Bryn Mawr Bank Corp (NASDAQ:BMTC) is buying privately held, Wilmington, Delaware-based MidCoast Community Bancorp in a deal valued at $33 million, the companies announced Thursday. With this new acquisition comes four bank branches, a $235 million loan portfolio, and approximately $250 million in deposits.
Bryn Mawr will pay its purchase price in the form of 0.52 shares of its own stock, traded for each outstanding share of MidCoast, with the deal set to close late in Q3 2013. The result will be a merged banking institution, operating under Bryn Mawr's brand name, with $2 billion in assets.
Bryn Mawr shares are reacting positively to the announcement, rising 0.2% in early Thursday, trading to sell for around $23.50 apiece.