DNB Financial Corp released this statement earlier this afternoon:

DOWNINGTOWN, Pa., Jan. 11, 2016 – DNB Financial Corporation (NASDAQ:DNBF), today announced the death of its Chairman and Chief Executive Officer William S. Latoff.

Mr. Latoff first became a Director of DNB Financial Corporation in 1998. He was also a Director and past Chairman of the Chester County Industrial Development Authority and Chairman of the Chester County Library Trust Board.

He was a Board Member of the Chester County Economic Development Council.  He was Chairman of the Nominating Advisory Committee of the Federal Reserve Bank of Philadelphia and was a member of the American Bankers Association’s Public Affairs Committee.

Mr. Latoff recently received the Chester County Historical Society’s Founder’s Award and the Foundation for Catholic Education Supporting Chester County 2014 Hall of Fame Award. In 2015 he was the recipient of the Chester County Council Boy Scouts of America’s Distinguished Citizens Award.

William J. Hieb, President, said, “It is with great sadness that we learned this morning of Bill Latoff’s passing. Bill has served as CEO of DNB Financial Corporation since 2004 and, through his vision and leadership, did so much to build and strengthen our company. Never satisfied with business and financial success alone, Bill’s generosity and concern for others were the driving force behind DNB First’s deep commitment to our community. All of us at DNB will miss him greatly, and we extend our deepest sympathy to his wife, Mary, and family.”

The Company’s board of directors will meet on an expedited basis to implement the Company’s succession plan regarding the Chairman and CEO roles. DNB Financial Corporation is the parent of DNB First, National Association, one of the first nationally-chartered community banks to serve the greater Philadelphia region.