A community bank that caters to Philadelphia's elite has a deal to add accounting to its growing list of services.
Bryn Mawr (Pa.) Bank Corp. said last week that it would buy Joseph W. Roskos & Co. for $4 million in cash and stock. Roskos, based in Wayne, Pa., specializes in consulting and accounting for affluent families and family businesses.
"We are trying to build a broad listing of financial services for our clients and customers," said Joseph W. Rebl, Bryn Mawr's treasurer.
In the past few years $350 million-asset Bryn Mawr has started an investment company, an insurance company, and a tax consultant service.
Cassandra Toroian, a research analyst at Ryan, Beck & Co., Livingston, N.J., called the move a "surprise" for the normally unacquisitive company. Nevertheless, she hailed the deal.
"It shows they are looking for opportunities to boost their noninterest income and proves the new subsidiaries were part of a set formula to expand the company," she said.
The sale is expected to close during the first quarter.