Bryn Mawr Bank Corp. has continued its buying spree by acquiring Robert J. McAllister Agency, a full-service agency providing insurance and risk management solutions in the Philadelphia region. Bryn Mawr (NYSE: BMTC) did not disclose the financial terms of the transaction or the size of McAllister.
Rosemont, Pa.-based McAllister, which was founded in 1962, will be merged into Bryn Mawr’s insurance subsidiary, Powers Craft Parker & Beard, another Rosemont agency that the bank acquired last year. McAllister CEO James Brinton will become part of the combined agency.
“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,” Bryn Mawr Bank CEO Francis J. Leto said in a statement. “While organic growth is a primary driver, acquisitions will help us quickly achieve the scale that we need to achieve our growth objectives.”
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