The bank said that the acquisition will increase wealth management divisions’ assets under management by nearly $1.1bn.
Bryn Mawr Trust chairman and CEO Ted Peters said growing wealth management assets is a significant component of strategic initiative.
Bryn Mawr Trust head of the wealth management division Francis Leto said he thinks this acquisition represents a great opportunity for everyone involved, clients will benefit from the expanded line of products and services, Bryn Mawr Trust enters into an important new market and it has a great group of professionals joining the team.
The translation included a combination of stock and cash, with the transaction being valued at approximately $18.25m. The total amount paid at closing was $14.65m, with $6.5m in stock, representing 322,101 shares, and $8.2m in cash. The balance, subject to certain conditions, will be paid over the next 15 months.
