Following the sad loss of William S. Latoff on Monday, DNB Financial Corporation announced in a statement on Wednesday, that the company’s President, William J. Hieb, has been appointed the interim Chief Executive Officer.

Hieb, who has served as a director and the company’s President for over ten years, has also been working as the Chief Risk and Credit Officer since 2011. He has over 37 years of commercial banking experience which includes lending, credit administration, and wealth management.

“Over the past 12 years, I’ve had the extraordinary privilege of working with Bill Latoff and helping him build a prudent, responsive banking franchise that today offers a full range of financial solutions for consumers and businesses,” commented Hieb on his appointment.“I appreciate the Board’s confidence in me and I look forward to working with our leadership team and all of my colleagues at DNB to continue to execute our strategic plan.”

The announcement also said that James H. Thornton will take up the position of Interim Chairperson of the Board of Directors, and Mary D. Latoff has been elected as a director.

Thornton, who is President of the hospital and healthcare consulting firm Thornton Consulting, has been a director of the company since 1995. Prior to that, Thornton was the Chief Executive Officer of the Brandywine Health System.

”We are very fortunate to be able to call upon Bill Hieb, who has worked closely with Bill Latoff for more than a decade, to lead DNB on an interim basis,” commented Thornton. “With his tremendous knowledge and experience, Bill will provide strategic direction and continuity, and allow the Board to conduct a comprehensive and thoughtful review to identify the most qualified candidate to serve as CEO on a long-term basis. We expect the review process to be completed within six months.”

Mary Latoff was Chester County’s Department of Human Services’ former Financial Officer and worked in several capacities within the Chester County Youth Center.

“We are also pleased to welcome Mary Latoff to the Board, and grateful that she will continue to represent her family’s interest in DNB, while playing a critical role in shaping the future of our institution,” stated Thornton. “Among her accomplishments is financial experience with government and non-profit agencies in our region. Along with her husband Bill, Mary has supported a number of philanthropic organizations.”