Bryn Mawr Bank Agrees To Buy Continental Bank For $109 Mln

(RTTNews) - Bryn Mawr Bank Corp. (BMTC), parent of The Bryn Mawr Trust Company, said it has entered into a definitive agreement and plan of merger to acquire Continental Bank Holdings, Inc., in a transaction with an aggregate value of about $109 million.

Under the terms of the merger agreement, shareholders of Continental will receive 0.45 shares of Bryn Mawr Bank common stock for each share of Continental stock.

Holders of Continental's warrants to acquire Series B Convertible Perpetual Preferred Stock will receive cash of $2.94 for each outstanding Series B Warrant.

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.

According to the firm, the acquisition dramatically expands its distribution network in attractive Montgomery, Chester and western Philadelphia counties by adding 10 branches, $398 million in loans and $469 million in deposits.