DNB Financial Corporation Names William J. Hieb Interim Chief Executive Officer
January 13 2016 - 5:52PM
DNB Financial Corporation (NASDAQ:DNBF), today announced that
William J. Hieb, 59, the company's president, has been appointed
interim chief executive officer, following the death of William S.
Latoff on Monday. The company also announced that James H. Thornton
has been appointed interim chairperson of the Board of Directors,
and that Mary D. Latoff has been elected as a director.
With more than 37 years of commercial banking experience,
including lending, credit administration and wealth management, Mr.
Hieb has served as president of the company since 2005, and as
chief risk and credit officer since 2011. He has also been a
director of the company since 2005.
Mr. Thornton has served as a director of the company since 1995.
He is president of Thornton Consulting, a hospital and healthcare
consulting firm, and was previously chief executive officer of
Brandywine Health System.
Ms. Latoff is a former financial officer for Chester County's
Department of Human Services and has held various positions with
the Chester County Youth Center.
Mr. Thornton said, ”We are very fortunate to be able to call
upon Bill Hieb, who has worked closely with Bill Latoff for more
than a decade, to lead DNB on an interim basis. With his tremendous
knowledge and experience, Bill will provide strategic direction and
continuity, and allow the Board to conduct a comprehensive and
thoughtful review to identify the most qualified candidate to serve
as CEO on a long-term basis. We expect the review process to be
completed within six months.”
”We are also pleased to welcome Mary Latoff to the Board, and
grateful that she will continue to represent her family’s interest
in DNB, while playing a critical role in shaping the future of our
institution,” said Mr. Thornton. ”Among her accomplishments is
financial experience with government and non-profit agencies in our
region. Along with her husband Bill, Mary has supported a number of
philanthropic organizations.”
”Over the past 12 years, I've had the extraordinary privilege of
working with Bill Latoff and helping him build a prudent,
responsive banking franchise that today offers a full range of
financial solutions for consumers and businesses. I appreciate the
Board's confidence in me and I look forward to working with our
leadership team and all of my colleagues at DNB to continue to
execute our strategic plan,” said Mr. Hieb.
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 with 12 locations. DNB
First, which was founded in 1860, provides a broad array of
consumer and business banking products, and offers brokerage and
insurance services through DNB Investments & Insurance, and
investment management services through DNB Investment Management
& Trust. DNB Financial Corporation's shares are traded on
Nasdaq's Capital Market under the symbol: DNBF. We invite our
customers and shareholders to visit our website at
https://www.dnbfirst.com. DNB's Investor Relations site can be
found at http://investors.dnbfirst.com/.
For further information, please contact:
Jonathan T. McGrain
SVP, Director of Sales and Marketing
(484) 359-3221
jmcgrain@dnbfirst.com
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