Bryn Mawr Trust sells commercial property.BRYN MAWR, Pa.--(BUSINESS WIRE)--March 14, 1996--Bryn Mawr Bank Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BMTC BMTC Bremerton Metal Trades Council BMTC Bureau of Meteorology Training Centre BMTC Ballistic Missile Technical Collection BMTC Bangalore Metropolitian Transport Corporation BMTC Burning Man Travel Center ), parent of The Bryn Mawr Trust Co. (the "Bank"), announced the recent sale and settlement of a commercial property, held in the Bank's other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most ("OREO"), which had the effect of reducing OREO to $1,816,000, less than six tenths of one percent of the assets of the Bank. The transaction resulted in a pre-income tax gain on the sale for the Bank of $1.07 million, or 49 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The Bank management is considering offsetting this gain by making a donation that would be used to fund a charitable trust for the benefit of the community the Bank serves. The Bank has not yet concluded that it will create the charitable trust and will study doing so. Creating a foundation would shift the Bank's charitable giving to the foundation, thereby providing a perpetual fund to benefit the Bank's community. CONTACT: Bryn Mawr Bank Corp., Bryn Mawr Robert L. Stevens Colonel Robert Livingston Stevens (October 18 1787 – April 20 1856 Hoboken, New Jersey) was the son of Colonel John Stevens. In 1807, the father and son built the Phœnix , 610/525-2300, evening 610/296-5539 or Joseph W. Rebl, 610/526-2466, evening 610/828-7798 |
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