DCB Financial Corp Begins Search for New CEO

Oct 03, 2002, 01:00 ET from DCB Financial Corp.

    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
 business customers.
     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
 of liquidity.
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SOURCE DCB Financial Corp.