Bryn Mawr, Pa., April 4, 2017 – Bryn Mawr Bank Corporation (NASDAQ: BMTC), parent of Bryn Mawr Trust (BMT), announced today that it is planning to open an office in Princeton, N.J., focusing on wealth management services.
“Expanding into Central New Jersey with our wealth services is the logical next step for BMT, and it is consistent with our stated objective of selectively exporting our brand to new markets,” said Frank Leto, President and CEO of BMT. “Opening a BMT office in Princeton is the initial step in our expansion plan, and builds on our pending acquisition of Royal Bank America, which has an established Princeton presence.”
Mr. Leto continued, “We believe Central New Jersey, and Princeton, in particular, will provide BMT with tremendous growth opportunity. The initial start-up cost for the office is expected to be slightly dilutive to earnings per share, as business volumes will take time to grow; however, once our pending acquisition of Royal Bank America is completed, BMT will be well-positioned to offer a comprehensive suite of financial solutions.”
BMT hired a dedicated group of wealth professionals who will form the foundation of its organization in New Jersey: Elizabeth Protage Walsh, Francis J. Keene, CFP®, Paul J. Gaudio, CFP®, ChFC®, and Kimberly G. Kingsland, CTFA.
“These individuals have worked together closely for years, and we are delighted that they have chosen to bring their wealth management expertise to BMT,” said Gary Madeira, Executive Vice President of BMT and Head of its Wealth Management Division.
Ms. Walsh, Senior Vice President, will lead BMT’s team in Princeton. Before joining BMT, she spent 29 years at PNC Wealth Management. Ms. Walsh is a leader in the community and serves on several not-for-profit boards, including the Princeton Public Library Foundation and the Princeton Area Community Foundation. She received her A.B. from Princeton University.
Mr. Keene, Senior Vice President and Investment Advisor, is a Certified Financial Planner™ professional. Prior to joining BMT, he had been with PNC for 15 years, and before that, he spent 19 years with Merrill Lynch Investment Managers – Private Investors in Princeton. Active in the community, Mr. Keene has been an officer of Princeton Nursery School’s board of trustees since 2011, most recently serving as president. He received a B.S. in Commerce from Rider University.
Mr. Gaudio, Senior Vice President and Wealth Planner, is a Certified Financial Planner™ professional and Chartered Financial Consultant®. Prior to joining BMT, he worked at PNC and a predecessor bank for 28 years. Outside of work, Mr. Gaudio is an adjunct teacher of Income Tax at Fairleigh Dickinson University. He received a B.S. in Business Administration from Duquesne University and an M.S. in Taxation from Fairleigh Dickinson University.
Ms. Kingsland, Senior Vice President and Wealth Advisor, is a Certified Trust and Financial Advisor and fiduciary specialist. Prior to joining BMT, she worked at PNC for 13 years, and earlier in her career, she was a trust officer with United Trust Bank and a lawyer in private practice. Ms. Kingsland received her B.A. from Villanova University and a J.D. from Seton Hall University School of Law.
The opening of the BMT’s specialty office in Princeton, NJ is expected to occur this quarter and is subject to applicable regulatory approval.
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 to open the Princeton office; 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 Bank America; 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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