Exhibit 99.1
Citizens Financial Services, Inc. Announces Receipt of Regulatory Approvals for the Acquisition of HV
Bancorp, Inc.
Mansfield Pa., April 10, 2023 (PRNewswire) Citizens Financial Services, Inc. (NASDAQ: CZFS) (the Company or
CZFS) announced today that it has received the requisite regulatory approvals and waivers from the Pennsylvania Department of Banking and Securities and the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of
Philadelphia necessary to complete its acquisition of HV Bancorp, Inc. (HVBC). CZFS and HVBC anticipate closing the transaction on June 16, 2023, subject to the satisfaction of customary closing conditions. CZFS and HVBC anticipate
mailing election materials to shareholders of HVBC during the week of May 8, 2023, pursuant to which such shareholders may elect, subject to the terms of the merger agreement, the form of consideration that they wish to receive in the pending
transaction.
About Citizens Financial Services, Inc.
Citizens Financial Services, Inc. (NASDAQ: CZFS) is a $2.3 billion bank holding company conducting business through First Citizens Community Bank. First
Citizens Community Bank operates 33 offices in Pennsylvania, Delaware and New York. For more details on Citizens Financial Services, Inc. visit: www.firstcitizensbank.com.
Forward-Looking Statements
This press release
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 HVBCs 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) the
possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (5) diversion of managements attention from ongoing business operations and opportunities; (6) 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 HVBCs operations and those of CZFS; (7) such
integration may be more difficult, time consuming or costly than expected; (8) revenues following the proposed transaction may be lower than expected; (9) CZFSs and HVBCs success in executing their respective business plans and
strategies and managing the risks involved in the foregoing; (10) the dilution caused by CZFSs issuance of additional shares of its capital stock in connection with the proposed transaction; (11) changes in general economic
conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; (12)