DOWNINGTOWN, Pa., Nov. 7, 2016 /PRNewswire/ -- DNB First, NA today announced the successful conversion of East River Bank, including systems integration and the re-branding of three locations in Philadelphia as of Monday, November 7, 2016.
East River Bank was acquired by DNB Financial Corporation (NASDAQ: DNBF), the parent of DNB First, and subsequently merged with and into DNB First, in a transaction that closed on October 1, 2016.
With the combination of the two organizations, DNB First now has approximately $1.1 billion in assets, $764 million in loans, and $841 million in deposits, making it the sixth largest financial institution headquartered in Southeastern Pennsylvania. DNB First now has 15 branch offices in Chester, Delaware and Philadelphia counties, including the three former East River Bank locations in East Falls, Roxborough and Old City.
"What originally drew us to East River Bank was their strong financial performance and deep community engagement. They shared many of the values that we at DNB First hold in high regard. Combined, we are a stronger bank that prides itself on commitment, community and convenience. We look forward to expanding our presence in the Philadelphia region, where we feel we can continue to grow with the dynamic community," says William J. Hieb, President and Chief Executive Officer of DNB First.
"With the completion of this transition, our clients can expect a comprehensive set of financial products and services with the same sound guidance and sincere customer service they valued with East River Bank. We're thrilled to be on board with DNB First and know that our expanded team will be there for all customers, new and old," says Christopher McGill, former President and Chief Executive Officer of East River Bank, who will stay on as Executive Vice President and Chief Commercial Lending Officer for DNB First.
For more information about DNB First, or to schedule an interview with President and Chief Executive Officer, William J. Hieb, please contact Abby Littleton at (215) 627-4747 or via e-mail at email@example.com.
About DNB First, NA
DNB First, National Association, is a community bank headquartered in Downingtown, Pennsylvania with 15 locations. DNB First, NA is a bank subsidiary of holding company, DNB Financial Corporation. Founded in 1860, DNB First, in addition to providing a broad array of consumer and business banking products, offers brokerage and insurance services through DNB Investments & Insurance and investment management services through DNB Investment Management & Trust. DNB Financial Corporation's shares are traded on NASDAQ's Capital Market under the symbol: DNBF. We invite our customers and shareholders to visit our website at https://www.dnbfirst.com. DNB's Investor Relations site can be found at http://investors.dnbfirst.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dnb-first-completes-conversion-of-philadelphia-based-east-river-bank-300357930.html
SOURCE DNB First