Bryn Mawr Bank Corp. will acquire Narberth-based Royal Bancshares of Pennsylvania for $127.7 million, writes Jeff Blumenthal of the Philadelphia Business Journal.
Bryn Mawr Bank previously boasted $3.2 billion in assets, but with Royal’s $832 million, it will soon exceed the $4 billion mark.
Kevin Tylus, Royal’s president and CEO, will join Bryn Mawr Bank’s senior management team, according to Bryn Mawr CEO Frank Leto, “in order to continue to expand these relationships and to help ensure a smooth integration of the two institutions.”
According to the article, “Bryn Mawr Bank has been one of the region’s top-performing local banks, aided by the buffer of $11 billion in assets under management from its trusts division.”
Bryn Mawr Bank has 25 retail branches in Montgomery, Chester, Delaware, and Philadelphia counties in Pennsylvania and in New Castle County, Delaware.
The acquisition of Royal Bancshares will be Bryn Mawr’s ninth such transaction since 2008. It acquired Plymouth Meeting-based Continental Bank in January 2015 for $125 million.
Click here to read more about Bryn Mawr Bank’s agreement to acquire Royal Bancshares of Pennsylvania in the Philadelphia Business Journal.