Bryn Mawr Bank Corporation has entered into a definitive agreement to acquire MidCoast Community Bancorp and its wholly owned banking subsidiary for nearly $33m.
The company has already been operating in Delaware and the latest acquisition will further strengthen its footprint with an addition of four branches, nearly $235m in loans and $250m in deposits.
Based on the terms of the transaction, the acquired enterprises will be merged with and into the corporation and its subsidiary, respectively.
For each share of common stock of MidCoast, its shareholders will receive 0.52 shares of Bryn Mawr Bank Corporation.
Commenting on the deal, MidCoast president and CEO Jim Ladio said that the transaction will provide the bank with the products, services and resources, necessary for continuously growing and serving its customers in the greater Wilmington, Delaware region.
Pending receipt of regulatory as well as MidCoast shareholder approval, the transaction is likely to conclude by the end of third quarter of 2013.
Presently, the acquirer operates two subsidiaries in Delaware including Bryn Mawr Trust Company of Delaware, a special purpose trust company; and Lau Associates, a multi-family office and asset management firm, with combined assets under management and supervision of more than $2bn.
Bryn Mawr Trust delivers an array of personal and business banking services, consumer and commercial loans, mortgages, insurance, and wealth management services, including investment management, trust and estate administration, among others.