Chesco bank chairman & CEO dies
DNB Financial Corp. Chairman and CEO William S. Latoff has died just months after revealing that he was diagnosed with non-Hodgkin’s lymphoma. He was 67.
Mr.
Latoff first became a director at the Downingtown, Pa.-based bank in
1998, then became chairman of the board in 2003 and CEO in 2004.
In announcing his diagnosis in a letter to the staff in August,
Latoff seemed optimistic about his chances for making a recovery and
that he expected to maintain a regular presence in the office.
DNB President William J. Hieb
noted Mr. Latoff’s service to the bank and said, “through his vision
and leadership, did so much to build and strengthen our company. Never
satisfied with business and financial success alone, Bill's generosity
and concern for others were the driving force behind DNB First's deep
commitment to our community. All of us at DNB will miss him greatly, and
we extend our deepest sympathy to his wife, Mary, and family.”
The
bank said its board of directors will meet “on an expedited basis” to
implement the company’s succession plan regarding the chairman and CEO
roles.
In addition to Hieb, the bank has a deep bench of executives such as Chief Financial Officer Gerald Sopp and Chief Banking Officer Vince Liuzzi, who joined the bank in 2014 after serving as local regional president for Wells Fargo & Co. for five years.
In
addition to his work with DNB, Mr. Latoff was also a director and past
chairman of the Chester County Industrial Development Authority and
chairman of the Chester County Library Trust Board. He was a board
member of the Chester County Economic Development Council, chairman of
the nominating advisory committee of the Federal Reserve Bank of
Philadelphia and was a member of the American Bankers Association's
public affairs committee.
Mr.
Latoff recently received the Chester County Historical Society’s
Founder’s Award and the Foundation for Catholic Education Supporting
Chester County 2014 Hall of Fame Award. In 2015, he was the recipient of
the Chester County Council Boy Scouts of America's Distinguished
Citizens Award.
DNB
(NASDAQ:DNBF), parent to 156-year-old DNB First Bank, has been a strong
performer in recent years. It has under $1 billion in total assets and
12 branches.
Jeff Blumenthal covers banking, insurance and law.
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