Bryn Mawr Bank Corp, personal and business banking services provider, has agreed to acquire Continental bank Holdings, a community bank headquartered in Plymouth Meeting, Pennsylvania, for an amount of $109m.
The merger which is expected to complete by this fourth quarter, is subject to regulatory and shareholder approvals from both BMBC and Continental.
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The deal between the two companies will add $675m in assets, and 10 branches in attractive growth markets.
The merger agreement states that the shareholders of Continental will receive 0.45 BMBC shares for every Continental share. The warrant holders of Continental will receive a cash amount of $2.94 for each outstanding warrant.
The agreement also states that shareholders will be paid a special dividend of $1.251m, or $0.15 per common share, immediately prior to closing.
The acquisition strengthens the retail distribution network of BMBC by adding 10 new branches in Montgomery, Chester and western Philadelphia counties, and also $398m in loans and $469m in deposits.
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By GlobalDataTed Peters, chairman and CEO said: "This acquisition is really exciting for us, bringing tremendous opportunity for growth in very desirable markets. It is an important step in our strategic plan and goal of reaching $3 billion in banking assets by the end of 2014."
