02/12/2019 | Press release | Distributed by Public on 02/12/2019 10:40
BMT Multicultural Initiative Launches Pilot Program to Encourage Savings with Tax Refund
BRYN MAWR, Pa., Feb. 12, 2019 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the 'Corporation'), parent of The Bryn Mawr Trust Company (BMT), announced today it has partnered with Congreso De Latinos Unidos, CEIBA, and PathWays PA to pilot a program to encourage savings for individuals who take advantage of the tax preparation services offered by these community organizations.
'The objective of this program is to incent individuals to open a savings account and reward them for consciously keeping a balance. Our goal is to educate people about savings and help them get started,' said Miguel Alban, Vice President of Multicultural Banking. 'Human nature is to enjoy a windfall, and often people consider the influx of a tax refund as such. This program is designed to show how taking a little bit of that refund is the start to future savings and sets people on the track of accomplishing larger financial goals.'
'This program is a result of our relationship with community organizations like Congreso, CEIBA, and PathWays who work every day with communities who are underserved when it comes to banking,' said Joseph Keefer, Executive Vice President. 'Helping every household save and be prepared for an emergency creates stability and benefits the family, so it makes perfect sense to undertake a program like this that rewards people for saving.'
According to Will Gonzalez, Executive Director of CEIBA, 'the $400 savings account clients will have at the end of the program is a good start toward being prepared for an emergency. The Federal Reserve Bank released a report last year showing that 40% of adults would have difficulty covering unexpected expenses. The program is a step in the right direction. We are happy to partner with Bryn Mawr Trust on this important saving at tax time program.'
Bryn Mawr Bank Corporation (NASDAQ: 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 $4.6 billion in corporate assets and $13.4 billion in wealth assets under management, administration, supervision, and brokerage (as of 12/31/18). Today, the company operates 43 banking locations, five (5) 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,' 'estimate,' 'target,' 'potentially,' '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. Such factors include, among others, our need for capital, our ability to control operating costs and expenses, and to manage loan and lease delinquency rates; the credit risks of lending activities and overall quality of the composition of our loan, lease and securities portfolio; the impact of economic conditions, consumer and business spending habits, and real estate market conditions on our business and in our market area; changes in the levels of general interest rates, deposit interest rates, or net interest margin and funding sources; changes in banking regulations and policies and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; changes in accounting policies and practices; litigation; cybersecurity events, the inability of key third-party providers to perform their obligations to us; our ability to attract and retain key personnel; competition in our marketplace; war or terrorist activities; our ability to complete anticipated acquisitions and any material differences in the actual financial results, cost savings and revenue enhancements associated with our acquisitions; and other factors as described in our securities filings. 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 well as any changes in risk factors that we may identify in our quarterly or other reports subsequently filed with the SEC.
FOR MORE INFORMATION:
Tina McDonald, SVP, Marketing