Bryn Mawr Trust Completes Acquisition of Hirshorn Boothby
May 24 2017 - 3:00PM
Bryn Mawr Bank Corporation (NASDAQ:BMTC), (the “Corporation”),
parent of The Bryn Mawr Trust Company (the “Bank”), today reported
the completion of the planned acquisition of Hirshorn Boothby (the
“Company”), an insurance agency headquartered in the Chestnut Hill
section of Philadelphia. Founded in 1931, the Company provides
comprehensive insurance solutions to both individual and business
clients.
Frank Leto, president and CEO, stated, “We are excited to have
Hirshorn Boothby join the Bryn Mawr Trust organization. This
acquisition represents the third transaction involving our
insurance business since 2014 and demonstrates our commitment to
grow and enhance this vital source of noninterest income for the
Corporation. Hirshorn Boothby is well known in this northwest
corner of Philadelphia and its surrounding suburbs, and will
greatly enhance our ability to offer high quality financial
services to existing as well as new clients as we expand into these
new markets.”
Mr. Leto continued, “As we undertake these targeted expansions
into new markets, our strategy is to establish specialty offices
that allow our organization to offer a full array of financial
services, including insurance, wealth management and banking. We
believe that Hirshorn Boothby, with its outstanding reputation and
geographical location, is consistent with the execution of this
strategy.”
The Company will be immediately merged into, and will operate as
a division of, Powers Craft Parker and Beard, Inc., the Bank’s
existing insurance subsidiary.
FORWARD LOOKING STATEMENTS AND SAFE HARBORThis
press release contains statements which, to the extent that they
are not recitations of historical fact, may constitute
forward-looking statements for purposes of the Securities Act of
1933, as amended, and the Securities Exchange Act of 1934, as
amended. Such forward-looking statements may include financial and
other projections as well as statements regarding Bryn Mawr Bank
Corporation’s (the Corporation’s) future plans, objectives,
performance, revenues, growth, profits, operating expenses or the
Corporation’s underlying assumptions. The words “may,” “would,”
“should,” “could,” “will,” “likely,” “possibly,” “expect,”
“anticipate,” “intend,” “estimate,” “target,” “potentially,”
“probably,” “outlook,” “predict,” “contemplate,” “continue,”
“plan,” “forecast,” “project,” “pending,” “are optimistic,” “are
looking,” “are looking forward” and “believe” or other similar
words and phrases may identify forward-looking statements. Persons
reading this press release are cautioned that such statements are
only predictions, and that the Corporation’s actual future results
or performance may be materially different.
Such forward-looking statements involve known and unknown risks
and uncertainties. A number of factors, many of which are beyond
the Corporation’s control, could cause our actual results, events
or developments, or industry results, or our ability to open the
Princeton office, to be materially different from any future
results, events or developments expressed, implied or anticipated
by such forward-looking statements, and so our business and
financial condition and results of operations could be materially
and adversely affected. Such factors include, among others, our
ability to obtain applicable regulatory approvals with respect to
our pending acquisitions; our need for capital, our ability to
control operating costs and expenses, and to manage loan and lease
delinquency rates; the credit risks of lending activities and
overall quality of the composition of our loan, lease and
securities portfolio; the impact of economic conditions, consumer
and business spending habits, and real estate market conditions on
our business and in our market area; changes in the levels of
general interest rates, deposit interest rates, or net interest
margin and funding sources; changes in banking regulations and
policies and the possibility that any banking agency approvals we
might require for certain activities will not be obtained in a
timely manner or at all or will be conditioned in a manner that
would impair our ability to implement our business plans; changes
in accounting policies and practices; the inability of key
third-party providers to perform their obligations to us; our
ability to attract and retain key personnel; competition in our
marketplace; war or terrorist activities; material differences in
the actual financial results, cost savings and revenue enhancements
associated with our acquisitions; our ability to complete the
pending acquisition of Royal Bancshares of Pennsylvania, Inc.; and
other factors as described in our securities filings. All
forward-looking statements and information set forth herein are
based on Management’s current beliefs and assumptions as of the
date hereof and speak only as of the date they are made. The
Corporation does not undertake to update forward-looking
statements.
For a complete discussion of the assumptions, risks and
uncertainties related to our business, you are encouraged to review
our filings with the Securities and Exchange Commission, including
our most recent Annual Report on Form 10-K, as updated by our
quarterly or other reports subsequently filed with the SEC.
FOR MORE INFORMATION CONTACT:
Frank Leto, President, CEO
610-581-4730
Mike Harrington, CFO
610-526-2466
Bryn Mawr Bank (NASDAQ:BMTC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bryn Mawr Bank (NASDAQ:BMTC)
Historical Stock Chart
From Apr 2023 to Apr 2024