Pennsylvania-based Bryn Mawr Bank (BMBC) has completed its previously announced acquisition of First Keystone Financial (FKF), growing the community oriented bank holding company to approximately $1.7bn in assets, $1.2bn in deposits and 17 full service branches across Delaware and Chester counties, Pennsylvania.
BMBC announced its plan to acquire FKF, in November 2009. All FKF branches will operate under the FKF name until a system conversion takes place towards the end of August 2010.
Donald Guthrie, former chairman of the board of FKF has been appointed to the board of BMBC.
The 85% stock and 15% cash transaction is valued at approximately $32m based on BMBC’s June 30, 2010 closing share price, as listed on the NASDAQ stock market, of $16.78.
Ted Peters, chairman and CEO of BMBC, said: “The Bryn Mawr Bank Corporation is extremely pleased to welcome First Keystone Financial, Inc. customers and employees to the BMT franchise. It has taken a lot of effort and great teamwork to merge the two companies. Bryn Mawr Bank Corporation is in the business of building and maintaining relationships with closely held businesses, affluent families, non-profit organizations, and individuals who desire a high level of service.”