BRYN MAWR, Pa., March 28, 2013 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC) (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced that the Corporation has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") to acquire MidCoast Community Bancorp, Inc. ("MidCoast") and its wholly owned subsidiary MidCoast Community Bank, for approximately $33 million. MidCoast Community Bancorp, Inc. is headquartered in Wilmington, Delaware. The acquisition builds upon the Corporation's existing footprint in Delaware by adding four branches, approximately $235 million in loans and approximately $250 million in deposits.
Ted Peters, Chairman and CEO, stated, "It is exciting to have MidCoast Community Bank join the Bryn Mawr Trust organization. MidCoast is one of the premier de novo banks in the nation, and it's gratifying that they have chosen us as their partner going forward." Mr. Peters added, "We are looking forward to quickly expanding our banking presence in the State of Delaware under MidCoast CEO Jim Ladio's leadership."
Pursuant to the terms of the Merger Agreement, MidCoast will merge with and into the Corporation, with the Corporation surviving the merger (the "Merger"). Immediately after the Merger, MidCoast Community Bank, will merge with and into the Bank, with the Bank being the surviving entity.Jim Ladio, President and CEO of MidCoast stated "We are very excited to be joining Bryn Mawr Trust, which will provide us with the products, services and resources that we need to continue to grow and serve our customers in the greater Wilmington, Delaware area." Under the terms of the Merger Agreement, stockholders of MidCoast will receive 0.52 shares of Bryn Mawr Bank Corporation common stock for each share of common stock they own. The transaction is subject to normal regulatory and MidCoast shareholder approval and is expected to close late in the third quarter of 2013.