Community banking

Bryn Mawr to Buy MidCoast in Delaware for $33 Million

By Chris Cumming March 28, 2013, 9:40 a.m. EDT 1 Min Read

M&A

Bryn Mawr of Pa. to Buy Branch, Assets from First Bank of Delaware

Bryn Mawr Trust Company in Pennsylvania is expanding its banking operations into Delaware to go along with its wealth management business there.

By Alan Kline

May 2

Bryn Mawr Bank (BMTC) in Pennsylvania It has agreed to buy MidCoast Community Bancorp in Wilmington, Del.

The $2 billion-asset Bryn Mawr will pay $33 million in stock for MidCoast in a deal it expects to complete in the third quarter.

The deal will triple the size of Bryn Mawr's operations in Delaware, where it has two branches. The $278 million-asset MidCoast has four branches. Bryn Mawr also has a special-purpose trust company and a multifamily asset management firm in Delaware that have a combined $2 billion of assets under management and supervision.

"MidCoast is one of the premier de novo banks in the nation," Ted Peters, Bryn Mawr's chairman and chief executive, said in a press release Thursday. "We are looking forward to quickly expanding our banking presence in … Delaware under MidCoast CEO Jim Ladio's leadership."

Last May, Bryn Mawr bought a branch from the First Bank of Delaware. It has completed three other deals in Pennsylvania since 2010, buying First Keystone Bank, Davidson Trust, and a wealth management unit of Hershey Trust.

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Community banking

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