Bryn Mawr Trust Completes Acquisition of Hirshorn Boothby
BRYN MAWR, PA — Bryn Mawr Bank Corporation (NASDAQ:BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today reported the completion of the planned acquisition of Hirshorn Boothby (the “Company”), an insurance agency headquartered in the Chestnut Hill section of Philadelphia. Founded in 1931, the Company provides comprehensive insurance solutions to both individual and business clients.
Frank Leto, president and CEO, stated, “We are excited to have Hirshorn Boothby join the Bryn Mawr Trust organization. This acquisition represents the third transaction involving our insurance business since 2014 and demonstrates our commitment to grow and enhance this vital source of noninterest income for the Corporation. Hirshorn Boothby is well known in this northwest corner of Philadelphia and its surrounding suburbs, and will greatly enhance our ability to offer high quality financial services to existing as well as new clients as we expand into these new markets.”
Mr. Leto continued, “As we undertake these targeted expansions into new markets, our strategy is to establish specialty offices that allow our organization to offer a full array of financial services, including insurance, wealth management and banking. We believe that Hirshorn Boothby, with its outstanding reputation and geographical location, is consistent with the execution of this strategy.”
The Company will be immediately merged into, and will operate as a division of, Powers Craft Parker and Beard, Inc., the Bank’s existing insurance subsidiary.
