BRYN MAWR, Pa., June 15, 2016 (GLOBE NEWSWIRE) — Bryn Mawr Bank Corporation (NASDAQ:BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (“BMT”), announced today a $10 million commitment to fund loans to low-to-moderate income households and areas. In conjunction with the significant funding commitment, BMT adjusted the guidelines on its Neighborhood Opportunity Program, to make home ownership and home improvements more accessible and affordable to low and moderate income borrowers. The Neighborhood Opportunity Program provides loans to individuals purchasing and improving homes in low-to-moderate income areas.
“Home ownership should be affordable for everyone. We are committed to providing mortgages and home loans that further meet the needs of borrowers in the diverse communities we serve,” said Frank Leto, President and CEO of BMT. “Home ownership gives borrowers the opportunity to build equity by owning and enhancing their property. This $10 million allocation, combined with our Neighborhood Opportunity Program is designed with this goal in mind.”
BMT created its Neighborhood Opportunity Program in 2014 to help meet the needs of consumers in low and moderate income communities and improve the local neighborhoods it serves. The program provides primary home loans to individuals with low-to-moderate incomes, or to individuals looking to purchase or repair a primary residence located in a low-to-moderate income census tract. The program also helps low-to-moderate income home owners borrow the funds they need to improve their residences.
For home purchases or refinancing, BMT’s Neighborhood Opportunity Program provides a flexible alternative compared to conventional loan programs. With as little as a 3 percent down payment, and the potential to eliminate the high costs of private mortgage insurance (“PMI”), the Neighborhood Opportunity Program makes home ownership more affordable.
In addition to loans through its Neighborhood Opportunity Program, BMT offers consumers a wide variety of other mortgage products at competitive rates, including conventional, jumbo, adjustable-rate, and FHA loans.
BMT’s convenient online mortgage portal allows customers to apply for a mortgage loan when and where it is convenient for them. Customers can also visit a local branch for information, or connect with a local Mortgage Loan Officer for a customized consultation by calling 610-581-4876.
BMT, founded in 1889 and headquartered in Bryn Mawr, Pa., operates 25 retail bank locations in Montgomery, Chester, Delaware and Philadelphia Counties in Pennsylvania and New Castle County, Delaware. BMT also serves clients through its Wealth, Private Banking and Insurance divisions in addition to Mortgage and Commercial Lending Departments. Further information about products and services offered may be obtained at www.bmt.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 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,” “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, 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 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; 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.