DNB Financial (DNBF) Clears Final Regulatory Hurdle to Acquire East River Bank
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DNB Financial Corporation (Nasdaq: DNBF), the parent company of DNB First, National Association, announced that it has obtained all required approvals necessary for DNB to consummate its acquisition of East River Bank, Philadelphia, Pennsylvania ("East River"). Approvals included DNB and East River shareholder approvals, and regulatory approval from the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Pennsylvania Department of Banking.
When the combination of the two organizations is completed, DNB will have 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. It will become one of only six institutions with total assets of more than $1 billion headquartered in Southeastern Pennsylvania. The acquisition is expected to be immediately accretive to DNB’s earnings per share, excluding one-time costs.
"This transaction establishes a more powerful DNB that will benefit our customers, investors, employees and communities," said William J. Hieb, president and chief executive officer of DNB. "The efficiencies it creates are expected to generate greater earnings for our shareholders, and enable us to deliver a comprehensive set of financial products and services to consumers and businesses throughout the greater Philadelphia region. We welcome Christopher McGill and the East River team, and look forward to the exciting opportunities our partnership presents."
Mr. McGill, president and chief executive officer of East River, will join DNB as executive vice president and chief business development officer.
John F. McGill, Jr., chairman of East River, will join the DNB board of directors as vice chairman; two other members of the East River board of directors, Charles A. Murray and Daniel O’Donnell, will also join the DNB board as independent directors. James H. Thornton will continue to serve as chairman of the DNB board.
Subject to customary closing conditions, the transaction is expected to close on October 1, 2016. Following closing of the transaction, East River Bank locations will continue to operate under the East River Bank name until their conversion during the first weekend of November, after which they will re-open as DNB First locations on November 7, 2016.
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