Bryn Mawr Bank Corp. in Pennsylvania has a deal to expand in Delaware County by buying First Keystone Financial Inc. in Media.
The $1.2 billion-asset Bryn Mawr agreed to pay about $32.7 million for First Keystone.
The deal, which is expected to close in mid-2010, would add about $500 million of assets at Bryn Mawr. It also would add eight branches, seven of them in Delaware County and one in Chester County.
Ted Peters, Bryn Mawr's chairman and chief executive, said in a press release that buying First Keystone would allow his company to boost its mortgage and wealth management sales.
The terms of the agreement, which are subject to adjustment, call for each share of First Keystone stock to be exchanged for 0.6973 shares of Bryn Mawr stock, plus $2.06 in cash.
Keystone's stock rose 36%, to $12, on the news Wednesday. Shares of Bryn Mawr fell 7.5%, to $15.10.
