Bryn Mawr Bank Corporation to Acquire Davidson Trust Company, Devon PA
Bryn Mawr Bank Corporation (NASDAQ: BMTC) announced Friday that it has entered into a definitive agreement to acquire Davidson Trust Company from Boston Private Financial Holdings and members of the Company's management group.
The acquisition is expected to increase the assets under management of the Bank's Wealth Management Division by approximately $1.0 billion. Ted Peters, Chairman and CEO of the Bank, commented, "We are excited that Davidson Trust Company has decided to join the Bryn Mawr Trust family of wealth management companies. Davidson has long been recognized as one of the premier trust and investment firms in the nation. Davidson's clients will continue to receive the same high-quality service and advice from their current relationship team." Francis J. Leto, EVP and head of the Wealth Management Division added, "Wealth management is a core competency at Bryn Mawr Trust and we remain focused and committed to growing this strategically important business. With this acquisition, the Wealth Management Division continues its track record of expansion, which began with the acquisition of Lau Associates, a high net worth family office in Delaware, and continued with the launch of Bryn Mawr Trust Company of Delaware which brought trust and investment services to the Delaware market, and the acquisition of the Private Wealth Management Group of the Hershey Trust Company, which expanded our market foot print. The addition of Davidson Trust Company will bring deeper market penetration in our core market. With this strategic move, we are expanding our range of services as well as our market area and depth of penetration."
The Company will be acquired for cash, and the transaction is expected to close in the second quarter of 2012, subject to certain conditions and regulatory approvals.
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