BRYN MAWR, PA—Nov. 5, 2008— The Bryn Mawr Trust Company, a leading provider of trust, banking and wealth management services, has announced the opening of a limited purpose trust company in the state of Delaware effective immediately.
The Bryn Mawr Trust Company of Delaware will be located in Wilmington, Delaware, and will have the ability to be named, and serve, as a corporate fiduciary under Delaware law. The new entity will be a 100% wholly owned subsidiary of the Bryn Mawr Bank Corporation, but will not be owned by the Bank.
The subsidiary will allow Bryn Mawr Trust to serve as a corporate fiduciary under Delaware statutes, which are widely recognized as being favorable with respect to the creation of tax-advantaged trust structures, LLCs and related wealth transfer vehicles for families and individuals throughout the United States.
“Bryn Mawr Trust is nationally-recognized for its wealth management services and the establishment of a limited purpose trust company should ultimately contribute meaningfully to overall long-term growth and profitability,” says Ted Peters, Chairman and CEO of Bryn Mawr Bank Corporation.
Matthew G. Waschull, executive vice president of Bryn Mawr Trust Wealth Management Division in Bryn Mawr, Pa, has been named the Chairman and President of Bryn Mawr Trust Company of Delaware. Waschull joined Bryn Mawr Trust in February of 2007, after serving as a managing director of private wealth management at Wilmington Trust Company, where he worked for more than a decade.
“We now have the competitive advantage of being able to serve as a corporate fiduciary under either Delaware or Pennsylvania statutes, which provides trust and estate attorneys with attractive choices when planning for their clients,” says Waschull.
Additional staff will include two full-full time trust professionals, with previous fiduciary experience in the Delaware markets.
About Bryn Mawr Trust
The Bryn Mawr Trust Company was founded in 1889. The Wealth Management Division has expertise in objective financial planning, asset allocation, proprietary and non-proprietary investment strategies, trust and estate administration, and wealth replacement strategies.
In addition, it offers a full range of personal and business banking services, consumer and commercial loans, equipment leasing, mortgages and insurance. Headquartered in Bryn Mawr, Pa., Bryn Mawr Trust has eight full-service branches serving residents and businesses in the affluent Main Line suburbs of Philadelphia. It also maintains seven limited-service offices in upscale adult communities.