Bryn Mawr Bank Corporation Expands Insurance Business Through Acquisition of Robert J. McAllister Agency, Inc.
BRYN MAWR, Pa.–(GLOBE NEWSWIRE)–Bryn Mawr Bank Corporation (Nasdaq:BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today announced the acquisition of Robert J. McAllister Agency, Inc. (the “McAllister Agency”), a full-service agency providing insurance and risk management solutions for individuals and businesses in the Philadelphia region.
“Insurance and risk management services are an important aspect of our strategic plan to broaden the scope of services that we offer to our wealth, business and consumer clients. While organic growth is a primary driver, acquisitions will help us quickly achieve the scale that we need to achieve our growth objectives. I am excited to have the McAllister Agency and CEO James Brinton join the Bryn Mawr Trust team. I have known Jim for many years and his professionalism and high level of client service will seamlessly mesh with our business model,” said Frank Leto, President and CEO.
Donald Parker, President of Powers Craft Parker and Beard, commented, “Having had the pleasure of working with Jim over the years, I am very familiar with the McAllister Agency and believe that this acquisition will provide the clients of both the McAllister and Powers Craft Parker and Beard agencies with a more diverse product line that aligns with specific needs of our growing client base.”
The Robert J. McAllister Agency, Inc., was founded in 1962 and is located in Rosemont, PA. The McAllister Agency will be merged into the Bank’s insurance subsidiary, Powers, Craft, Parker and Beard, Inc.