Bryn Mawr Bank Corporation is buying Wilmington-based MidCoast Community Bancorp for about $33 million.
MidCoast has quietly grown into a bank with $235 million in loans and $250 in deposits MidCoast has locations on the Wilmington Riverfront, north Wilmington, Dover and most recently north Wilmington.
Bryn Mawr, though Bryn Mawr Trust, operates one branch in north Wilmington that came with the acquisition of First Bank of Delaware last year. That bank was sold after being been stripped of its charter for failing to put in money laundering monitoring measures in place the Philadelphia Business Journal reported.
Ted Peters, CEO, stated, “It is exciting to have MidCoast Community Bank join the Bryn Mawr Trust organization. MidCoast is one of the premier de novo banks in the nation, and it’s gratifying that they have chosen us as their partner going forward.” Peters added, “We are looking forward to quickly expanding our banking presence in the sate of Delaware under MidCoast CEO Jim Ladio’s leadership.”
Ladio stated : “We are very excited to be joining Bryn Mawr Trust, which will provide us with the products, services and resources that we need to continue to grow and serve our customers in the greater Wilmington area.” Stockholders of MidCoast will receive 0.52 shares of Bryn Mawr common stock for each share of common stock. The transaction is subject to regulatory and MidCoast shareholder approval and is expected to close late in the third quarter of 2013.
Brwyn Mawr, based in Pennsylvania, currently has two subsidiaries in the State of Delaware – The Bryn Mawr Trust Company of Delaware, a special purpose trust company, and Lau Associates LLC, a multi-family office and asset management firm.
