The move comes after the bank brought in four executives from PNC Wealth Management and coincides with its planned acquisition of Royal Bancshares for $128 million.
Bryn Mawr CEO, Frank Leto, said that the bank also plans to relocate the two lenders currently working in the loan production office. They will move into the same space with the future wealth management professionals with the search for a suitable location ongoing.
“We envision Princeton as being similar to our model in Greenville, Del. and Hershey, where we combine wealth, lending, insurance and depository services,” said Leto. “With Royal coming on board with the lending office there, we felt it would be a good market for wealth.”
At the time the Royal deal was announced, Leto focused on Princeton as a good area for the Bank to introduce its wealth management business. Assets under management in this field have already ballooned over the last eight years from $2 billion to $11 billion from both significant organic growth, and strategic acquisitions.
Read more about the bank’s plans at Philadelphia Business Journal by clicking here.