BRYN MAWR, Pa., Sept. 5, 2014 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced that it awarded 3,000 restricted stock units on September 2, 2014 to Harry R. Madeira Jr., its new executive vice president and head of the wealth management division, and the Corporation has agreed to award an additional 3,000 restricted stock units (collectively, the "Grants") upon a successful review of Mr. Madeira's performance during the first six months of his tenure. The Grants were approved by the Compensation Committee of the Corporation's Board of Directors, and are made as an inducement to Mr. Madeira's acceptance of employment by the Bank, which commenced on September 2, 2014.
Subject to certain conditions including Mr. Madeira's continuous employment with the Bank, each Grant will vest in substantially equal installments on each of the first three anniversaries of its respective grant date. Upon vesting, the Corporation will issue stock representing the shares of common stock underlying such vested restricted stock units.
If, at any time on or after September 2, 2014 through the end of the two-year period following Mr. Madeira's termination of employment with the Corporation, Mr. Madeira engages in any activity inimical, contrary or harmful to the interests of the Corporation including, but not limited to the activities set forth below, (i) any Grants that have not vested will be forfeited, and (ii) for any Grants that have vested, Mr. Madeira will be obligated to pay to the Corporation the market value of the shares on the date of issuance or the day Mr. Madeira engaged in such activity, whichever is greater. The offending activities may include, but are not limited to:
- conduct related to Mr. Madeira's employment for which either criminal or civil penalties against Mr. Madeira may be brought;
- violations of the Corporation's policies, including, without limitation, the Corporation's insider trading policy;
- solicitation of any customer of the Corporation for business which would result in such customer terminating their relationship with the Corporation;
- solicitation or inducement of any individual who is an employee or director of the Corporation to leave the Corporation or otherwise terminate their relationship with the Corporation;
- disclosure or use of any confidential information or material concerning the Corporation in an inappropriate manner; or
- participation in a hostile takeover attempt.
FORWARD-LOOKING STATEMENTS 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; 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; 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.
CONTACT: Ted Peters, Chairman and CEO 610-581-4800 Francis J. Leto, President and COO 610-581-4730 J. Duncan Smith, CFO 610-526-2466Source:Bryn Mawr Bank Corporation