DNB Financial Corporation and East River Bank of Philadelphia announced that they have executed a definitive agreement under which DNB will acquire East River in a stock and cash transaction for total consideration valued at $49.0 million. Mr. Christopher P. McGill, president and chief executive officer of East River, will join DNB as executive vice president and chief business development officer. Jerry L. Cotlov, executive vice president and chief lending officer of East River, will also join DNB as senior vice president and assistant chief commercial lending officer.

John F. McGill, Jr., chairman of East River, will join the DNB board of directors as vice chairman; two other members of the East River board of directors, Charles A. Murray and Daniel O'Donnell, will also join the DNB board as independent directors. James H. Thornton will continue to serve as chairman of the DNB board.