The S&T Bank purchase of DNB First, which closed last week, will result in 14 new S&T branch offices opening in southeastern Pennsylvania early in 2020, according to the state Department of Banking and Securities.
Indiana-based S&T Bancorp Inc., the holding company for S&T Bank, received the necessary regulatory approval for the acquisition in September. The transaction has an estimated aggregate value of $206 million and will expand S&T’s footprint into Chester, Delaware and Philadelphia counties.
Approximately a third of DNB First’s employees will lose their jobs as a result of the acquisition, although some of them will have the opportunity to reapply for positions in the new company, the Philadelphia Business Journal reported this week.
Welcome kits will be sent to DNB First customers in January, and the transition to S&T Bank will be official on Feb. 10.
S&T currently has operations in five markets, including Western Pennsylvania, central Pennsylvania, northeast Ohio, central Ohio and upstate New York. S&T purchased the former Integrity Bank in the Harrisburg-Lancaster area in 2015.
