Bryn Mawr Bank Corp. in Pennsylvania is forming an equipment leasing subsidiary that will do business nationwide.
Ted Peters, the company's chairman and chief executive officer, said the unit, BMT Leasing Inc., will help diversify revenue and increase shareholder value. "This operation creates a unique niche business with strong margins distinctive from what is right now a competitive banking market," Mr. Peters said Tuesday.
BMT will operate two businesses: Bryn Mawr Equipment Leasing, which will offer equipment leases ranging from $5,000 to $150,000, and Bryn Mawr Funding, which will provide lease funding.
James A. Zelinskie Jr. will run BMT as its president. In 1988 he helped found Hamilton National Leasing, which First Lease Inc. later acquired.
Timothy Westburg was named senior vice president of BMT, and Paul Wesolowski was named vice president and controller.
The subsidiary will report to Joe Keefer, the chief lending officer at the parent company and the head of its credit division.
Bryn Mawr Bank Corp., the parent of Bryn Mawr Trust Co., has $750 million of bank assets and $2.3 billion of trust and investment assets under management.
