SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (date of earliest
event reported): March 7, 1996
Bryn Mawr Bank Corporation
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(Exact Name of Registrant as specified in its charter)
Pennsylvania 0-15261 23-2434506
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
801 Lancaster Avenue, Bryn Mawr, PA 19010
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Registrant's telephone number, including area code: 610-525-2300
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None
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(Former name or former address, if changed since last report)
Item 5. Other Matters
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On March 7, 1996, The Bryn Mawr Trust Company (the "Bank"), the
Registrant's principal subsidiary, sold its interest in a commercial property
and business operated thereon (the "Facility") for $3,200,000.
In May of 1991, the Bank in connection with a defaulted loan, assumed
responsibility for operation of the Facility. Since 1991, the Facility has
generated revenue in excess of the expenses to operate the Facility, exclusive
of debt service expense. At the end of 1991, 1992, and 1993, respectively, the
excess of the Facility's revenue over its direct operating expenses of $100,800,
$261,000, and $360,000 were used to reduce the Facility's carrying value on the
Bank's books to its estimated market value at year-end 1993. During 1994 and
1995, the excess of the Facility's revenues over its direct operating expenses,
that is, $319,000 and $353,000, respectively, were credited to the Bank's income
before taxes.
After accounting for the Facility's book value, closing costs and post
closing items, the Bank realized a profit of $1.07 Million from the sale of the
Facility and an after tax gain of $708,013. The Bank was considering using the
gain to establish a charitable foundation for the benefit of the community in
which the Bank operates. After some study, on March 21, 1996, the Registrant's
Board of Directors chose instead to distribute the after tax gain as a special
$.32 per share dividend to its shareholders.
The foregoing is a summary of the press release which is attached as
Exhibit A to this report and is incorporated herein by reference. The foregoing
description does not purport to be complete and is qualified in its entirety by
reference to Exhibit A.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
BRYN MAWR BANK CORPORATION
By: ______________________
Robert L. Stevens
Chairman and Chief Executive Officer
Date: March 22, 1996
Page 2 of 2
[LETTERHEAD OF BRYN MAWR BANK CORPORATION APPEARS HERE]
FOR RELEASE: IMMEDIATELY
FOR MORE INFORMATION CONTACT: Robert L. Stevens, Chairman
(610)526-2300 or
(610)296-5539 (evening);
Joseph W. Rebl, Treasurer
(610)526-2466 or (610)828-7798 (evening)
Bryn Mawr Bank Corporation Declares Special Dividend
BRYN MAWR, Pa., March 21, 1996 -- The Board of Directors of Bryn Mawr Bank
Corporation (NASDAQ:BMTC), parent of The Bryn Mawr Trust Company (the "Bank"),
declared a special dividend of 32c per share payable May 1, 1996, to
shareholders of record as of April 5, 1996.
The purpose of the special dividend is to distribute to the shareholders a
$708,013 after-tax gain realized on the pre-tax profit of $1.07 million from the
recent sale of a commercial property held in the Bank's other real estate owned
("OREO").
According to Robert L. Stevens, Corporation chairman, "Bank management initially
considered offsetting this gain by making a donation to fund a charitable trust.
After some study, the board chose, instead, to distribute the gain to its
shareholders and declared this special dividend."
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Exhibit A