Bryn Mawr Trust Continues with a New Pledge of $15 Million Making Home Ownership More Affordable for Low and Moderate-Income ...
December 14 2017 - 8:30AM
Bryn Mawr Bank Corporation (NASDAQ:BMTC) (the “Corporation”),
parent of The Bryn Mawr Trust Company (“BMT”), announced today a
new $15 million commitment to fund loans to low and
moderate-income households in 2018. This commitment is the second
made by BMT. In mid-2016, BMT committed $10 million to make
homeownership more affordable for low and moderate-income borrowers
through BMT’s Neighborhood Opportunity Program. BMT’s Neighborhood
Opportunity Program provides loans to individuals purchasing and
improving homes in low and moderate-income areas. In 17
months, BMT funded over $14.5 million in home loans, and looks to
continue the Program’s strong performance in 2018 with the
additional $15 Million commitment.
The 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.
“We have been encouraged by the positive results
over the past 17 months, originating over $14.5 million in
Neighborhood Opportunity loans. We are dedicated to providing
education and information to help low and moderate-income
prospective homebuyers and individuals seeking home improvement
funding,” said Frank Leto, President and CEO of BMT. Continuing,
“this new $15 Million pledge reaffirms our commitment to provide
mortgages and home loans that further meet the needs of borrowers
in the diverse communities we serve and is designed to ensure
neighborhood growth and revitalization.”
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
(founded in 1889; headquartered in Bryn Mawr, Pa.), is a locally
managed financial services company providing retail and commercial
banking, trust administration and wealth management, and insurance
solutions. Bryn Mawr Bank Corporation has $3.5 billion in corporate
assets and $12.4 billion in wealth assets under management,
administration, supervision, and brokerage (as of 9/30/2017).
BMT operates 25 full service retail bank locations in Montgomery,
Chester, Delaware and Philadelphia Counties in Pennsylvania and New
Castle County in Delaware. For more information please
visit bmtc.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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