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.