Bryn Mawr Trust Announces Definitive Agreement to Acquire Hirshorn Boothby
BRYN MAWR, PA — Bryn Mawr Trust (BMT), a subsidiary of Bryn Mawr Bank Corporation (NASDAQ: BMTC), announced today that it has entered a definitive agreement to acquire Hirshorn Boothby, a full-service insurance agency established in 1931 and headquartered in the Chestnut Hill section of Philadelphia.
“We are pleased to have reached a definitive agreement to acquire such a well-respected insurance agency and look forward to working with Ralph Hirshorn and Dick Boothby, along with their team, as they join the Bryn Mawr Trust family. This acquisition meets two strategic objectives for Bryn Mawr Trust. The first is the broadening of our presence into this diverse northwest corner of Philadelphia, which is a natural fit for Bryn Mawr Trust both geographically and demographically, and the second is our targeted expansion of complementary product lines such as insurance and wealth management services, which is often best accomplished through key acquisitions like Hirshorn Boothby,” said Frank Leto, President and Chief Executive Officer. Mr. Leto continued, “The addition of Hirshorn Boothby builds on our existing insurance business, Powers, Craft, Parker and Beard, by expanding it into an area of the market that has always interested Bryn Mawr Trust.” Leto added, “This firm is a strong addition, expanding upon our successful model of specialty offices such as those found in Hershey, PA; Greenville, DE; and our office currently under development in Princeton, NJ. These strategic specialty offices allow BMT to more effectively provide insurance, wealth management and other financial services to the area. The Hirshorn Boothby Chestnut Hill location, along with the four additional branch locations in Philadelphia which are set to be added in the anticipated acquisition of Royal Bancshares, will further expand our presence in the City of Philadelphia.”
Ralph Hirshorn, Chairman, Hirshorn Boothby, stated, “We are pleased to be joining Bryn Mawr Trust, an organization with a long history, like ours, of client focused solutions.” Hirshorn continued, “Our values align well with a similar focus on building strong client relationships with integrity and reliability.”
The acquisition of Hirshorn Boothby is expected to close in the second quarter of 2017, and, like the anticipated acquisition of Royal Bancshares of Pennsylvania, Inc. and opening of the BMT Princeton Office, is subject to applicable regulatory approvals and certain closing conditions.