Bryn Mawr Bank to buy Davidson Trust

Bryn Mawr Bank Corp. has agreed to buy Devon-based Davidson Trust Co., which has about $1 billion in assets under management, for $10.5 million from Boston Private Financial Holdings Inc. and members of Davidson's management group.

The deal was announced late Friday. Boston Private, of Boston, disclosed the price in a Securities and Exchange Commission filing Monday. An initial payment of $7.35 million is due at closing, with the remaining $3.15 million to paid over 18 months contingent on the amount of money under management at Davidson, which was purchased by Boston Private in 2007.

The cash deal, expected to close in the second quarter, continues Bryn Mawr's expansion of its wealth-management business, which has $4.83 billion under management. Last May, Bryn Mawr bought Hershey Trust Co.'s private wealth-management business in a deal valued at $18.5 million, with $15 million in cash and stock paid at closing.

   - Harold Brubaker