S&T Bancorp, the parent of S&T Bank, has secured all necessary regulatory approvals to acquire DNB Financial.
In June this year, S&T signed a definitive agreement to buy DNB Financial in an all-stock transaction valued at nearly $206m.
Under the agreement, DNB Financial subsidiary DNB First, National Association, will merge with and into S&T Bank. Once complete, the acquisition will bolster S&T’s footprint in South-eastern Pennsylvania.
With all the regulatory requirements fulfilled, the closing of the transaction is now subject to DNB shareholders’ approval, due later this month.
Established in 1860, DNB First is a community bank with 14 locations in Pennsylvania. It provides consumer and business banking products as well as investment and insurance services through other subsidiaries.
At the time of the deal announcement, DNB president and CEO William Hieb said: “S&T is a high performing company, as evidenced by its superior earnings and consistently high dividend payments, proven management team and 100-plus year history of responsiveness to the customers and communities it serves.
“With S&T, our customers will continue to enjoy all the benefits of a relationship-driven bank, with access to continued technology investments, expanded lending capacity, and a deeper and broader range of financial products and services.”
Indiana-based S&T Bancorp is a $7.3bn bank holding company. Its principal subsidiary S&T Bank was established in 1902 and operates in five markets across different US states.