After exploring a number of different options, DNB Financial decided the best fit for its future was to become a part of S&T Bancorp, the Indiana, Pa.-based holding company for S&T Bank, writes Jeff Blumenthal for the Philadelphia Business Journal.

“We have a fiduciary responsibility to always evaluate opportunities,” said DNB CEO William Hieb. “When we looked at our runway, it just made sense.”

The decision to choose S&T from its several suitors was also made easier by a number of different factors.

“There was a cultural fit,” said Hieb. “They have the same community bank feel.”

Also, the sale price was double the bank’s tangible book value, which will benefit DNB shareholders.

The sale will also offer benefits to the bank’s customers by giving them access to more and deeper products and services. These will include a combined wealth management unit.

DNB has been a pillar in the local business community since it was founded in 1860. It currently has 14 branches, including 10 in Chester County. According to S&T CEO Todd Brice, there are no plans to close any of them.

Read more about DNB Financial in the Philadelphia Business Journal here.

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