J. Duncan Smith, CFO of Bryn Mawr Trust Company, Resigns

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Brwyn Mawr Trust Co
Frank Leto replaced Ted Peters as CEO last year. -- photo via Pete Bannan/Main Line Media news

The man in charge of money for the fast-growing and high-performance Bryn Mawr Bank Corp., parent company of the Bryn Mawr Trust Co., has suddenly resigned after a decade of leadership.

BMTC
According to BMBC, CFO J. Duncan Smith’s resignation was not linked to the change in leadership.

J. Duncan Smith left just months after new CEO Frank Leto took over for now-retired Ted Peters, but Smith’s departure was “not due to any dispute or disagreement with the corporation on any matters, policies, procedures or accounting principles,” the Philadelphia Business Journal report this week.

Under Smith’s direction, Bryn Mawr’s $7.7 billion-in-assets trust business offset declining interest income during the recession, and it acquired eight banks, insurance companies and wealth management firms. Bryn Mawr Trust operates branches in Exton, West Chester, Devon, Kennett Square and Paoli.

Smith’s vacancy leaves holes in both the chief financial officer and treasurer roles. On an interim basis while the bank searches for a permanent replacement, David M. Takats will fill in as CFO while Marie D. Connolly will step in as chief accounting officer.

“The corporation is very fortunate to have individuals with their depth, experience, knowledge and skills on our team,” Leto said in an announcement. “It is a pleasure to work side-by-side with these highly capable professionals. David and Marie have held leadership positions in our finance department and have been key in our acquisitions and strategic planning activities. I look forward to their valuable contributions going forward.”

Takats will receive $175,000 a year and a one-time bonus of 2,000 restricted stock units, The Wall Street Journal noted.

Read more about the resignation and Smith’s history, including 12 years at First National Bank of Chester County, in the Philadelphia Business Journal here and The Wall Street Journal here.

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