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DNB Financial looking to up authorized common, preferred stock

The board of DNB Financial Corp. is asking shareholders to approve a proposal seeking to increase the company's authorized common and preferred stock, according to a March 27 proxy statement.

The proposal seeks to amend the Downingtown, Pa.-based company's articles of incorporation to increase the authorized common stock to 20 million shares from the current 10 million shares and authorized preferred stock to 5 million shares from 1 million shares.

According to the DNB Financial board, with 5,583,334 common shares of the company's then-current 10 million authorized common shares issued or reserved for various corporate plans, the remaining stock will not be able to accommodate a future 2-for-1 stock split. The board clarified that there are no plans or commitments for stock splits, dividends, acquisitions, financings or any sort of stock issuance.