Bryn Mawr to Buy MidCoast in Delaware for $33 Million

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.