Chesco bank grabs Sovereign lenders

DNB First, the Chester County bank once known as Downingtown National, says it's hired four veteran business lenders from Sovereign Bank, which has been cutting staff under new owner Banco Santander.

"We see a significant opportunity to expand our market share with commercial borrowers," said DNB First chairman and ceo William S. Latoff in this statement. "At a time when other local banks are retrenching, DNB First is gearing up," he added. "There is a void in the Philadelphia market for an established community bank with local decision making, local market presence, and the capacity and willingness to lend."

The team includes new DNB svp-commercial lending L. Raymond Stankus, one of a group of First Pennsylvania Bank veterans who spent most of the past decade at Sovereign under ex-ceo Jay Sidhu (now at DNB rival NEW CENTURY BANK, corrected); first vp Robert J. Simone, who headed Sovereign's business banking; veteran commercial credit analyst Patricia M. Recke; and loan administrator Lorette P. Caruso.