Hershey Trust Company (HTC) has entered into a definitive agreement with Bryn Mawr Bank Corporation (Bryn Mawr Trust) under which Bryn Mawr Trust will acquire the entire HTC Private Wealth Management Group (the PWMG Business).
The transaction, which is subject to various closing conditions, including HTC and Bryn Mawr Trust both receiving regulatory approval, is expected to be completed within 90 days.
"The Hershey Trust Company has been taking ongoing steps to return its full focus to its core mission of managing the assets of the Milton Hershey School Trust," says LeRoy S Zimmerman, chairman of the HTC Board of Directors. "Selling our private wealth management business to Bryn Mawr Trust is another positive step to help us achieve that goal while doing so in a manner that is in the best interests of the group’s private clients."
HTC expects the transition to Bryn Mawr Trust to be seamless and to have minimal impact on clients. Bryn Mawr Trust is acquiring the entire PWMG Business, including the full team of client services personnel. In addition, the Group will remain at its current location at West Chocolate Avenue in Hershey.
"Our clients can be assured that following the completion of the sale they will continue to work with the same team and receive the same high quality advisory and fiduciary services that they currently receive," says William F Christ, President, Hershey Trust Company, PWMG. "We carefully considered the sale of the PWMG Business and determined that Bryn Mawr Trust was the right buyer.
"Bryn Mawr has a long and venerable history in the region and a culture rooted in tradition similar to ours. Importantly, they share our commitment to customer service. In addition, Bryn Mawr Trust and its subsidiaries offer a full range of personal and business banking services, and our clients will have access to additional services beyond those we currently offer. We look forward to working with Bryn Mawr Trust during the coming months to ensure a smooth transition."
