DNB Financial completes acquisition of East River Bank.
Global Banking News-October 4, 2016--DNB Financial completes acquisition of East River Bank
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Global Banking News - 04 October 2016
DNB Financial Corporation (NASDAQ: DNBF), the parent company of DNB First, National Association (DNB First), has said that it has completed its previously announced acquisition of East River Bank of Philadelphia, effective October 1, 2016.
As per the agreement, East River was merged with and into DNB First. On a consolidated basis, DNB now has nearly USD1.1bn in assets, USD764m in loans, and USD841m in deposits, with 15 branch offices in Chester, Delaware and Philadelphia counties. On completion of the banking system conversion, scheduled to occur in early November 2016, all East River offices will be converted to DNB First.
DNB Financial Corporation is a bank holding company and parent company of DNB First, National Association, a community bank headquartered in Downingtown, Pennsylvania with 15 locations. In addition to providing a broad range of consumer and business banking products, DNB First offers brokerage and insurance services through DNB Investments & Insurance and investment management services through DNB Investment Management & Trust.
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