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Bryn Mawr Bank Corporation (Nasdaq:BMTC), parent of The Bryn Mawr Trust Company, today announced it completed its previously announced merger with Continental Bank Holdings, Inc. (CBH), the parent company of Continental Bank (Continental), a high-quality community bank headquartered in Plymouth Meeting, Pennsylvania.
Pursuant to the terms of the merger, CBH merged with and into the Corporation, and concurrently, Continental merged with and into the Bank, effective January 1, 2015. The 100% stock transaction is valued at approximately $125 million based on the Corporation’s December 31, 2014 closing per share price, as listed on the NASDAQ Stock Market, of $31.30. In accordance with the terms of the merger agreement, each share of CBH common stock has been converted into the right to receive 0.45 shares of the Corporation’s common stock.
The transaction is the Corporation’s seventh acquisition since 2008 and increases its assets to over $2.8 billion, adding approximately $433 million in loans and $480 million in deposits. The merger adds ten full-service branches located in very desirable market areas within Montgomery, Chester and Philadelphia counties. The Corporation’s Wealth Management Division also has approximately $7.7 billion in assets under management, supervision and brokerage along with a full array of insurance services offered through its subsidiary, Powers Craft Parker and Beard.
All Continental branches will continue to operate under the Continental Bank name until the completion of the banking system conversion, currently scheduled for September 2015.
Frank Leto, President and Chief Executive Officer, stated, “Bryn Mawr Bank Corporation is extremely pleased to welcome Continental’s customers and staff to the Bryn Mawr Trust family. As we work towards the September 2015 system conversion, at which time all branches will operate under a common brand, we will begin to leverage the strengths of the combined organizations by making available Bryn Mawr Trust’s broader solutions to Continental’s customer base. Attractive new services that will be available to our new customers include residential mortgage lending, wealth management and insurance services. We are very excited about the opportunities this acquisition brings.”
