BRYN MAWR, Pa., Feb. 21, 2011 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced that they have entered into a definitive agreement to acquire the Private Wealth Management Group of the Hershey Trust Company (the "PWMG Business"). The acquisition is expected to increase the assets under management of Bryn Mawr Trust's Wealth Management Division by approximately $1.1 billion. Ted Peters, Chairman and CEO of Bryn Mawr Trust, commented, "We are excited to welcome the PWMG clients of the Hershey Trust Company to Bryn Mawr Trust. I can assure them that they will receive the same high-quality advice and service that they presently receive." Francis J. Leto, EVP and head of the Wealth Management Division at Bryn Mawr Trust added, "I am very impressed with the expertise and professionalism of the PWMG investment and fiduciary teams and look forward to having them join Bryn Mawr Trust. This acquisition is an important step in growing a business that has strategic importance to us."
The PWMG Business will remain in its current location at One West Chocolate Avenue, Hershey, PA 17033 and clients will continue to be supported by the investment advisors and client service teams that they have worked with in the past.
Consideration for the transaction will involve a combination of cash and stock, for the PWMG Business. The acquisition is expected to close in the second quarter of 2011, subject to certain conditions and regulatory approvals. For a complete description of the transaction please review our filings with the Securities and Exchange Commission, which will be available on our website ( www.bmtc.com ) on Tuesday, February 22, 2011.About the Corporation The Corporation, including its wholly-owned subsidiary, The Bryn Mawr Trust Company ("Bryn Mawr Trust"), which was founded in 1889, has $1.7 billion in corporate assets and $3.4 billion in trust and investment assets under management, administration, supervision, and brokerage. Bryn Mawr Trust offers a full range of personal and business banking services, consumer and commercial loans, equipment leasing, mortgages, insurance, as well as wealth management services including investment management, trust and estate administration, retirement planning, custody services, and tax planning and preparation. Headquartered in Bryn Mawr, Pennsylvania, Bryn Mawr Trust has seventeen full-service branches serving residents and businesses in the suburbs of Philadelphia. It also maintains seven limited service offices in adult life care communities.