC a registration statement on Form S-4 that will include a proxy statement of HVBC that also constitutes a prospectus of CZFS (the &#8220;proxy statement/prospectus&#8221;), which proxy statement/prospectus will be mailed or otherwise disseminated to HVBC&#8217;s shareholders when it becomes available. CZFS and HVBC also plan to file other relevant documents with the SEC regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS TO BE INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4, AND ANY OTHER RELEVANT </p>
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<p style="margin-top:6pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">DOCUMENTS FILED </span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">OR TO BE FILED </span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WITH THE SEC WHEN THEY BECOME AVAILABLE</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS,</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> ABOUT CZFS, HVBC AND THE PROPOSED TRANSACTION</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. You may obtain a free copy of the</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> registration statement, including the</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> proxy statement/prospectus (when it becomes available) and other relevant documents filed by </span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CZFS</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and HVBC with the SEC</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, without charge,</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> at the SEC&#8217;s website at www.sec.gov. Copies of the documents filed by </span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CZFS</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with the SEC will be available free of charge on </span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CZFS</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8217; website at www.firstcitizensbank.com or by directing a request to Citizens Financial Services, Inc., 15 S. Main Street, Mansfield, PA 16933, attention: Corporate Secretary (570) 622-2121. Copies of the documents filed by HVBC with the SEC will be available free of charge on HVBC&#8217;s website at www.myhvb.com or by directing a request to HV Bancorp, Inc., 2005 South Easton Road, Suite 304, Doylestown, PA 18901, attention: Corporate </span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Secretary (267) 280-4000.</span></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">No Offer </p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. </p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Participants in Solicitation </p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CZFS and HVBC and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. You can find information about CZFS&#8217; executive officers and directors in CZFS&#8217; definitive proxy statement filed with the SEC on March 10, 2022. You can find information about HVBC&#8217;s executive officers and directors in HVBC&#8217;s definitive proxy statement filed with the SEC on April 14, 2022. Additional information regarding the interests of such potential participants will be included in the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. You may obtain free copies of these documents from CZFS or HVBC using the sources indicated above. </p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Forward Looking Statements </p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This report contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about CZFS and HVBC and their industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding CZFS&#8217; or HVBC&#8217;s future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to CZFS or HVBC, are forward-looking statements. Words such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;forecasts,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should&#8221; and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: (1) the businesses of CZFS and HVBC may not be combined successfully, or such combination may take longer to accomplish than expected&#59; (2) the cost savings from the Merger may not be fully realized or may take longer to realize than expected&#59; (3) operating costs, customer loss and business disruption following the Merger, including adverse effects on relationships with employees, may be greater than expected&#59; (4) governmental approvals of the Merger may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the Merger&#59; (5) the shareholders of HVBC may fail to approve the Merger&#59; (6) the possibility that the Merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events&#59; (7) diversion of management&#8217;s attention from ongoing business operations and opportunities&#59; (8) the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the Merger within the expected timeframes or at all and to successfully integrate HVBC&#8217;s operations and those of CZFS&#59; (9) such integration may be more difficult, time consuming or costly than expected&#59; (10) revenues following the proposed transaction may be lower than expected&#59; (11) CZFS&#8217;s and HVBC&#8217;s success in executing their respective business plans and strategies and managing the risks involved in the foregoing&#59; (12) the dilution caused by CZFS&#8217;s issuance of additional shares of its capital stock in connection with the proposed transaction&#59; (13) changes in general economic conditions, including changes in market interest </p>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rates and changes in monetary and fiscal policies of the federal government&#59; (14) legislative and regulatory changes&#59; and (15) </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">uncertainty as to the extent of the duration, scope, and impacts of the&#160;COVID-19&#160;pandemic on </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CZFS</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">HVBC</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and the proposed transaction</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. Further information about these and other relevant risks and uncertainties may be found in CZFS&#8217; and HVBC&#8217;s respective Annual Reports on Form 10-K for the fiscal year ended December 31, 2021 and in subsequent filings with the SEC. </span></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CZFS and HVBC do not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 9.01. Financial Statements and Exhibits</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.1*</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="hvbc-ex21_11.htm"><span style="text-decoration:underline;">Agreement and Plan of Merger, dated October 18, 2022, by and among Citizens Financial Services, Inc., First Citizens Community Bank, CZFS Acquisition Company, LLC, HV Bancorp, Inc. and Huntingdon Valley Bank</span></a><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.1</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="hvbc-ex101_8.htm"><span style="text-decoration:underline;">Settlement and Non-Competition and Non-Solicitation Agreement, by and among Citizens Financial Services, Inc., HV Bancorp, Inc., Huntingdon Valley Bank and </span><span style="text-decoration:underline;">Travis J. Thompson</span></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.2</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="hvbc-ex102_9.htm"><span style="text-decoration:underline;">Settlement and Non-Competition and Non-Solicitation Agreement, by and among Citizens Financial Services, Inc., HV Bancorp, Inc., Huntingdon Valley Bank and </span><span style="text-decoration:underline;">Robert J. Marino</span></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="hvbc-ex991_10.htm"><span style="text-decoration:underline;">Joint Press Release of Citizens Financial Services, Inc. and HV Bancorp, Inc., dated October 19, 2022</span></a><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">*</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain schedules and exhibits pursuant to Item 601(a)(5) of Regulation S-K.<span style="Background-color:#FFFFFF;"> A copy of any omitted schedule or exhibit will be furnished to the SEC upon request&#59; provided, however, that the parties may request confidential treatment pursuant to&#160;Rule&#160;24b-2&#160;of the Securities Exchange Act of 1934, as amended, for any document so furnished.</span></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date: October 20, 2022</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/&#160;Travis J. Thompson</p></td>
</tr>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:46.38%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Travis J. Thompson</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.98%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:3.24%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:46.38%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Executive Officer</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Duly Authorized Officer)</p></td>
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hvbc-8k_20221018.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 18, 2022
HV BANCORP, INC.
(Exact name of Registrant as Specified in Its Charter)
Pennsylvania
001-37981
46-4351868
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
2005 South Easton Road
,
Suite 304
Doylestown
,
PA
18901
(Address of Principal Executive Offices)
(Zip Code)
Registrant's Telephone Number, Including Area Code: (
267
)
280-4000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act
:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
HVBC
The NASDAQ Stock Market, LLC
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☒
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 1.01
Entry into a Material Definitive Agreement.
On October 18, 2022, HV Bancorp, Inc. ("HVBC") entered into an Agreement and Plan of Merger (the "Merger Agreement") with Huntingdon Valley Bank ("HVB"), HVBC's subsidiary bank, Citizens Financial Services, Inc., a Pennsylvania corporation ( "CZFS"), First Citizens Community Bank ("FCCB"), CZFS' subsidiary bank, and CZFS Acquisition Company, LLC, FCCB's direct shareholder, pursuant to which CZFS will acquire HVBC.
Subject to the terms and conditions of the Merger Agreement, which has been approved by the boards of directors of each party, HVBC will merge with and into CZFS, with CZFS as the surviving entity (the "Merger"), and immediately thereafter, HVB will merge with and into FCCB, with FCCB as the surviving bank.
The Merger Agreement provides that shareholders of HVBC will have the right to elect to receive, for each share of HVBC common stock, either (x) $30.50 in cash or (y) 0.4000 shares of CZFS common stock. Elections will be subject to proration procedures whereby 80% of the shares of HVBC common stock will be exchanged for CZFS common stock and 20% of the shares of HVBC common stock will be exchanged for cash.
The Merger is subject to customary closing conditions, including (1) the receipt of regulatory approvals, (2) the approval of the Merger by the shareholders of HVBC, (3) the effectiveness of the registration statement on Form S-4 for CZFS common stock issued in the Merger, (4) the approval for listing on Nasdaq for CZFS common stock to be issued in the Merger, and (5) the absence of any order, decree or injunction preventing the completion of the Merger. The Merger is expected to close in the first half of 2023.
Following the Merger, Travis J. Thompson, currently the Chairman and Chief Executive Officer of HVBC, and Robert J. Marino, currently the President of HVBC, will be employed as senior officers of FCCB. Effective at the closing of the transaction, one member of the current board of directors of HVBC will be appointed to the board of directors of CZFS, to serve until the next annual meeting of CZFS, at which time the director will be nominated for re-election, and two members of the current board of directors of HVB will be appointed to the board of directors of FCCB, to serve until the next annual meeting of FCCB at which time the directors will be nominated for re-election.
The Merger Agreement provides certain termination rights for both HVBC and CZFS and
further provides that if the Merger is not consummated under specified circumstances, HVBC may be required to pay CZFS a termination fee of approximately $2.7 million.
