Bryn Mawr Trust Company in Pennsylvania is expanding its banking operations into Delaware to go along with its wealth management business there.
The bank's parent, Bryn Mawr Bank Corporation (BMTC), announced Wednesday that it is acquiring one branch in Wilmington and certain loans and deposits from the First Bank of Delaware. The all-cash deal would give the $1.8 billion-asset Bryn Mawr its first branch over the state line and increase both its total loans and deposits by roughly $100 million.
The sale is expected to close in the fourth quarter. Bryn Mawr did not disclose a deal price.
In a news release, Chairman and Chief Executive Ted Peters said that Delaware is an important market for Bryn Mawr, which caters primarily to businesses, nonprofits and affluent households. The company has trust and wealth management offices in Greenville, Del. "This transaction will allow us to quickly establish a bank branch as well as a critical mass of loans and deposits," Peters said. "The branch, located along heavily traveled Wilmington Pike, will help to increase our brand awareness in the market."
The deal would be the fourth for Bryn Mawr since July 2010, when it acquired First Keystone Bank in Media, Pa. In May 2011 it bought the private wealth management division of the Hershey Trust Company in Hershey, Pa., and earlier this year it announced that it would buy Davidson Trust Company in Devon, Pa.