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Activist investors acquire stake in DNB Financial Corp., push for sale

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Activist investors acquire stake in DNB Financial Corp., push for sale

CT Opportunity Partners I LP and its affiliates acquired a 5.95% stake in DNB Financial Corp., which is the owner of Downingtown, Pa.-based DNB First NA.

The investors are unhappy with the bank's stock performance, claiming that shares trade at a significant discount to their fair value. They also raised concerns over the bank's severance package to outgoing chief banking officer Vince Luizzi, which the shareholders say was unnecessary, as Luizzi was not contractually entitled to it.

The shareholders are urging the board of directors to immediately engage independent, nationally recognized investment bankers to review strategic alternatives, including a potential sale of the bank.