Bryn Mawr, Pa., Feb., 6, 2019 – Bryn Mawr Bank Corporation (NASDAQ: Bryn Mawr TrustC) (the “Corporation”), parent of The Bryn Mawr Trust Company (“Bryn Mawr Trust”), announced today a new $25 million pledge to fund loans to low- and moderate-income households in 2019. This commitment is the third annual pledge made by Bryn Mawr Trust, increasing year-over-year, due to the demand and great success of the program. The program pledge began in 2016 with a $10 million commitment and increased in 2017 extending the pledge to $15 million. Bryn Mawr Trust is pleased to share our extraordinary 2018 results of $24 million far exceeding our pledge of $15 million. These results and the desire to expand this program have compelled us to our new higher $25 million pledge for 2019.
“Homeownership is the American dream. Achieving this and the ability to build equity by improving one’s home should be affordable and accessible. We remain committed to providing education and information to help low- and moderate-income prospective homebuyers and individuals seeking home improvement funding,” said Frank Leto, President and CEO of BMBC. “The success of the past programs reaffirmed the need to significantly increase our pledged funds to provide mortgages and home loans that further meet the needs of borrowers in the diverse communities we serve and are designed to ensure neighborhood growth and revitalization.”
About Bryn Mawr Trust Neighborhood Opportunity Program:
The program’s mission is to make homeownership more affordable for low- and moderate-income borrowers. Bryn Mawr Trust’s Neighborhood Opportunity Program provides loans to individuals purchasing and improving homes in low- and moderate-income areas. The Bryn Mawr Trust Neighborhood Opportunity Program provides primary home loans to individuals with low- and moderate-income, or to individuals looking to purchase or repair a primary residence located in a low- and moderate-income census tract. Learn more about the Neighborhood Opportunity Program.
For home purchases or refinancing, Bryn Mawr Trust’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, Bryn Mawr Trust offers consumers a wide variety of other mortgage products at competitive rates, including conventional, jumbo, adjustable-rate, and FHA loans.
Bryn Mawr Trust’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.