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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 to 15(d)
of the
Securities Exchange Act of 1934
Date of Report (date of earliest
event reported): March 26, 1997
Bryn Mawr Bank Corporation
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(Exact Name of Registrant as specified in its charter)
Pennsylvania 0-15261 23-243405
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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)
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Item 5. Other Matters
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On March 21, 1997, the Registrant issued a press release announcing the
initiation of a program to repurchase its common stock. The program provides for
the repurchase of up to Four Million Dollars ($4,000,000) in the aggregate of
the Registrant's common stock but not more than five percent (5%) of its
outstanding shares, during the period from March 24, 1997 until March 31, 1998.
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: /s/ Robert L. Stevens
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Robert L. Stevens
Chairman and Chief Executive Officer
Date: March 26, 1997
Page 2 of 2
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EXHIBIT A
LOGO
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 Authorizes Stock Repurchase Program
BRYN MAWR, Pa., March 21, 1997 -- The Board of Directors of Bryn Mawr Bank
Corporation (NASDAQ:BMTC) has authorized the repurchase of up to $4,000,000 in
aggregate purchase price of the Corporation's common stock, but not more than
five percent (5%) of the Corporation's outstanding common stock, during the
period from March 24, 1997, until March 31, 1998. When and if the stock
repurchase program is initiated, it can be discontinued at anytime.
Robert L. Stevens, the Corporation's President and Chief Executive Officer
said that the Corporation's Board of Directors approved the stock repurchase
program, because it would benefit the Corporation and its shareholders and would
be an appropriate use of the Corporation's capital funds by reducing the
dilution caused by the Corporation's implementation of the Corporation's
Officers Stock Option and Stock Appreciation Rights Plan and the Non-Employee
Directors Stock Option Plan, and potentially increasing the earnings per share
on the Corporation's common stock.
Mr. Stevens said that cash would be used to fund the stock repurchase
program, and that stock purchases would be made from time to time in the open
market and in privately negotiated transactions. The shares purchased pursuant
to the Board's authorization would be used for general corporate purposes,
including the Officers Stock Option and Stock Appreciation Rights Plan and the
Non-Employee Directors Stock Option Plan. Currently, the Corporation has
2,205,665 shares of common stock outstanding.
The Corporation has assets of $346 million, as of December 31, 1996, is
headquartered in Bryn Mawr, Pennsylvania, and is the parent corporation of The
Bryn Mawr Trust Company.
