DOWNINGTOWN, Pa., Aug. 12, 2009 (GLOBE NEWSWIRE) -- DNB Financial Corporation (Nasdaq:DNBF), parent company of DNB First, National Association, today announced that it has hired an experienced commercial lending team from a local competitor. The lift-out of this lending team provides DNB First with additional resources to pursue a significant growth opportunity in light of the weakened financial condition of other banks in the region.
"We see a significant opportunity to expand our market share with commercial borrowers," said William S. Latoff, DNB First's Chairman and CEO. "Our continued strong financial performance, sound capital base, and consistent marketing strategy resonates with local businesses, especially in light of the challenges and turmoil faced by many of our competitors in the region. The experienced commercial lenders hired today will provide additional support to our existing lending team and help bring the message of DNB First to a whole new segment of commercial customers in the greater Delaware Valley marketplace."
With the expansion of the commercial lending team, DNB First will enhance its market presence as a full service financial institution, meeting the needs of both retail and commercial customers. All four of the new professionals joining DNB First come from Sovereign Bank and reside in the local communities that they will serve.
* L. Raymond Stankus joins DNB First as a Senior Vice President of Commercial Banking. His extensive experience includes more than 25 years of commercial lending experience serving small and midsized businesses in the Philadelphia region. An MBA graduate of Drexel University, Ray has spent his entire career in the Philadelphia banking market with Sovereign Bank, Core States and First Pennsylvania banks. Having served as a U.S. Army 1st Lieutenant in Vietnam, Ray shares in DNB First's commitment to community by serving as the director of the non-profit organization, "Philadelphia Stand Down," which leads life enrichment programs for indigent veterans of the U.S. Armed Forces and Homeless Citizens. * Robert J. Simone will serve as a DNB First Vice President, Commercial Relationship Manager. With more than 35 years experience in the commercial and retail banking industry, including managing Sovereign's Business Banking Division and their commercial loan portfolio. Simone received his banking and business education at Philadelphia Community College and has continued his professional development education through the years. He is a member of numerous local organizations including Chamber of Commerce groups in Chester, Delaware and Montgomery Counties and the Main Line. * Patricia M. Recke comes to DNB First as a Credit Analyst with 27 years experience in commercial lending and retail banking. Recke developed her skill set working as an assistant branch manager, commercial loan administrator and most recently as a senior credit analyst with Sovereign. * Lorette P. Caruso is DNB First's new Commercial Loan Administrator. She comes to DNB First with more than 30 years experience in the banking industry, most recently as a Loan Administrator for middle market and business banking at Sovereign Bank.
Mr. Latoff continued, "The expansion of our commercial lending presence represents a significant step forward for DNB First and indicates to commercial borrowers that we stand ready to serve, ready to lend, and committed to meeting their financing needs. This is an experienced team that knows the market and knows how to source, close, and manage a sound portfolio of commercial loans in all economic times. We see this lending team as an engine for growth for DNB First and look forward to their contribution to our future success."
Ray Stankus added, "At a time when other local banks are retrenching, DNB First is gearing up to capitalize on its strength, stability, and consistent performance. There is a void in the Philadelphia market for an established community bank with local decision making, local market presence, and the capacity and willingness to lend. We believe we can use this opportunity to significantly expand our presence. We look forward to bringing the DNB First message to the market."
About DNB Financial Corporation
DNB Financial Corporation is a bank holding company whose bank subsidiary, DNB First, National Association, is a community bank headquartered in Downingtown, Pennsylvania. DNB First was founded in 1860 and is the oldest independent bank in Chester County, with thirteen community offices in Chester and Delaware Counties. In addition to a broad array of consumer and business banking products, DNB offers brokerage and insurance through DNB Financial Services, as well as trust services through DNB Advisors. DNB Financial Corporation's shares are traded on NASDAQ under the symbol: DNBF. We invite our customers and shareholders to visit our website at http://www.dnbfirst.com.
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Forward-Looking Statements
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