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Amid battle with activist investors, DNB agrees to $206M sale to Western Pa. bank

Jeff Blumenthal
Amid battle with activist investors, DNB agrees to $206M sale to Western Pa. bank

After spending much of 2019 fending off an activist investor, venerable DNB Financial Corp agreed to be acquired by Western Pennsylvania-based S&T Bancorp for $206 million in stock. It will grow to $8.4 billion when and if it completes the acquisition of DNB (NASDAQ: DNBF), the Downingtown-based bank, a pillar in the Chester County business community since its founding in 1860.  But DNB has been under fire since January when investment bankers J. Abbott Cooper and John B. Thompson II of CT Opportunity Partners went public with a demand for the bank to explore a sale, claiming it is an underperforming company with no strategic plan.