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EXHIBIT 99 |
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FOR IMMEDIATE RELEASE
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CONTACT: |
June 22, 2011
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John A. Ustaszewski |
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Chief Financial Officer |
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(740) 657-7000 |
The Delaware County Bank & Trust Company and DCB Financial Corp Announce New
Executive Leadership Team
DCB Financial Corp (DCBF) and its banking subsidiary The Delaware County Bank & Trust Company
(The Bank) announce the appointment of Mr. Thomas R. Whitney as Interim President and Chief
Executive Officer and a director of DCB Financial Corp and The Bank effective upon the previously
announced departure of Mr. David J. Folkwein on June 22, 2011.
The Bank also announces the appointment of Mr. Timothy J. Kirtley as Interim Chief Operating
Officer for The Bank effective on the same date.
Vicki Lewis, Chairperson of DCB Financial Corp and The Bank, said The Board expresses its sincere
thanks to Dave for his leadership and while we will all miss him we certainly respect his decision
to be closer to family. Tom has been a senior executive with The Bank and DCB Financial for many
years, and we are very happy that he has accepted this new role. We look forward to working closely
with Tom and Tim to continue to address the challenges and opportunities facing The Bank and DCB
Financial. Toms extensive knowledge of The Bank and its constituencies, and his professional
expertise, coupled with Tims knowledge of The Banks loan portfolio and professional expertise in
the credit area, provide The Bank a great leadership team. We are more than confident that they are
the right choice for us at this time in The Banks history, and as we continue to consider our
options and alternatives.
Both appointments are subject to receipt of final regulatory approvals.
Business of DCB Financial Corp
DCB Financial Corp (the Corporation) is a financial holding company formed under the laws of the
State of Ohio. The Corporation is the parent of The Delaware County Bank & Trust Company, (the
Bank) a state-chartered commercial bank. The Bank conducts business from its main offices at 110
Riverbend Avenue in Lewis Center, Ohio, and through its 18 full-service branch offices located in
Delaware County, Ohio and surrounding communities. The Bank provides customary retail and
commercial banking services to its customers, including checking and savings accounts, time
deposits, IRAs, safe deposit facilities, personal loans, commercial loans, real estate mortgage
loans, night depository facilities and trust and personalized wealth management services. The Bank
also provides cash management, bond registrar and payment services. The Bank offers data processing
services to other financial institutions; however such services are not a significant part of its
current operations or revenues.
Application of Critical Accounting Policies
DCBs consolidated financial statements are prepared in accordance with accounting principles
generally accepted in the United States of America and follow general practices within the
financial services industry. The application of these principles requires management to make
estimates, assumptions, and judgments that affect the amounts reported in the financial statements
and accompanying notes. These estimates, assumptions, and judgments are based on information
available as of the date of the financial statements; as this information changes, the financial
statements could reflect different estimates, assumptions, and judgments.
The most significant accounting policies followed by the Corporation are presented in Note 1 of the
audited consolidated financial statements contained in the Corporations 2009 Annual Report to
Shareholders. These policies, along with the disclosures presented in the other financial
statement notes and in this financial review, provide information on how significant assets and
liabilities are valued in the financial statements and how those values are determined.
Forward-Looking Statements
Certain statements in this report constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, such as statements relating to the financial
condition and prospects, lending risks, plans for future business development and marketing
activities, capital spending and financing sources, capital structure, the effects of regulation
and competition, and the prospective business of both the Corporation and its wholly-owned
subsidiary The Delaware County Bank & Trust Company (the Bank). Where used in this report, the
word anticipate, believe, estimate, expect, intend, and similar words and expressions, as
they relate to the Corporation or the Bank or their respective management, identify forward-looking
statements. Such forward-looking statements reflect the current views of the Corporation and are
based on information currently available to the management of the Corporation and the Bank and upon
current expectations, estimates, and projections about the Corporation and its industry,
managements belief with respect thereto, and certain assumptions made by management. These
forward-looking statements are not guarantees of future performance and are subject to risks,
uncertainties, and other factors that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. Potential risks and uncertainties
include, but are not limited to: (i) significant increases in competitive pressure in the banking
and financial services industries; (ii) changes in the interest rate environment which could reduce
anticipated or actual margins; (iii) changes in political conditions or the legislative or
regulatory environment; (iv) general economic conditions, either nationally or regionally
(especially in central Ohio), becoming less favorable than expected resulting in, among other
things, a
deterioration in credit quality of assets; (v) changes occurring in business conditions and
inflation; (vi) changes in technology; (vii) changes in monetary and tax policies; (viii) changes
in the securities markets; and (ix) other risks and uncertainties detailed from time to time in the
filings of the Corporation with the Commission.
The Corporation does not undertake, and specifically disclaims any obligation, to publicly revise
any forward-looking statements to reflect events or circumstances after the date of such statements
or to reflect the occurrence of anticipated or unanticipated events.