DNB Financial Closes USD 49m Acquisition of Philadelphia's East River Bank.
M2 EQUITYBITES-October 13, 2016-DNB Financial Closes USD 49m Acquisition of Philadelphia's East River Bank
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13 October 2016 - US-based bank holding company DNB Financial Corp. (NASDAQ: DNBF) has closed its acquisition of East River Bank, Philadelphia, Pennsylvania, the company said.
On 4 April DNB Financial and East River Bank of Philadelphia announced a deal under which DNB will acquire East River in a stock and cash transaction for total consideration valued at USD 49m.
DNB is the parent company of DNB First, National Association, a community bank headquartered in Downingtown, Pennsylvania.
As of December 31, 2015, East River reported USD 311m in assets, total loans of USD 282m, and total deposits of USD 23m; it operates three full-service offices in Philadelphia.
Under the terms of the agreement, East River shareholders will be entitled to elect to receive either 0.6562 shares of DNB common stock or USD 18.65 in cash for each outstanding share of East River common stock, subject to pro-ration such that the aggregate cash consideration payable to East River shareholders will be USD 6.7m (subject to increase in the event that outstanding options are exercised prior to closing).
DNB Financial is headquartered in Downingtown, Pennsylvania and had assets of USD 749m as of 31 December 2015.
East River Bank is headquartered in Philadelphia, Pennsylvania with three offices and had assets of USD 311m as of 31 December 2015.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Oct 13, 2016|
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