BYL Bancorp to Buy DNB

BYL Bancorp said Thursday it agreed to acquire Riverside-based DNB Financial for $20 million worth of stock.

Assuming the transaction closes on May 31, BYL will exchange about 4.59 shares at $18.75 a share for each of the 232,423 outstanding shares of DNB stock. BYL will exchange about 1.07 million shares of its stock in the transaction, which has been approved by the boards of both companies.

Privately held DNB Financial, with $73.4 million in total bank assets, is the holding company for De Anza National Bank. BYL Bancorp is the parent of Bank of Yorba Linda.