Bryn Mawr Belief has bought Narbeth-based mostly Royal Financial institution for $128 million, the father or mother corporations introduced Tuesday.
The acquisition is predicted so as to add roughly $602 million in loans and $630 million in deposits to Bryn Mawr’s stability sheet.
The acquisition “strengthens the company’s place as the most important group financial institution in Philadelphia’s western suburbs and, based mostly on deposits (and) ranks it because the eighth largest group financial institution headquartered in Pennsylvania,” Bryn Mawr stated within the assertion saying the acquisition.
The acquisition additionally expands Bryn Mawr’s distribution community into the brand new markets of New Jersey and Berks County.
“The acquisition of Royal Financial institution is a logical selection for Bryn Mawr Belief,” stated Frank Leto, president and CEO of Bryn Mawr. “With its robust lending workforce and prime department places, Royal Financial institution offers BMT with its first location in Middle Metropolis Philadelphia, in addition to a foothold within the state of New Jersey, the place Royal has established a nicely-acquired presence within the Princeton market.”
Bryn Mawr Financial institution Corp., together with its wholly-owned subsidiary, The Bryn Mawr Belief Firm, is headquartered in Bryn Mawr and was based in 1889. It has $three.forty two billion in company belongings and $eleven.33 billion in wealth belongings underneath administration, administration, supervision, and brokerage.
Bryn Mawr Belief operates 25 full service retail financial institution places and eight restricted-entry retirement group places in Montgomery, Chester, Delaware and Philadelphia counties in Pennsylvania and New Citadel County, Delaware, and one restricted-service department banking location in Hershey, Dauphin County.
Established in 1963, Royal Financial institution has an array of monetary services it provides by way of thirteen branches and two mortgage manufacturing workplaces.
“The mixture is a superb alternative for our shareholders and stakeholders to hitch with a excessive-performing, diversified group like Bryn Mawr Belief.” Royal Financial institution Chairman Robert Tabas stated in a press release Tuesday.
Royal Financial institution serves rising small and center market companies, business actual property buyers, shoppers, and depositors principally in Montgomery, Delaware, Chester, Bucks, Philadelphia and Berks counties in Pennsylvania, central and southern New Jersey, and Delaware.
The transaction is topic to customary closing circumstances together with regulatory and Royal shareholder approvals. It’s anticipated to shut within the third…