BRYN MAWR, Pa., Jan. 03, 2020 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (“BMT”), announced today a new $30 million pledge to fund loans to low- and moderate-income households and loan in low- and moderate-income areas in 2020 through their Neighborhood Opportunity Program (NOP). This new 2020 commitment is the fourth annual pledge made by BMT. The NOP pledge began in 2016 with a $10 million commitment and has increased year-over-year to $25 million in 2019. BMT is pleased to share our 2019 results of $34 million, which exceeded our 2019 pledge and goal by 36%. These results and the desire to expand this program have compelled BMT to commit to a $30 million pledge for 2020.
“Home ownership and home improvement ensure neighborhood growth and revitalization. We are committed to helping low- and moderate-income borrowers in the diverse communities we serve to find the funding they need,” said Frank Leto, President and CEO of BMBC. “We believe home ownership and home improvement funding should be affordable and accessible. With the increased NOP funding, combined with our numerous mortgage and homebuyer educational programs, we can help even more individuals and families achieve the American dream.”
About BMT Neighborhood Opportunity Program:
The program’s mission is to make homeownership more affordable for low- and moderate-income borrowers. BMT’s Neighborhood Opportunity Program provides loans to individuals purchasing and improving homes in low- and moderate-income areas. The BMT 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. For more information on the Neighborhood Opportunity Program visit bmt.com/NOP.
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 (BMTC), including its principal subsidiary, The Bryn Mawr Trust Company (BMT), was founded in 1889, and is headquartered in Bryn Mawr, Pa. BMT is a locally managed, premier financial services company providing retail and commercial banking; trust administration and wealth management; and insurance and risk management solutions. Bryn Mawr Bank Corporation has $4.83 billion in corporate assets and $15.6 billion in wealth assets under management, administration, supervision, and brokerage (as of 9/30/19). Today, the company operates 43 banking locations, seven (7) wealth management offices and two (2) insurance and risk management locations in the following counties: Montgomery, Chester, Delaware, Philadelphia, and Dauphin Counties in Pennsylvania; New Castle County in Delaware; and Mercer and Camden Counties in New Jersey. For more information, visit bmt.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.
Tina S. McDonald
Senior Vice President