Bryn Mawr and MidCoast in Delaware Terminate Merger

Bryn Mawr Bank (BMTC) in Pennsylvania and MidCoast Community Bancorp in Wilmington, Del., have terminated plans to merge.

Bryn Mawr filed a termination agreement on Friday with the Securities and Exchange Commission. Francis Leto, an executive vice president at the $2 billion-asset company, declined to comment.

The deal, announced in late March, would have had Bryn Mawr pay $33 million in stock for the $281 million-asset MidCoast. It was expected to close in the third quarter.

Bryn Mawr has 27 branches, which all but one in Pennsylvania. Under the merger, it would have obtained four Delaware branches from MidCoast.