Bryn Mawr Bank Corp Buys Narberth-Based Banking Company, Reports Say

Bryn Mawr Bank Corporation recently announced it will buy $127.7 million in stock of the Narberth-based Royal Bancshares of Pennsylvania Inc. and Royal Bank America branches.

Bryn Mawr is looking to slash Royal's expenses by 40 percent, Philly.com reports.

According to the outlet, Royal lost more than $120 million between 2008 and 2012.

Royal had 119 employees and 13 branches at 2016's close. Bryn Mawr has about 500 staff in 34 offices, Philly.com reports.

Yahoo Finance reports the acquisition is expected to add approximately $602 million in loans and $630 million in deposits.

With the purchase, Bryn Mawr now ranks as the eighth largest community bank headquartered in Pennsylvania, according to Yahoo Finance.

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