The $67.4 million sale of Doylestown-based HV Bancorp, the parent company of Huntingdon Valley Bank, to Citizens Financial Services closed last week, writes Jeff Blumenthal for the Philadelphia Business Journal.

With the finalization of the sale, Huntingdon Valley Bank became part of Citizens Financial subsidiary First Citizens Community Bank.

The deal was originally announced in October last year, and it was approved by the Pennsylvania Department of Banking and Securities on March 24. Later that month, the board of governors of the Federal Reserve System also approved the deal.

According to the agreement, HV shareholders can choose to receive either $30.50 in cash or 0.4 shares of the common stock of Citizens Financial Services for each share of the company’s common stock.

That $30.50 price point is more than 50 percent higher than HV’s $19.99 closing stock price on the day when the agreement was announced. On the first day of trading after the announcement, the stock surged up to $25.75 per share, which represents a 28.4 percent spike.

Following the deal, nine branches that were operated by HV will combine with the 33 at First Citizens.

Read more about HV Bancorp in the Philadelphia Business Journal.

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