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Share Name | Share Symbol | Market | Type |
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DNB Financial Corporation | NASDAQ:DNBF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 46.19 | 45.81 | 50.00 | 0 | 01:00:00 |
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DNB Financial Corporation and S&T Bancorp, Inc. have executed a definitive agreement under which S&T will acquire DNB in a stock
transaction valued at approximately $206 million. Under the terms of the agreement, DNB shareholders will receive 1.22 shares of S&T for each share of DNB stock.
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S&T Bancorp, Inc. is a $7.2 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ
Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was recently named by Forbes as a 2019 World's Best Bank and a 2018 Best-in-State Bank. Established in 1902, S&T Bank operates in five markets including
Western Pennsylvania, Central Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York. The bank’s website is
https://www.stbank.com/
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With 1,050 employees, it has developed an excellent retail franchise with 60 branches, and is considered a premier commercial lending
institution in business and commercial banking. S&T has also been at the forefront of using cutting edge technology not typically found in a bank of its size.
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Like DNB First, S&T employees live and work in the places they serve, and their corporate culture strongly encourages giving back to
the community. In 2018, more than 524 employees gave over 5500 hours of community service across the bank’s footprint in three states.
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S&T believes that their commitment to customers starts with employees, and their goal is to create a smooth transition. They value
their employees and look forward to welcoming the seasoned, exceptional staff of DNB First to their team.
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While S&T is expected to make final decisions about retention by mid-July, we expect that they will retain most, if not all, retail
and other revenue-generating positions. DNB First employees who are not retained will be eligible for outplacement services and severance.
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S&T is planning a meeting for all DNB First employees at 6:00 p.m., on Tuesday, June 18, 2019, at the Crowne Plaza in King of
Prussia, to introduce their team and provide you with information about next steps. Please take the time to attend if you can.
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The transaction is expected to close in fourth quarter 2019, with full operations conversion projected to be completed in early 2020.
Until the transaction closes, we will continue to conduct business as usual, as employees of DNB First. Going forward, DNB First will operate under the name of S&T Bank.
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As we discussed recently at our annual employee meeting in April, while community banks play a critical role in the nation’s economy,
our industry continues to face headwinds on a number of fronts, including technology, regulatory and compliance, competition, and size and scale.
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This merger will expand S&T Bank’s presence into Southeastern Pennsylvania, building on its successful expansion into Central
Pennsylvania in 2015 via its merger with Integrity Bank.
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We are confident that today’s transaction will benefit our four key constituencies – our customers, our shareholders, our employees, and
our community – by linking DNB First to another outstanding community banking organization, and we believe this combination will be an excellent strategic and cultural fit.
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With S&T, DNB First customers will continue to enjoy all the benefits of a community-focused, relationship-driven bank, coupled with
access to more advanced technology, expanded lending capacity, and a deeper and broader range of products and services.
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For the time being, it will be business as usual. As the integration process gets started, we’ll provide customers with details about
the merger, their accounts and what to expect in the months ahead.
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S&T has grown over the past 117 years by thoughtfully partnering with community-centric banks such as DNB First. The growth has not
changed the Bank's core values:
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S&T Bank is rooted in traditions of community-driven banking.
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The Bank strives to serve as a trusted resource, a community asset, a family advisor, a financial anchor, and a source of civic pride.
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S&T Bank remains as committed to customers today as it was when first opening its doors in 1902.
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Key historical milestones:
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The institution began as one office in Indiana County in 1902 under the name of The Savings & Trust Company of Indiana.
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Condensed history of growth organically and through strategic acquisitions:
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1980s: UniBank, Homer City State Bank, Union Banking and Trust Company acquisitions
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1990s: Acquired several offices of Vanguard Savings Bank and Atlantic Financial Savings Bank and acquisition of Peoples Bank of Unity;
listed on NASDAQ exchange in 1992
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2000s: Peoples Financial Corp, Inc. and Irwin Bank and Trust acquisitions
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2010-2015: Mainline National Bank and Gateway Bank acquisitions; new loan production offices in Akron and Columbus Ohio and Rochester,
New York; acquisition of Integrity Bank
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2019: Expanded presence in Ohio with the opening of retail offices in Hilliard and Cuyahoga Falls, and loan production offices in
Independence, Ohio and Buffalo, NY
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Recently, S&T Bank was proud to be named by Forbes as a 2019 World's Best Bank and a 2018 Best-in-State Bank.
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