Bryn Mawr Bank in Pennsylvania has agreed to buy Powers Craft Parker & Beard, an insurance broker and risk management consulting firm.

The $2.1 billion-asset Bryn Mawr did not disclosed the price it will pay for the Rosemont, Pa., company. The deal is expected to close by Oct. 1.

Powers Craft Parker & Beard is "one of the premier agencies in the Philadelphia area," Ted Peters, Bryn Mawr's chairman and chief executive, said a press release Thursday. The firm "will greatly enhance our ability to offer high-quality insurance services to our existing and new clients."

Powers Craft Parker & Beard is licensed to do business in 34 states. It specializes in in structuring comprehensive insurance and risk management programs.

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