The Merger Agreement also contains customary representations and warranties that CZFS and HVBC made to each other as of specific dates. The assertions embodied in those representations and warranties were made solely for purposes of the contract between CZFS and HVBC, and may be subject to important qualifications and limitations agreed to by the parties in connection with negotiating its terms. Moreover, the representations and warranties are subject to a contractual standard of materiality that may be different from what may be viewed as material to shareholders, and the representations and warranties may have been used to allocate risk between CZFS and HVBC rather than establishing matters as facts. Each party has also agreed to customary covenants, including, among others, covenants relating to the conduct of HVBC's and CZFS's businesses during the interim period between the execution of the Merger Agreement and the effective time of the Merger and, in the case of HVBC, its obligation to call a meeting of its shareholders to adopt the Merger Agreement, its obligation, subject to certain exceptions, to recommend that its shareholders approve the Merger Agreement and the Merger, and its non-solicitation obligations relating to alternative acquisition proposals.
The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which is attached hereto as Exhibit 2.1 and is incorporated herein by reference. The representations, warranties and covenants of each party set forth in the Merger Agreement have been made only for purposes of, and were and are solely for the benefit of the parties to, the Merger Agreement, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between HVBC and CZFS instead of
establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Accordingly, the representations and warranties may not describe the actual state of affairs at the date they were made or at any other time, and investors should not rely on them as statements of fact. In addition, such representations and warranties (1) will not survive consummation of the Merger, unless otherwise specified therein, and (2) were made only as of the date of the Merger Agreement or such other date as is specified in the Merger Agreement. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in the parties' public disclosures. Accordingly, the Merger Agreement is included with this filing only to provide investors with information regarding the terms of the Merger Agreement, and not to provide investors with any other factual information regarding HVBC or CZFS, their respective affiliates or their respective businesses. The Merger Agreement should not be read alone, but should instead be read in conjunction with the other information regarding HVBC, CZFS, their respective affiliates or their respective businesses, the Merger Agreement and the Merger that will be contained in, or incorporated by reference into, the Registration Statement on Form S-4 that will include a proxy statement of HVBC and a prospectus of CZFS, as well as in the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other filings that each of HVBC and CZFS make with the Securities and Exchange Commission (the "
SEC
").
The Voting Agreement
Concurrently with entering into the Merger Agreement, CZFS entered into Voting Agreements with each of the directors and certain of the executive officers of HVBC (the "Voting Agreements"), pursuant to which, among other things, such shareholders agreed to vote their shares of HVBC in favor of the Merger.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On October 18, 2022,
HVBC
,
HVB
, and
CZFS
entered into settlement and non-competition and non-solicitation agreements (the "Agreements") with each of Travis J. Thompson and Robert J. Marino.  The Agreements provide that effective as of, and contingent on, the closing of the Merger, the executives' employment agreements will be terminated, and the executives will not be entitled to any further payments thereunder. Further, under the Agreements, the executives will be subject to non-competition and non-solicitation provisions for a period of two years (one year, for Mr. Marino) following the executive's termination of employment from
CZFS
and/or FCCB.  In consideration for entering into the Agreements, the executive will receive a restrictive covenant payment from CZFS in a lump sum equal to $1,500,000 for Mr. Thompson ($300,000 for Mr. Marino), less required tax withholdings, payable on, or immediately prior to, the closing date of the Merger.  In addition, Mr. Thompson will receive a transaction bonus equal to $400,000, less required tax withholding, payable on, or immediately prior to, the closing date of the Merger.
This summary of the Agreements is qualified in its entirety by reference to the full text of the Agreements, each dated October 18, 2022, copies of which are filed as Exhibits 10.1 and 10.2 hereto and incorporated by reference herein.
Item 8.01
Other Events.
On October 19, 2022, HVBC and CZFS issued a joint press release to announce the signing of the Merger Agreement, a copy of which is filed as Exhibit 99.1 hereto and incorporated herein by reference.
