Bryn Mawr Bank Corp. in Bryn Mawr, Pennsylvania, announced its acquisition of Robert J. McAllister Agency Inc., an independent insurance agency in Rosemont, Pennsylvania. Terms of the transaction were not disclosed.
Founded in 1962, Robert J. McAllister Agency provides insurance and risk management services for individuals and businesses in the Philadelphia region. The agency will be merged into Bryn Mawr Bank Corp.’s insurance subsidiary, Powers, Craft, Parker and Beard Inc., according to the announcement.
Bryn Mawr Bank Corp. President and CEO Frank Leto said insurance and risk management services are an important aspect of the bank’s strategic plan to broaden the scope of services that it offers to clients. “While organic growth is a primary driver, acquisitions will help us quickly achieve the scale that we need to achieve our growth objectives,” he said.
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