Bryn Mawr Bank Corporation Acquires Powers Craft Parker & Beard, Inc. Insurance Brokers And Risk Management Consultants
Bryn Mawr Bank Corporation (Nasdaq: BMTC), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today reported that they entered into a stock purchase agreement to acquire Powers Craft Parker & Beard, Inc. (the "Company"), independent insurance brokers and risk management consultants located in Rosemont, Pennsylvania. The Company provides expert consulting services for personal and commercial insurance clients. Founded in 1922, the Company has been serving the insurance and risk management needs of its clients for more than 92 years.
Ted Peters, Chairman and CEO, stated, "We are excited to have Powers Craft Parker & Beard join the Bryn Mawr Trust organization. They are one of the premier agencies in the Philadelphia area and will greatly enhance our ability to offer high quality insurance services to our existing and new clients."
The Company is licensed to do business in thirty-four states and excels in structuring comprehensive insurance/risk management programs. "Insurance and risk management services are important components of Bryn Mawr Trust's approach to developing comprehensive financial and/or wealth management plans for our personal and business clients. I have known the principals of Powers Craft Parker and Beard, Don Parker and Ned Lee for many years and always valued their expert advice. They are going to be great additions to the Bryn Mawr Trust team. The Company will add significant consulting expertise and synergies when combined with Bryn Mawr Trust's team. The Company, like Bryn Mawr Trust, has a well-earned reputation of delivering outstanding client service. Don and Ned look forward to continuing their relationships with their existing clients as well as developing new ones with the Bank's. I am pleased to have this group of experienced professionals join Bryn Mawr Trust," said Frank Leto, President and COO.
The acquisition is not subject to regulatory approval and closing will occur on or before October 1, 2014.
About Bryn Mawr Bank Corporation: Bryn Mawr Bank Corporation, including its wholly-owned subsidiary, The Bryn Mawr Trust Company was founded in 1889, has $2.1 billion in corporate assets and $7.6 billion in wealth assets under management, administration, supervision and brokerage. Bryn Mawr Trust offers a full range of personal and business banking services, consumer and commercial loans, equipment leasing, mortgages, insurance, as well as wealth management services including investment management, trust and estate administration, retirement planning, custody services, and tax planning and preparation. Headquartered in Bryn Mawr, Pennsylvania, Bryn Mawr Trust has nineteen full-service branches serving residents and businesses in Montgomery, Delaware and Chester counties in Pennsylvania and New Castle County, Delaware. It also maintains seven limited-service offices in adult life care communities.
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