BRYN MAWR, Pa., July 1, 2010 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation ("BMBC" or the "Corporation") (Nasdaq:BMTC) today completed its previously announced acquisition of First Keystone Financial, Inc. ("FKF") (Nasdaq:FKFS), growing the community oriented bank holding company to approximately $1.7 billion in assets, $1.2 billion in deposits and 17 full service branches across Delaware and Chester counties, Pennsylvania.
BMBC announced its plan to acquire FKF, its $489 million in assets and more than $331 million in deposits in November 2009. All FKF branches will operate under the FKF name until a system conversion takes place towards the end of August 2010.
Ted Peters, Chairman and Chief Executive Officer, stated, "The Bryn Mawr Bank Corporation is extremely pleased to welcome First Keystone Financial, Inc. customers and employees to the BMT franchise. It has taken a lot of effort and great teamwork to merge the two companies. Bryn Mawr Bank Corporation is in the business of building and maintaining relationships with closely held businesses, affluent families, non-profit organizations, and individuals who desire a high level of service. We will continue to provide a high level of service going forward and strive to maintain a strong loan asset quality while retaining our 'well capitalized' position."Donald Guthrie, former Chairman of the Board of FKF who has been appointed to the Board of BMBC, added, "We could not envision FKF merging with a finer organization than BMBC. We are excited to have the opportunity to become part of BMBC, a partner which truly understands the importance of customer service and community banking." The 85% stock and 15% cash transaction is valued at approximately $32 million based on BMBC's June 30, 2010 closing share price, as listed on the NASDAQ Stock Market, of $16.78. In accordance with the terms of the merger agreement, each share of FKF common stock has been converted into the right to receive 0.6973 shares of BMBC common stock and $2.06 in cash.