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- Seller
- Buyer
- Type
- Date Announced
- Seller AUM
- Hershey Trust Company (Private Wealth Management Group)
- Bryn Mawr Bank Corporation
- Wealth Management Firms
- February 21, 2011
- $1.1 Billion
Seller Details
Hershey Trust Company ("HTC") is a Pennsylvania-chartered trust company founded by Milton S. Hershey in 1905 which serves as trustee for Milton Hershey School Trust. HTC's Private Wealth Management Group, located in Derry Township, Pennsylvania, provides customized financial advice, investment management, estate planning, trust administration and tax services to individuals and institutions.
Buyer Details
Byrn Mawr Bank Corporation ("BMBC"), including its wholly-owned subsidiary, The Bryn Mawr Trust Company, which was founded in 1889, has $1.7 billion in corporate assets and $3.4 billion in trust and investment assets under management, administration, supervision, and brokerage. BMBC offers a full range of personal and business banking services, consumer and commercial loans, equipment leasing, mortgages, insurance, as well as wealth management services including investment management, trust and estate administration, retirement planning, custody services, and tax planning and preparation. Headquartered in Bryn Mawr, Pennsylvania, BMBC has seventeen full-service branches serving residents and businesses in the suburbs of Philadelphia. It also maintains seven limited service offices in adult life care communities.
Transaction Summary
Hershey Trust Company ("HTC") announced today that it has entered into a definitive agreement with Bryn Mawr Bank Corporation ("BMBC") under which BMBC will acquire the entire the Private Wealth Management Group (the "PWMG Business") of HTC. Consideration for the transaction will involve a combination of cash and stock for the PWMG Business. The transaction, which is subject to various closing conditions, including HTC and BMBC both receiving regulatory approval, is expected to close in the second quarter of 2011.
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