BRYN MAWR, Pa., Dec. 14, 2017 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (NASDAQ:BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (“BMT”), announced today a new $15 million commitment to fund loans to low and moderate-income households in 2018. This commitment is the second made by BMT. In mid-2016, BMT committed $10 million to make homeownership more affordable for low and moderate-income borrowers through BMT’s Neighborhood Opportunity Program. BMT’s Neighborhood Opportunity Program provides loans to individuals purchasing and improving homes in low and moderate-income areas. In 17 months, BMT funded over $14.5 million in home loans, and looks to continue the Program’s strong performance in 2018 with the additional $15 Million commitment.
The Neighborhood Opportunity Program provides primary home loans to individuals with low and moderate-income, or to individuals looking to purchase or repair a primary residence located in a low and moderate-income census tract.
“We have been encouraged by the positive results over the past 17 months, originating over $14.5 million in Neighborhood Opportunity loans. We are dedicated to providing education and information to help low and moderate-income prospective homebuyers and individuals seeking home improvement funding,” said Frank Leto, President and CEO of BMT. Continuing, “this new $15 Million pledge reaffirms our commitment to provide mortgages and home loans that further meet the needs of borrowers in the diverse communities we serve and is designed to ensure neighborhood growth and revitalization.”
For home purchases or refinancing, BMT’s Neighborhood Opportunity Program provides a flexible alternative compared to conventional loan programs. With as little as a 3 percent down payment, and the potential to eliminate the high costs of private mortgage insurance (“PMI”), the Neighborhood Opportunity Program makes home ownership more affordable.
In addition to loans through its Neighborhood Opportunity Program, BMT offers consumers a wide variety of other mortgage products at competitive rates, including conventional, jumbo, adjustable-rate, and FHA loans.
BMT’s convenient online mortgage portal allows customers to apply for a mortgage loan when and where it is convenient for them. Customers can also visit a local branch for information, or connect with a local Mortgage Loan Officer for a customized consultation by calling 610-581-4876.
Bryn Mawr Bank Corporation (NASDAQ:BMTC), including its principal subsidiary, The Bryn Mawr Trust Company (founded in 1889; headquartered in Bryn Mawr, Pa.), is a locally managed financial services company providing retail and commercial banking, trust administration and wealth management, and insurance solutions. Bryn Mawr Bank Corporation has $3.5 billion in corporate assets and $12.4 billion in wealth assets under management, administration, supervision, and brokerage (as of 9/30/2017). BMT operates 25 full service retail bank locations in Montgomery, Chester, Delaware and Philadelphia Counties in Pennsylvania and New Castle County in Delaware. For more information please visit bmtc.com.
FORWARD-LOOKING STATEMENTS AND SAFE HARBOR
This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation’s future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation’s underlying assumptions. The words “may,” “would,” “should,” “could,” “will,” “likely,” “possibly,” “expect,” “anticipate,” “intend,” “indicate,” “estimate,” “target,” “potentially,” “promising,” “probably,” “outlook,” “predict,” “contemplate,” “continue,” “plan,” “forecast,” “project,” “are optimistic,” “are looking,” “are looking forward” and “believe” or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation’s actual future results or performance may be materially different. Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements. For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, as updated by our quarterly or other reports subsequently filed with the SEC.
Contact:
Tina S. McDonald
Senior Vice President
610.581.4875
tmcdonald@bmtc.com