The transaction, which is subject to various closing conditions, including HTC and Bryn Mawr Trust both receiving regulatory approval, is expected to be completed within 90 days.

HTC expects the transition to Bryn Mawr Trust to be seamless and to have minimal impact on clients. Bryn Mawr Trust is acquiring the entire PWMG Business, including the full team of client services personnel. In addition, the Group will remain at its current location at West Chocolate Avenue in Hershey.

LeRoy Zimmerman, chairman of the board of directors at HTC, said: “The Hershey Trust Company has been taking ongoing steps to return its full focus to its core mission of managing the assets of the Milton Hershey School Trust.

“Selling our private wealth management business to Bryn Mawr Trust is another positive step to help us achieve that goal while doing so in a manner that is in the best interests of the group's private clients.”

William Christ, president of PWMG at HTC, said: “Our clients can be assured that following the completion of the sale they will continue to work with the same team and receive the same high quality advisory and fiduciary services that they currently receive.

“We carefully considered the sale of the PWMG Business and determined that Bryn Mawr Trust was the right buyer. Bryn Mawr has a long and venerable history in the region and a culture rooted in tradition similar to ours. Importantly, they share our commitment to customer service.”

Will the acquisition benefit Bryn Mawr?

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