Bryn Mawr Bank Corp. in Pennsylvania has announced plans to raise about $25 million in capital as it considers acquisitions.
The $4.3 billion-asset company said late Thursday that it has entered into definitive agreements with several investors to sell them 1.5 million common shares at $17 a share, a 14% discount to Thursday's closing price. It said it expects proceeds of $24.7 million from the deal, which is to close May 18. The company said it would use the capital for general corporate purposes, including to support capital ratios at its subsidiaries, for asset growth and to finance acquisitions.
