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Slide #16. Bryn Mawr Bank Corporation — Continental Bank Holdings, Inc.
Bryn Mawr Bank Corporation (NASDAQ:BMTC)
Continental Bank Holdings, Inc.
Bryn Mawr Bank Corporation (Nasdaq:BMTC) (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced that the Corporation has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") to acquire Continental Bank Holdings, Inc., ("Continental") in a transaction with an aggregate value of approximately $109 million. Under the terms of the Merger Agreement, shareholders of Continental will receive 0.45 (the "exchange ratio") shares of Bryn Mawr Bank Corporation common stock for each share of Continental stock. Holders of Continental's warrants to acquire Series B Convertible Perpetual Preferred Stock ("Series B Warrants") will receive cash in the amount of $2.94 for each outstanding Series B Warrant. In addition, under the terms of the Merger Agreement, holders of options and other warrants to acquire shares of Continental common stock will have their options and warrants exchanged for similar options or warrants to acquire Bryn Mawr Bank Corporation common stock as adjusted by the exchange ratio. The Merger Agreement also provides that Continental will pay a special dividend to its shareholders of $1.251 million, or $0.15 per common share, immediately prior to closing. Continental Bank Holdings, Inc. is headquartered in Plymouth Meeting, PA. The acquisition dramatically expands the Corporation's distribution network in attractive Montgomery, Chester and western Philadelphia counties by adding 10 branches, approximately $398 million in loans and $469 million in deposits.
Bryn Mawr Bank is a bank holding company. Through its subsidiary, The Bryn Mawr Trust Company (the Bank), Co. provides a range of personal and business banking services, consumer and commercial loans, equipment leasing, mortgages, insurance and wealth management services, including investment management, trust and estate administration, retirement planning, custody services, and tax planning and preparation. The Bank is engaged in commercial and retail banking business, providing basic banking services, including the acceptance of demand, time and savings deposits and the origination of commercial, real estate and consumer loans and other extensions of credit including leases.
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Hold (2.00 out of 4)