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BMT Multicultural Initiative Launches Pilot Program to Encourage Savings with Tax Refund

Press Releases

Bryn Mawr, Pa., Feb., 12, 2019 – Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (BMT), announced today it has partnered with Congreso De Latinos Unidos, CEIBA, and PathWays PA to pilot a program to encourage savings for individuals who take advantage of the tax preparation services offered by these community organizations.

“The objective of this program is to incent individuals to open a savings account and reward them for consciously keeping a balance. Our goal is to educate people about savings and help them get started,” said Miguel Alban, Vice President of Multicultural Banking. “Human nature is to enjoy a windfall, and often people consider the influx of a tax refund as such. This program is designed to show how taking a little bit of that refund is the start to future savings and sets people on the track of accomplishing larger financial goals.”

“This program is a result of our relationship with community organizations like Congreso, CEIBA, and PathWays who work every day with communities who are underserved when it comes to banking,” said Joseph Keefer, Executive Vice President. “Helping every household save and be prepared for an emergency creates stability and benefits the family, so it makes perfect sense to undertake a program like this that rewards people for saving.”

According to Will Gonzalez, Executive Director of CEIBA, “the $400 savings account clients will have at the end of the program is a good start toward being prepared for an emergency. The Federal Reserve Bank released a report last year showing that 40% of adults would have difficulty covering unexpected expenses. The program is a step in the right direction. We are happy to partner with Bryn Mawr Trust on this important saving at tax time program.”