Bryn Mawr Bank Corp. has agreed to acquire more than 10 percent of United Bancshares, the holding company for United Bank of Philadelphia, the region's only black-owned bank.
Pending regulatory approval from the Pennsylvania Department of Banking and Securities, the proposed acquisition would be equivalent to about $250,000, according to Bryn Mawr Chief Financial Officer Michael Harrington.
This is the second major investment for United this year. In February, Lancaster-based Fulton Financial Corp. agreed to buy 19.99 percent of the bank.
United has been seeking additional capital. Formed in 1992, the bank serves predominantly minority communities. It has branches in North Philadelphia, Mount Airy and Center City. It only has $54 million in assets as of June 30 and has been operating under a consent order from the Federal Deposit Insurance Corp. and the Pennsylvania Department of Banking with instructions to reduce its troubled loans and improve its capital ratios.
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