Bryn Mawr Bank Corp. in Pennsylvania is acquiring a Philadelphia-area wealth management firm from Boston Private Financial Holdings Inc. and the firm's management group.
The deal for Davidson Trust Co. in Devon, Pa., announced late Friday, would be Bryn Mawr's third acquisition of an asset management firm in recent years and would boost Bryn Mawr's total trust assets under management by about 20%, to nearly $6 billion. A sale price was not disclosed.
"Wealth management is a core competency at Bryn Mawr and we remain focused and committed to growing this strategically important business," Bryn Mawr's chairman and chief executive, Ted Peters, said in a news release. "The addition of Davidson Trust Company will bring deeper market penetration in our core market."
Bryn Mawr has $1.8 billion of assets of and 17 full-service branches in the Philadelphia suburbs. It also has trust operations in Delaware and in the Hershey, Pa., market.
Boston Private, with operations in Boston, California and the Pacific Northwest, has owned a 70% stake in Davidson since 2008. The sale of its Davidson stake is consistent with Boston Private's strategy of streamlining its operations and focusing on its core markets. The $6 billion-asset company last year combined its four banks into a
Bryn Mawr said that Davidson would remain in its current headquarters and would continue to be run by its management team. The all-cash deal is expected to close next quarter.
