Bryn Mawr Bank completes $138.5M purchase of Narberth-based Royal Bank
Bryn Mawr Bank Corp. closed its acquisition of Royal Bancshares of Pa. Friday and named Royal CEO Kevin Tylus to the newly created position of president of bank subsidiary Bryn Mawr Trust Co.
The all-stock transaction was originally priced at just below $128 million when announced in January. But upon closing, it was valued at $138.5 million based on the closing price of the Bryn Mawr’s common stock on Thursday of $44.10, writes Jeff Blumenthal for Philadelphia Business Journal.
The deal to buy Narberth-based Royal, Bryn Mawr’s 10th acquisition since 2008, increases its assets to over $4.3 billion, adds nine retail branches, expands the bank’s distribution network into Philadelphia and New Jersey and adds a loan production office in Princeton to complement an existing wealth management office there.
After receiving final regulatory approval to close the deal earlier this month, Bryn Mawr CEO Frank Leto said three branches will be consolidated — Royal’slocations in Villanova and Reading and Bryn Mawr’s in King of Prussia. Royal’s corporate headquarters in Bala Cynwyd will also be closed, but Leto said Bryn Mawr plans to keep Royal’s former headquarters on Montgomery Avenue in Narberth — which includes a retail branch on the bottom floor and two floors of executive office space.
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