Bryn Mawr Bank Corp., which owns Bryn Mawr Trust Co. and its west-suburban Philadelphia branch network, says it's agreed to pay $33 million in stock -- or 0.52 Bryn Mawr shares for each acquired share -- for Wilmington-based MidCoast Community Bancorp Inc., its 3 Wilmington-area branches and 1 Dover branch, $235 million in loans, and $250 million in deposits.
Bryn Mawr boss Ted Peters told me MidCoast CEO Jim Ladio will run the company's Delaware operations going forward. Bryn Mawr last year acquired a First Bank of Delaware office near the state line; it's among the banks gunning for former Wilmington Trust Co. personal and business clients (and lenders and trust bankers) since the state's largest bank hit the rocks and was taken over by M&T Bank amid the late financial crisis.
Near-record low interest rates have made it tough for small banks like Mid-Coast to make money from loans and deposits. Bryn Mawr is a larger, more diversified company whose subsidiaries include Lau Associates and other asset-management groups whose focus includes rich Delaware residents.