BRYN MAWR, Pa., May 24, 2017 – Bryn Mawr Bank Corporation (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported the completion of the planned acquisition of Hirshorn Boothby (the “Company”), an insurance agency headquartered in the Chestnut Hill section of Philadelphia. Founded in 1931, the Company provides comprehensive insurance solutions to both individual and business clients.
Frank Leto, president and CEO, stated, “We are excited to have Hirshorn Boothby join the Bryn Mawr Trust organization. This acquisition represents the third transaction involving our insurance business since 2014 and demonstrates our commitment to grow and enhance this vital source of noninterest income for the Corporation. Hirshorn Boothby is well known in this northwest corner of Philadelphia and its surrounding suburbs, and will greatly enhance our ability to offer high quality financial services to existing as well as new clients as we expand into these new markets.”
Mr. Leto continued, “As we undertake these targeted expansions into new markets, our strategy is to establish specialty offices that allow our organization to offer a full array of financial services, including insurance, wealth management and banking. We believe that Hirshorn Boothby, with its outstanding reputation and geographical location, is consistent with the execution of this strategy.”
The Company will be immediately merged into, and will operate as a division of, Powers Craft Parker and Beard, Inc., the Bank’s existing insurance subsidiary.
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; 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 Bancshares of Pennsylvania, Inc.; 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.
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