Indiana-based S&T Bancorp Inc., the holding company for S&T Bank, has received the necessary regulatory approval for its pending acquisition of DNB Financial Corp., the holding company for DNB First, the companies said.
The Pennsylvania Department of Banking & Securities approved the definitive merger agreement this week. The closing of the transaction must still be approved by DNB shareholders at a special meeting scheduled for Sept. 25.
The transaction has an estimated aggregate value of $206 million and will expand S&T’s footprint into southeastern Pennsylvania, including Chester, Delaware and Philadelphia counties.
S&T currently has operations in five markets, including Western Pennsylvania, central Pennsylvania, northeast Ohio, central Ohio and upstate New York. DNB First is a community bank headquartered in Downingtown, Chester County, and with 14 locations.
