Bryn Mawr (BMTC) Completes Acquisition of First Keystone Financial (FKFS)
Bryn Mawr Bank Corporation (Nasdaq: BMTC) today completed its previously announced acquisition of First Keystone Financial, Inc. (Nasdaq: FKFS), growing the community oriented bank holding company to approximately $1.7 billion in assets, $1.2 billion in deposits and 17 full service branches across Delaware and Chester counties, Pennsylvania.
BMBC announced its plan to acquire FKF, its $489 million in assets and more than $331 million in deposits in November 2009. All FKF branches will operate under the FKF name until a system conversion takes place towards the end of August 2010.
The 85% stock and 15% cash transaction is valued at approximately $32 million based on BMBC's June 30, 2010 closing share price, as listed on the NASDAQ Stock Market, of $16.78. In accordance with the terms of the merger agreement, each share of FKF common stock has been converted into the right to receive 0.6973 shares of BMBC common stock and $2.06 in cash.
BMBC was advised by the investment banking firm Keefe, Bruyette and Woods, as well as the law firm of Stradley Ronon Stevens & Young, LLP. FKF was advised by the investment banking firm of Sandler O'Neill + Partners L.P. and the law firm of Elias, Matz, Tiernan & Herrick, L.L.P.
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