Bryn Mawr Bank Corporation, the parent corporation of the Bryn Mawr Trust Company, announced on Thursday that it would acquire MidCoast Community Bancorp and its Delaware-based subsidiary MidCoast Community Bank for $33 million.
The acquisition will add four branches, $250 million in bank deposits and $235 million in loans to the corporation’s Delaware presence.
“It is exciting to have MidCoast Community Bank join the Bryn Mawr Trust organization,” Bryn Mawr Bank Corp. Chairman and CEO Ted Peters said. “MidCoast is one of the premier de novo banks in the nation, and it’s gratifying that they have chosen us as their partner going forward. We are looking forward to quickly expanding our banking presence in the State of Delaware under MidCoast CEO Jim Ladio’s leadership.”
Under the terms of the agreement, MidCoast will be merged into Bryn Mawr Bank Corp., while MidCoast Community Bank will merge with Bryn Mawr Trust Company.
“We are very excited to be joining Bryn Mawr Trust, which will provide us with the products, services and resources that we need to continue to grow and serve our customers in the greater Wilmington, Delaware area,” MidCoast President and CEO Jim Ladio said.
Bryn Mawr Bank Corp. has two subsidiaries in Delaware, including the Bryn Mawr Trust Co. and Lau Associates, a multi-family asset management firm.