Bryn Mawr Bank (BMTC) in Pennsylvania has agreed to buy Continental Bank Holdings in Plymouth Meeting, Pa.
The $2.1 billion-asset Bryn Mawr will pay $109 million for the $675 million-asset Continental, including a $1.25 million special dividend to the seller's shareholders. The deal is expected to close in the fourth quarter.
The purchase will get Bryn Mawr close to its goal of reaching $3 billion in assets by the end of this year, Ted Peters, Bryn Mawr's chairman and chief executive, said in a press release.
"This acquisition is really exciting for us, bringing tremendous opportunity for growth in very desirable markets" such as Montgomery and Chester counties, Peters said. "The broader range of services we offer, particularly wealth management and private banking for example, will be a big plus for many of our new clients."
Continental has 10 branches, $398 million in loans and $469 million in deposits. The company's chairman is Kirk Wycoff of Patriot Financial Partners, which has a sizeable investment in Porter Bancorp (PBIB) and a number of active consolidators such as Banc of California (BANC), Heritage Oaks Bancorp (HEOP) and Provident New York Bancorp.
Keefe, Bruyette & Woods and Stradley Ronon Stevens & Young advised Bryn Mawr. Sandler O'Neill and Silver, Freedman, Taff & Tiernan advised Continental.