Bryn Mawr Bank Corp. has agreed to buy Hershey Trust Co.'s private wealth-management group, boosting the assets under management of its Bryn Mawr Trust unit's wealth-management division by about $1.1 billion.
Terms weren't disclosed. Bryn Mawr Bank said the purchase price will be paid in cash and stock. The acquisition is expected to close in the second quarter.
The Hershey wealth-management group will remain at its current Hershey, Pa. location. Bryn Mawr Trust is acquiring the entire business, including the full team of client-services employees.