Bryn Mawr Bank Corporation (BMTC), the holding company for The Bryn Mawr Trust Company, a provider of commercial and retail banking services, Thursday said it has agreed to acquire Delaware based MidCoast Community Bancorp, Inc. and its fully owned subsidiary MidCoast Community Bank, for approximately $33 million. The transaction, subject to MidCoast shareholder approval, and other conditions, is anticipated to close late in the third quarter of 2013.
Pursuant to the terms of the agreement, stockholders of MidCoast are expected to receive 0.52 shares of Bryn Mawr Bank Corporation for each share of MidCoast they own. Post the merger, MidCoast is expected to become one with Bryn Mawr Bank Corp while MidCoast Community Bank is expected to merge with and into The Bryn Mawr Trust Company.
Bryn Mawr said the acquisition will serve to further cement its position in Delaware by adding four branches, approximately $235 million in loans and approximately $250 million in deposits.
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