This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Bryn Mawr Bank Corporation Completes The Acquisition Of First Keystone Financial, Inc.

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
BMTC $30.47 -0.62%
AAPL $124.43 -1.54%
FB $82.22 -1.18%
GOOG $548.00 -0.73%
TSLA $188.77 -0.94%

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs