Bryn Mawr Bank Corporation reported it entered into a stock purchase agreement to acquire Powers Craft Parker & Beard, Inc. independent insurance brokers and risk management consultants. Powers Craft is based in located in Rosemont, Pa.
Brywn Mawr has banking and investment operations in northern New Castle County, Del.
The company provides consulting services for personal and commercial insurance clients.
Founded in 1922, the Company has been serving the insurance and risk management needs of its clients for more than 92 years.
Ted Peters, CEO of Bryn Mawr stated, “We are excited to have Powers Craft Parker & Beard join the Bryn Mawr Trust organization. They are one of the premier agencies in the Philadelphia area and will greatly enhance our ability to offer high quality insurance services to our existing and new clients.”
The company is licensed to do business in 34 states and has expertise in structuring comprehensive insurance/risk management programs.
“I am pleased to have this group of experienced professionals join Bryn Mawr Trust,” said Frank Leto, president and COO of Bryn Mawr.
The acquisition is not subject to regulatory approval and closing will occur on or before October 1, 2014.
