Bryn Mawr Trust Announces Definitive Agreement to Acquire Hirshorn Boothby
04/19/2017 | 06:07pm EDT
BRYN MAWR, Pa., April 19, 2017 (GLOBE NEWSWIRE) -- Bryn Mawr Trust (BMT), a subsidiary of Bryn Mawr Bank Corporation (NASDAQ:BMTC), announced today that it has entered a definitive agreement to acquire Hirshorn Boothby, a full-service insurance agency established in 1931 and headquartered in the Chestnut Hill section of Philadelphia.
"We are pleased to have reached a definitive agreement to acquire such a well-respected insurance agency and look forward to working with Ralph Hirshorn and Dick Boothby, along with their team, as they join the Bryn Mawr Trust family. This acquisition meets two strategic objectives for Bryn Mawr Trust. The first is the broadening of our presence into this diverse northwest corner of Philadelphia, which is a natural fit for Bryn Mawr Trust both geographically and demographically, and the second is our targeted expansion of complementary product lines such as insurance and wealth management services, which is often best accomplished through key acquisitions like Hirshorn Boothby," said Frank Leto, President and Chief Executive Officer. Mr. Leto continued, "The addition of Hirshorn Boothby builds on our existing insurance business, Powers, Craft, Parker and Beard, by expanding it into an area of the market that has always interested Bryn Mawr Trust." Leto added, "This firm is a strong addition, expanding upon our successful model of specialty offices such as those found in Hershey, PA; Greenville, DE; and our office currently under development in Princeton, NJ. These strategic specialty offices allow BMT to more effectively provide insurance, wealth management and other financial services to the area. The Hirshorn Boothby Chestnut Hill location, along with the four additional branch locations in Philadelphia which are set to be added in the anticipated acquisition of Royal Bancshares, will further expand our presence in the City of Philadelphia."
Ralph Hirshorn, Chairman, Hirshorn Boothby, stated, "We are pleased to be joining Bryn Mawr Trust, an organization with a long history, like ours, of client focused solutions." Hirshorn continued, "Our values align well with a similar focus on building strong client relationships with integrity and reliability."
The acquisition of Hirshorn Boothby is expected to close in the second quarter of 2017, and, like the anticipated acquisition of Royal Bancshares of Pennsylvania, Inc. and opening of the BMT Princeton Office, is subject to applicable regulatory approvals and certain closing conditions.
Bryn Mawr Bank Corporation (NASDAQ:BMTC), including its principal subsidiary, The Bryn Mawr Trust Company (founded in 1889; headquartered in Bryn Mawr, Pa.), is a locally managed financial services company providing retail and commercial banking, trust administration and wealth management, and insurance solutions. Bryn Mawr Bank Corporation has $3.42 billion in corporate assets and $11.33 billion in wealth assets under management, administration, supervision, and brokerage (as of 12/31/2016). For more information, visit www.bmtc.com.
FORWARD-LOOKING STATEMENTS AND SAFE HARBOR
This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding Bryn Mawr Bank Corporation's (the Corporation's) future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation's underlying assumptions. The words "may," "would," "should," "could," "will," "likely," "possibly," "expect," "anticipate," "intend," "estimate," "target," "potentially," "probably," "outlook," "predict," "contemplate," "continue," "plan," "forecast," "project," "pending," "are optimistic," "are looking," "are looking forward" and "believe" or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation's actual future results or performance may be materially different.
Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause our actual results, events or developments, or industry results, or our ability to open the Princeton office, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, our ability to obtain applicable regulatory approvals with respect to our pending acquisitions and Princeton office; our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; our ability to complete the pending acquisition of Royal Bank America; and other factors as described in our securities filings. All forward-looking statements and information set forth herein are based on Management's current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.
For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, as updated by our quarterly or other reports subsequently filed with the SEC.
Tina S. McDonald
Senior Vice President