BRYN MAWR, Pa., April 02, 2018 (GLOBE NEWSWIRE) — Bryn Mawr Trust (“BMT”), wholly owned by Bryn Mawr Bank Corporation (NASDAQ:BMTC) (the “Corporation”), announced today that their insurance and risk management subsidiary Powers Craft Parker & Beard, Inc. (“Powers Craft”) is now BMT Insurance Advisors (“BMTIA”). Edward F. Lee, CPCU® will continue as President of BMTIA.
“Customers have found tremendous value and comfort in our growing insurance and risk management expertise,” said BMBC President and CEO Frank Leto. “The BMT brand is strong – trusted and with top-of-mind awareness. The rebranding to BMT Insurance Advisors is a natural progression, capitalizing on one cohesive brand. It is an exciting time for BMT.”
BMT acquired Powers Craft in October 2014 to bolster their existing insurance subsidiary Insurance, Counsellors of Bryn Mawr, that began operations in 1998. BMT has subsequently made two additional acquisitions in the insurance space. The line of business has become an important source of noninterest income for the Corporation.
BMTIA is an independent insurance brokerage and risk management consulting firm that builds customized insurance solutions to suit specific customer needs. They are licensed to do business in forty-one states. BMTIA partners with all BMT divisions – including Wealth Management, Private Banking, Leasing, Consumer Banking, and Commercial Banking – to assist in developing strategies for customers. Visit bmtc.com/insurance for more information.
Bryn Mawr Bank Corporation (NASDAQ:BMTC), including its principal subsidiary, The Bryn Mawr Trust Company (founded in 1889; headquartered in Bryn Mawr, Pa.), is a locally managed financial services company providing retail and commercial banking, trust administration and wealth management, and insurance solutions. Bryn Mawr Bank Corporation has $4.45 billion in corporate assets and $13 billion in wealth assets under management, administration, supervision, and brokerage (as of 12/31/17). Today, BMT operates 44 banking locations in Montgomery, Chester, Delaware, Philadelphia and Berks Counties in Pennsylvania, New Castle County in Delaware and Camden County in New Jersey. For more information, visit bmtc.com.
FORWARD-LOOKING STATEMENTS AND SAFE HARBOR
This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation’s future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation’s underlying assumptions. The words “may,” “would,” “should,” “could,” “will,” “likely,” “possibly,” “expect,” “anticipate,” “intend,” “estimate,” “target,” “potentially,” “probably,” “outlook,” “predict,” “contemplate,” “continue,” “plan,” “forecast,” “project,” “are optimistic,” “are looking,” “are looking forward” and “believe” or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation’s actual future results or performance may be materially different.
Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation’s control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices; the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; our ability to complete anticipated acquisitions and any material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; and other factors as described in our securities filings. All forward-looking statements and information set forth herein are based on Management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.
For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, as well as any changes in risk factors that we may identify in our quarterly or other reports subsequently filed with the SEC.
Edward F. Lee, President
BMT Insurance Advisors
Tina S. McDonald, SVP
Bryn Mawr Trust