Bryn Mawr Bank Buying Midcoast Community Bancorp

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BrynMawr Bank Corp 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.

The article Bryn Mawr Bank Buying Midcoast Community Bancorp originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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