Date
of Report (Date of Earliest Event Reported):
|
March
26, 2007
|
Pennsylvania
|
0-16667
|
23-2222567
|
_____________________
(State
or other jurisdiction
|
_____________
(Commission
|
______________
(I.R.S.
Employer
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
|
||
4
Brandywine Avenue, Downingtown, Pennsylvania
|
19335
|
|
_________________________________
(Address
of principal executive offices)
|
___________
(Zip
Code)
|
Registrant’s
telephone number, including area code:
|
(610)
269-1040
|
-
|
The
SERP will provide for a 15-year payout schedule, instead of the current
10-year payout schedule.
|
-
|
Rather
than providing for the investment of trust assets, the SERP will
obligate the registrant to pay future benefits to Mr. Latoff calculated
by
applying a designated rate of return to the periodic accruals under
the
SERP. The rate of return is to be fixed each year on January 1 at
the commercial bank “prime rate” then most recently published by the Wall
Street Journal, but in any event the rate of return will not be less
than
8.00% percent per annum nor more than 9.50% per annum. The rate of
return as so established on each January 1 will remain fixed through
the
entire year, but may change again on the following January
1.
|
-
|
The
rabbi trust executed by the registrant as grantor and its wholly
owned
subsidiary DNB First, National Association as trustee, for the purpose
of
holding assets contributed by the registrant under the SERP is to
be
terminated effective April 1 and the assets of the trust returned
to the
registrant.
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DNB FINANCIAL CORPORATION | ||||
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||||
March
26, 2007
|
|
By:
/s/ William J. Hieb
|
||
Name:
William J. Hieb
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||||
Title:
President and Chief Operating Officer
|