- There's some M&A activity in the Philadelphia suburbs this morning, with Bryn Mawr Bank (BMTC) agreeing to purchase Royal Bancshares of Pennsylvania (RBPAA) in a $127.7M all-stock deal.
- The acquisition will add about $602M in loans and $630M in deposits to the Bryn Mawr balance sheet.
- The deal terms represent 165.9% of Royal's adjusted tangible book valuer per share and 25x adjusted 2016 net income.
- The purchase is expected to immediately be accretive to BMT's tangible book value per share, and to EPS during the first year (excluding merger-related expenses).
- The stock prices of both banks are modestly lower in opening action.