BRYN MAWR, Pa., Dec. 01, 2017 (GLOBE NEWSWIRE) -- As previously announced, Bryn Mawr Bank Corporation (NASDAQ:BMTC), the parent company of The Bryn Mawr Trust Company, entered into an Agreement and Plan of Merger dated January 30, 2017, with Royal Bancshares of Pennsylvania, Inc. (NASDAQ:RBPAA), the parent company of Royal Bank America, pursuant to which RBPI will merge with and into BMBC, and thereafter RBA will be merged with and into BMT. BMBC and RBPI are pleased to announce that on November 30, 2017, the Merger was approved by the Federal Reserve Board, which was the final regulatory approval necessary to complete the Merger. The Federal Reserve approval provides that the transaction may close upon expiration of a standard fifteen-day waiting period. Accordingly, the Merger is expected to close in December 2017, subject to satisfaction of customary closing conditions.
Frank Leto, President and CEO of BMBC said, “We are excited to have finally reached this important milestone. We believe that the combination of our two organizations will allow us to continue to deliver high value products and services to consumers and businesses in the area. This acquisition strengthens BMT’s position as the largest community bank in Philadelphia’s western suburbs and, based on deposits, the 8th largest community bank headquartered in Pennsylvania, adding approximately $575 million in loans and $630 million in deposits. The acquisition expands the Corporation's distribution network and provides entry into attractive markets in Philadelphia and New Jersey.”
Kevin Tylus, President and CEO of RBPI added, “Royal Bank is extremely pleased that final approval for the Merger has been received. Moving forward means that our shareholders, customers and many employees will have the opportunity to join the much admired Bryn Mawr Trust organization. The complimentary cultures and proven successes of both companies will now combine to offer more to our dynamic markets and broaden our position in existing and new markets.