Bryn Mawr Trust Continues Its Affordable Home Funding Program for Low- and Moderate-Income Borrowers with a New Pledge of $30...
January 03 2020 - 9:10AM
Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”),
parent of The Bryn Mawr Trust Company (“BMT”), announced today a
new $30 million pledge to fund loans to low- and
moderate-income households and loan in low- and moderate-income
areas in 2020 through their Neighborhood Opportunity Program (NOP).
This new 2020 commitment is the fourth annual pledge made by BMT.
The NOP pledge began in 2016 with a $10 million commitment and has
increased year-over-year to $25 million in 2019. BMT is pleased to
share our 2019 results of $34 million, which exceeded our 2019
pledge and goal by 36%. These results and the desire to expand this
program have compelled BMT to commit to a $30 million pledge for
2020.
“Home ownership and home improvement ensure
neighborhood growth and revitalization. We are committed to helping
low- and moderate-income borrowers in the diverse communities we
serve to find the funding they need,” said Frank Leto, President
and CEO of BMBC. “We believe home ownership and home improvement
funding should be affordable and accessible. With the increased NOP
funding, combined with our numerous mortgage and homebuyer
educational programs, we can help even more individuals and
families achieve the American dream.”
About BMT Neighborhood Opportunity
Program:The program’s mission is to make homeownership
more affordable for low- and moderate-income borrowers. BMT’s
Neighborhood Opportunity Program provides loans to individuals
purchasing and improving homes in low- and moderate-income areas.
The BMT Neighborhood Opportunity Program provides primary home
loans to individuals with low- and moderate-income, or to
individuals looking to purchase or repair a primary residence
located in a low- and moderate-income census tract. For more
information on the Neighborhood Opportunity Program visit
bmt.com/NOP.
For home purchases or refinancing, BMT’s
Neighborhood Opportunity Program provides a flexible alternative
compared to conventional loan programs. With as little as a 3
percent down payment, and the potential to eliminate the high costs
of private mortgage insurance (“PMI”), the Neighborhood Opportunity
Program makes home ownership more affordable.
In addition to loans through its Neighborhood
Opportunity Program, BMT offers consumers a wide variety of other
mortgage products at competitive rates, including conventional,
jumbo, adjustable-rate, and FHA loans.
BMT’s convenient online mortgage portal allows
customers to apply for a mortgage loan when and where it is
convenient for them. Customers can also visit a local branch for
information, or connect with a local Mortgage Loan Officer for a
customized consultation by calling 610-581-4876.
Bryn Mawr Bank Corporation (NASDAQ: BMTC),
including its principal subsidiary, The Bryn Mawr Trust Company
(BMT), was founded in 1889, and is headquartered in Bryn Mawr, Pa.
BMT is a locally managed, premier financial services company
providing retail and commercial banking; trust administration and
wealth management; and insurance and risk management solutions.
Bryn Mawr Bank Corporation has $4.83 billion in corporate assets
and $15.6 billion in wealth assets under management,
administration, supervision, and brokerage (as of 9/30/19). Today,
the company operates 43 banking locations, seven (7) wealth
management offices and two (2) insurance and risk management
locations in the following counties: Montgomery, Chester, Delaware,
Philadelphia, and Dauphin Counties in Pennsylvania; New Castle
County in Delaware; and Mercer and Camden Counties in New Jersey.
For more information, visit bmt.com.
FORWARD-LOOKING STATEMENTS AND SAFE
HARBOR This 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 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,” “indicate,”
“estimate,” “target,” “potentially,” “promising,” “probably,”
“outlook,” “predict,” “contemplate,” “continue,” “plan,”
“forecast,” “project,” “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, 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. 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.
Contact:Tina S. McDonaldSenior Vice
President610.581.4875tmcdonald@bmtc.com
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