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| Bryn Mawr Bank Corporation to Acquire Davidson Trust Company, Devon PA |
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 by: iradioal - Philadelphia, PA
started: 02/05/12 11:59 am | updated: 02/05/12 11:59 am |
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BRYN MAWR, Pa., Feb. 3, 2012 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC) (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced that it has entered into a definitive agreement to acquire Davidson Trust Company (the "Company") from Boston Private Financial Holdings, Inc. and members of the Company's management group.
The acquisition is expected to increase the assets under management of the Bank's Wealth Management Division by approximately $1.0 billion. Ted Peters, Chairman and CEO of the Bank, commented, "We are excited that Davidson Trust Company has decided to join the Bryn Mawr Trust family of wealth management companies. Davidson has long been recognized as one of the premier trust and investment firms in the nation. Davidson's clients will continue to receive the same high-quality service and advice from their current relationship team." Francis J. Leto, EVP and head of the Wealth Management Division added, "Wealth management is a core competency at Bryn Mawr Trust and we remain focused and committed to growing this strategically important business. With this acquisition, the Wealth Management Division continues its track record of expansion, which began with the acquisition of Lau Associates, a high net worth family office in Delaware, and continued with the launch of Bryn Mawr Trust Company of Delaware which brought trust and investment services to the Delaware market, and the acquisition of the Private Wealth Management Group of the Hershey Trust Company, which expanded our market foot print. The addition of Davidson Trust Company will bring deeper market penetration in our core market. With this strategic move, we are expanding our range of services as well as our market area and depth of penetration."
James M. Davidson, Chairman and Founder of Davidson Trust Company, commented, "We believe that this transaction will represent a great opportunity for our clients and staff. We are confident that the transition will be smooth and seamless for our clients. More importantly, they will benefit from having additional services available to them such as private banking, family office and other lending services. I am delighted that we are joining Bryn Mawr Trust." Alvin A. Clay, III, CEO and Principal, added, "This is a very positive development for our clients and staff. We have always admired Bryn Mawr Trust and the feeling was obviously mutual. They have a depth of resources that will clearly help our professionals serve our clients better, and Davidson has expertise that will enhance the experience of Bryn Mawr's clients."
The Company will remain in its current location at 20 N. Waterloo Road, Devon, PA and clients will continue to be supported by the investment advisors and client service teams with whom they have worked in the past. For information about the Company visit www.davidsontrust.com.
The Company will be acquired for cash, and the transaction is expected to close in the second quarter of 2012, subject to certain conditions and regulatory approvals. For a complete description of the transaction please review our filings with the Securities and Exchange Commission (the "SEC"), which will be available on our website (www.bmtc.com) on February 7, 2012. |
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