DELAWARE, Ohio, Oct. 3 /PRNewswire-FirstCall/ -- DCB Financial Corp
(OTC Bulletin Board: DCBF) Chairman G. William Parker, M.D., announced today
that the company's board of directors has voted not to continue the employment
of Larry Coburn, president, and will begin immediately to search for a new
chief executive. DCB Financial Corp is the holding company of the Delaware
County Bank & Trust Company (The Bank).
"We've seen remarkable growth in our community and in The Bank," said Dr.
Parker. "In the past seven years, The Bank has grown from roughly $300 million
in assets to $500 million, a significant benchmark for the industry. As we
move forward, the new CEO will be asked to focus attention on improving
earnings and increasing shareholder value. We are looking forward to an even
brighter future as the largest independent, community bank in Delaware
County," he continued.
"We strongly believe in the community bank model and mission that we have
pursued for more than 50 years. We expect to have a new president in place by
the end of this year," said Dr. Parker. "In the meantime, the board of
directors has complete confidence in The Bank's current senior management
team, led by Donald R. Blackburn, to manage the company's day-to-day
As chairman of the board, a position he has held since 1998, Dr. Parker, a
long time Delaware surgeon and a director of The Bank since 1976, said, "The
board will provide guidance and oversight to the senior managers as this
transition takes place." A special committee of the board, led by Jerome
Harmeyer has been formed to conduct the search for a new chief executive.
The Bank, headquartered in Lewis Center, Ohio, operates 16 full-service
branches in Delaware, Union and Franklin counties. The Bank provides customary
retail and commercial banking services to its customers, including checking
and savings accounts, time deposits, IRAs, safe deposit facilities, personal
loans, commercial loans, online corporate banking and trust services. The Bank
also provides cash management and other corporate banking services to its
This news release may be deemed to include forward-looking statements such
as statements relating to financial goals and business outlook. Actual results
could differ materially from those indicated by these statements due to a
variety of factors, including those related to the economic environment in the
market areas in which the Company operates, credit risk management, asset/
liability management and the availability of and costs associated with sources
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SOURCE DCB Financial Corp.