The Bryn Mawr Trust’s parent company Bryn Mawr Bank has completed its previously announced merger with Continental Bank (CBH).
CBH merged with Bryn Mawr, and concurrently, Continental merged with the bank, effective 1 January 2015, pursuant to merger terms.
The 100% stock transaction is said to be valued at about $125m.
Claimed to be Bryn Mawr Bank’s seventh acquisition since 2008, the deal increases the company’s assets to more than $2.8bn, adding about $433m in loans and $480m in deposits.
The merger of the companies will also add ten full-service branches located in market areas within Montgomery, Chester and Philadelphia counties in the US.
All branches of Continental will continue to operate under the Continental Bank name until the banking system completes conversion, which is scheduled for September 2015.
Bryn Mawr Bank president and chief executive officer Frank Leto said: "As we work towards the September 2015 system conversion, at which time all branches will operate under a common brand, we will begin to leverage the strengths of the combined organizations by making available Bryn Mawr Trust’s broader solutions to Continental’s customer base.
"Attractive new services that will be available to our new customers include residential mortgage lending, wealth management and insurance services."