DNB Financial Corporation has completed its previously announced acquisition of East River Bank of Philadelphia
OREANDA-NEWS. DNB Financial Corporation ("DNB") (NASDAQ:DNBF), the parent company of DNB First, National Association ("DNB First"), today announced that it has completed its previously announced acquisition of East River Bank of Philadelphia ("East River"), effective October 1, 2016.
Pursuant to the terms of the merger, East River was merged with and into DNB First. With the combination of the two organizations, DNB on a consolidated basis has approximately $1.1 billion in assets, $764 million in loans, and $841 million in deposits, with 15 branch offices in Chester, Delaware and Philadelphia counties, and is one of only six institutions with total assets of more than $1 billion headquartered in Southeastern Pennsylvania. All East River offices will be converted to the DNB First brand upon the completion of the banking system conversion, currently scheduled to occur in early November 2016.
"We are pleased to complete this merger of two institutions with a shared legacy of strong financial performance and community engagement," said William J. Hieb, president and chief executive officer of DNB. "As the new, more powerful DNB, we're able to deliver a comprehensive set of financial products and services to consumers and businesses throughout the greater Philadelphia region, while seeking to generate greater earnings for our shareholders. We’re excited and energized about the opportunities before us."
About DNB Financial Corporation
DNB Financial Corporation is a bank holding company whose bank subsidiary, DNB First, National Association, is a community bank headquartered in Downingtown, Pennsylvania with 15 locations. Founded in 1860, DNB First, in addition to providing a broad array of consumer and business banking products, offers brokerage and insurance services through DNB Investments & Insurance and investment management services through DNB Investment Management & Trust. DNB Financial Corporation’s shares are traded on NASDAQ’s Capital Market under the symbol: DNBF. We invite our customers and shareholders to visit our website at http://www.dnbfirst.com. DNB's Investor Relations site can be found at http://investors.dnbfirst.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations or predictions of future financial or business performance, conditions relating to DNB and East River, or other effects of the merger of DNB and East River. These forward-looking statements include statements with respect to DNB’s beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties, and are subject to change based on various factors (some of which are beyond DNB’s control). The words "may," "could," "should," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar expressions are intended to identify forward-looking statements.
Source: DNB Financial Corp