Pennsylvania-based Bryn Mawr Bank Corp. has completed its acquisition of in-state peer Bala Cynwyd-based Royal Bancshares of Pennsylvania Inc.
Pursuant to the deal terms, Royal Bank America was merged with and into Bryn Mawr Trust Co. As of Sept. 30, Royal Bank of America had assets of $805.2 million and Bryn Mawr Trust had $3.46 billion.
The merger increased Bryn Mawr's assets to more than $4.3 billion. It will expand Bryn Mawr Trust's footprint in Pennsylvania and New Jersey, initially adding 12 full service branches and a loan production office. Royal Bank America branches will continue to carry the Royal Bank name until systems conversion, which is slated for completion in February 2018.
Kevin Tylus, former Royal Bancshares president and CEO, will join Bryn Mawr's board. He was also appointed president of Bryn Mawr Trust.
Bryn Mawr had Boenning & Scattergood Inc. as financial adviser and Reed Smith LLP as legal adviser. For Royal Bancshares, it was Sandler O'Neill & Partners LP and Stevens & Lee PC, respectively.
