(Source: PrimeNewswire)
BRYN MAWR, Pa., Nov. 3, 2009 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC) (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced that it had signed a definitive Agreement and Plan of Merger ("Merger Agreement") to acquire First Keystone Financial, Inc. (Nasdaq:FKFS) a financial services company headquartered in Media, PA, which is the parent holding company for First Keystone Bank, a federally-chartered savings bank headquartered in Media. The acquisition will increase the Corporation's total assets by more than $500 million and add 8 full-service branches.
Pursuant to the terms of the Merger Agreement, First Keystone Financial, Inc. will be merged with and into the Corporation, with the Corporation surviving the merger (the "Merger"). Substantially concurrently with the Merger, First Keystone Bank, in a two-step transaction, will merge with and into the Bank, with the Bank being the surviving bank.
Ted Peters, Chairman and Chief Executive Officer, stated, "First Keystone is a great bank for us to partner with and provides substantial benefit for all of our constituents. We will have access to attractive new markets and clients, who can benefit from the broader product line we offer, particularly our mortgage and wealth management services."
Mr. Peters continued, "The combined organization will be able to more efficiently leverage our resources and deliver the highest quality products and services to the marketplace. Increasing our presence in Delaware and Chester Counties has been a strategic goal for us, and this acquisition is an important component of that strategic plan."
Under the terms of the Merger Agreement, stockholders of First Keystone Financial, Inc. will receive 0.6973 shares of Bryn Mawr Bank Corporation stock for each share of common stock they own plus $2.06 per share cash consideration, each subject to adjustments as described in the Merger Agreement which will be included as an exhibit to the Corporation's Form 8-K filed with the Securities and Exchange Commission on November 3, 2009. The transaction is subject to normal regulatory and shareholder approval and is expected to close in the third quarter of 2010.
"Bryn Mawr Trust has been a tremendous example of financial strength and integrity for more than 120 years. We're fortunate to have found a partner who truly understands what community banking is all about," said Hugh Garchinsky, President and CEO, First Keystone Bank.
The Corporation will hold a conference call to discuss the First Keystone Financial, Inc. acquisition at 8:30 a.m. EST on Wednesday, November 4, 2009. Interested parties may participate by calling 1-800-860-2442 at 8:30 a.m. EST. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through November 19, 2009.
The number to call for a taped replay is 1-877-344-7529 and the Replay Passcode is 435495.The conference call will be simultaneously broadcast live over the Internet through a web cast on the investor relations portion of the Bryn Mawr Bank Corporation's website. To access the call, please visit the Investor Relations section of our website at www.bmtc.com.