Important Additional Information and Where to Find It
In connection with the proposed transaction, CZFS expects to file with the SEC a registration statement on Form S-4 that will include a proxy statement of HVBC that also constitutes a prospectus of CZFS (the "proxy statement/prospectus"), which proxy statement/prospectus will be mailed or otherwise disseminated to HVBC's shareholders when it becomes available. CZFS and HVBC also plan to file other relevant documents with the SEC regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS TO BE INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4, AND ANY OTHER RELEVANT
DOCUMENTS FILED
OR TO BE FILED
WITH THE SEC WHEN THEY BECOME AVAILABLE
, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT CZFS, HVBC AND THE PROPOSED TRANSACTION
. You may obtain a free copy of the
registration statement, including the
proxy statement/prospectus (when it becomes available) and other relevant documents filed by
CZFS
and HVBC with the SEC
, without charge,
at the SEC's website at www.sec.gov. Copies of the documents filed by
CZFS
with the SEC will be available free of charge on
CZFS
' website at www.firstcitizensbank.com or by directing a request to Citizens Financial Services, Inc., 15 S. Main Street, Mansfield, PA 16933, attention: Corporate Secretary (570) 622-2121. Copies of the documents filed by HVBC with the SEC will be available free of charge on HVBC's website at www.myhvb.com or by directing a request to HV Bancorp, Inc., 2005 South Easton Road, Suite 304, Doylestown, PA 18901, attention: Corporate
Secretary (267) 280-4000.
No Offer
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Participants in Solicitation
CZFS and HVBC and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. You can find information about CZFS' executive officers and directors in CZFS' definitive proxy statement filed with the SEC on March 10, 2022. You can find information about HVBC's executive officers and directors in HVBC's definitive proxy statement filed with the SEC on April 14, 2022. Additional information regarding the interests of such potential participants will be included in the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. You may obtain free copies of these documents from CZFS or HVBC using the sources indicated above.
Forward Looking Statements
This report contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about CZFS and HVBC and their industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding CZFS' or HVBC's future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to CZFS or HVBC, are forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "may," "will," "should" and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results.
Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: (1) the businesses of CZFS and HVBC may not be combined successfully, or such combination may take longer to accomplish than expected; (2) the cost savings from the Merger may not be fully realized or may take longer to realize than expected; (3) operating costs, customer loss and business disruption following the Merger, including adverse effects on relationships with employees, may be greater than expected; (4) governmental approvals of the Merger may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the Merger; (5) the shareholders of HVBC may fail to approve the Merger; (6) the possibility that the Merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (7) diversion of management's attention from ongoing business operations and opportunities; (8) the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the Merger within the expected timeframes or at all and to successfully integrate HVBC's operations and those of CZFS; (9) such integration may be more difficult, time consuming or costly than expected; (10) revenues following the proposed transaction may be lower than expected; (11) CZFS's and HVBC's success in executing their respective business plans and strategies and managing the risks involved in the foregoing; (12) the dilution caused by CZFS's issuance of additional shares of its capital stock in connection with the proposed transaction; (13) changes in general economic conditions, including changes in market interest
rates and changes in monetary and fiscal policies of the federal government; (14) legislative and regulatory changes; and (15)
uncertainty as to the extent of the duration, scope, and impacts of the COVID-19 pandemic on
CZFS
,
HVBC
and the proposed transaction
. Further information about these and other relevant risks and uncertainties may be found in CZFS' and HVBC's respective Annual Reports on Form 10-K for the fiscal year ended December 31, 2021 and in subsequent filings with the SEC.
CZFS and HVBC do not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.
Item 9.01. Financial Statements and Exhibits
(d)
Exhibits
Exhibit
Number
Description
2.1*
Agreement and Plan of Merger, dated October 18, 2022, by and among Citizens Financial Services, Inc., First Citizens Community Bank, CZFS Acquisition Company, LLC, HV Bancorp, Inc. and Huntingdon Valley Bank
.
10.1
Settlement and Non-Competition and Non-Solicitation Agreement, by and among Citizens Financial Services, Inc., HV Bancorp, Inc., Huntingdon Valley Bank and
Travis J. Thompson
10.2
Settlement and Non-Competition and Non-Solicitation Agreement, by and among Citizens Financial Services, Inc., HV Bancorp, Inc., Huntingdon Valley Bank and
Robert J. Marino
99.1
Joint Press Release of Citizens Financial Services, Inc. and HV Bancorp, Inc., dated October 19, 2022
.
104
Cover Page Interactive Data File
(embedded in the cover page formatted in Inline XBRL)
*
Certain schedules and exhibits pursuant to Item 601(a)(5) of Regulation S-K.
A copy of any omitted schedule or exhibit will be furnished to the SEC upon request; provided, however, that the parties may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any document so furnished.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
HV Bancorp, Inc.
Date: October 20, 2022
By:
/s/ Travis J. Thompson
Travis J. Thompson
Chief Executive Officer
(Duly Authorized Officer)