Indiana-based S&T Bancorp Inc., the holding company for S&T Bank, and DNB Financial Corp., the holding company for DNB First, announced a definitive merger agreement on Wednesday.
Based on S&T’s Tuesday price of $38.75 per share, the transaction will have an aggregate value of $206 million and will expand S&T’s footprint into Southeastern Pennsylvania, including Chester, Delaware and Philadelphia counties.
S&T currently has operations in five markets, including Western Pennsylvania, Central Pennsylvania, Northeast Ohio, Central Ohio and Upstate New York. DNB First is a community bank headquartered in Downingtown and with 14 locations.
“I am very pleased to announce our merger with DNB, a nearly 160-year-old institution which shares the values, culture and commitment to high quality customer service found at S&T Bank,” said Todd D. Brice, chief executive officer of S&T.
The terms of the merger agreement were unanimously approved by the boards of directors of both companies.
S&T and DNB expect to complete the transaction during the fourth quarter of 2019 after satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of DNB.
