The acquisition of Davidson Trust Company by Bryn Mawr Bank Corporation has been finalized, continuing the growth trend that Bryn Mawr has been on since 2008, the bank announced.
The deal adds $1 billion in assets under management to the bank's wealth management division, bringing it to a total of $6.2 billion in assets under management, said Francis J. Leto, Bryn Mawr Bank executive vice president and head of the wealth management division. The price of the acquisition was not disclosed.
Bryn Mawr Bank bought the trust company from Boston Private Financial Holdings Inc. The bank will continue to operate Davidson's wealth management practice from its headquarters in Devon, Pa. The current management and advisory team will remain in place, according to Bryn Mawr Bank.
"The investment management business is very important to us and we expect significant growth as a result of the synergy from this combination," Leto said. "The bank came through 2008 relatively unscathed and is building on its strong and stable base."
Over the past four years, Bryn Mawr Bank has acquired an RIA firm, a bank and a trust company, in addition to this latest addition. Bryn Mawr Bank will continue to grow both organically and through mergers or acquisitions, Leto said. Bryn Mawr Bank Corporation is the parent company of Bryn Mawr Trust Company.