Welcome to our dedicated page for Bryn Mawr Bank news (Ticker: BMTC), a resource for investors and traders seeking the latest updates and insights on Bryn Mawr Bank stock.
Bryn Mawr Bank Corporation (BMTC) no longer exists as an independent publicly traded company. The regional bank holding company was acquired by WSFS Financial Corporation in a merger that closed on January 1, 2022, and the BMTC stock ticker was subsequently delisted from NASDAQ.
Before its acquisition, Bryn Mawr Bank Corporation served as the holding company for The Bryn Mawr Trust Company, a Pennsylvania-chartered commercial bank with roots dating back to 1889. The organization provided banking, wealth management, and insurance services throughout the greater Philadelphia region, with operations in Pennsylvania, Delaware, and New Jersey.
During its time as an independent institution, news coverage of Bryn Mawr Bank Corporation focused on its financial performance, quarterly earnings reports, dividend announcements, strategic acquisitions of other community banks, expansion of its branch network and service offerings, regulatory compliance matters, and executive leadership changes. The company was known for its community banking approach and focus on relationship-based service delivery in the Main Line suburbs of Philadelphia.
The merger with WSFS Financial Corporation represented a significant consolidation in the regional banking sector. The transaction valued at approximately $976 million combined two established Delaware Valley financial institutions and expanded WSFS's presence in key markets. Following the merger, the Bryn Mawr Trust brand continues to operate as a division of WSFS Financial Corporation.
Historical news articles and press releases from the BMTC era remain available through various financial news archives and SEC filing databases. These materials document the company's strategic initiatives, financial results, and corporate developments during its period as an independent publicly traded bank holding company. Current news related to the legacy Bryn Mawr operations can be found through WSFS Financial Corporation's corporate communications channels.
Bryn Mawr Bank Corporation (NASDAQ: BMTC) reported Q3 2021 net income of $18.4 million ($0.92 EPS), a decline from $21.3 million ($1.06 EPS) in Q2 2021 but up from $13.2 million ($0.66 EPS) year-over-year. Core net income was $18.0 million ($0.90 EPS). Net interest income slightly decreased to $34.9 million. Noninterest income rose $1.6 million to $22.6 million. A $3.2 million recovery for credit losses was recorded. A quarterly dividend of $0.28 per share was declared, pending completion of the merger with WSFS Financial Corporation.
Bryn Mawr Bank Corporation (NASDAQ: BMTC) reported a record net income of $21.3 million or $1.06 diluted EPS for Q2 2021, up from $17.1 million or $0.85 EPS in Q1 2021, and $15.0 million or $0.75 EPS in Q2 2020. Core net income, excluding merger-related expenses, was $21.6 million or $1.08 EPS. The corporation declared a $0.28 quarterly dividend, payable on September 1, 2021. Notable increases include noninterest income rising by $1.1 million and a $6.6 million recovery in credit losses.
Bryn Mawr Bank Corporation (NASDAQ: BMTC) will announce its second quarter 2021 financial results after market close on July 22, 2021. The corporation, headquartered in Bryn Mawr, PA, operates through The Bryn Mawr Trust Company, providing retail and commercial banking, wealth management, and insurance solutions. As of March 31, 2021, Bryn Mawr Bank has $4.9 billion in corporate assets and $20.1 billion in wealth assets under management. The company serves multiple counties in Pennsylvania, Delaware, and New Jersey.
WSFS Financial Corporation and Bryn Mawr Bank Corporation announced that stockholders approved the merger of BMTC into WSFS. This marks a significant milestone for both companies, aiming to create a locally managed bank with enhanced decision-making and a comprehensive product suite. The merger is expected to close in Q4 2021, pending regulatory approvals, with system conversion and rebranding targeted for January 2022. WSFS Financial has $14.7 billion in assets, while BMTC holds $4.9 billion in corporate assets.
Bryn Mawr Bank Corporation (NASDAQ: BMTC) reported a net income of $17.1 million for Q1 2021, up from $15.5 million in Q4 2020, and a recovery of provision for credit losses of $5.2 million. Core net income reached $18.7 million, reflecting stable earnings. The tax-equivalent net interest margin improved to 3.16%. However, net interest income declined slightly, and noninterest income dropped by $2.2 million due to a nonrecurring gain in the prior quarter. A quarterly dividend of $0.27 per share was declared, payable June 1, 2021.
Bryn Mawr Bank Corporation (NASDAQ: BMTC) will report its first quarter 2021 financial results on April 22, 2021, before market opening. As of December 31, 2020, the corporation holds $5.4 billion in corporate assets and $19 billion in wealth assets under management. The company operates 41 banking locations and offers retail and commercial banking, wealth management, and insurance services across several counties in Pennsylvania, Delaware, and New Jersey.
Bryn Mawr Bank Corporation (NASDAQ: BMTC) announced a $250,000 state tax credit exchange donation to the Riverfront Alliance of Delaware County (RADC). This donation, BMT's largest to a nonprofit, will aid the Reaney Street Reconstruction Project to enhance safety and accessibility in Chester, Pennsylvania. BMT's financial support aligns with its commitment to invest in underserved communities. The project aims to improve public safety and connectivity, supported by RADC's efforts in local economic development. BMT operates 41 banking locations across several Pennsylvania counties.
Bryn Mawr Bank Corporation (NASDAQ: BMTC) reported a net income of $15.5 million, or $0.78 diluted earnings per share, for Q4 2020, a rise from $13.2 million ($0.66 per share) in Q3 2020 but down from $16.4 million ($0.81 per share) in Q4 2019. Core net income remained stable at $15.5 million. The quarter saw a release of $1.2 million in credit loss provisions compared to $4.1 million in Q3. Noninterest income rose by $907 thousand, while noninterest expenses increased by $3.4 million. A quarterly dividend of $0.27 per share was declared, payable March 1, 2021.
Bryn Mawr Trust, a subsidiary of Bryn Mawr Bank Corporation (NASDAQ: BMTC), has appointed George Robostello as Senior Vice President and Managing Director of Commercial Banking for the Southern New Jersey region. With over 30 years in banking, Robostello aims to enhance BMT's service delivery to commercial clients. His previous experience includes a leadership role at Fulton Bank. BMT operates two offices in South Jersey and boasts $5.05 billion in corporate assets and $17.24 billion in wealth assets under management.
Bryn Mawr Trust (BMT), a subsidiary of Bryn Mawr Bank Corporation (NASDAQ: BMTC), announced a new webcast series titled Career Conversations, aimed at sharing insights from women in leadership roles. The initiative collaborates with the nonprofit POWER of Professional Women. The upcoming session, scheduled for January 28, will feature NFL executive Catherine Carlson, discussing her career journey. BMT emphasizes a diverse work environment and aims to inspire future leaders through these conversations.
