Bryn Mawr, Pa, January 2021 – Bryn Mawr Bank Corporation (NASDAQ: BMTC) and wholly-owned subsidiary Bryn Mawr Trust (BMT) today announced a $250,000 donation in state tax credits to Pennsylvania-based nonprofit Riverfront Alliance of Delaware County (RADC). The donation is BMT's largest ever individual donation to a nonprofit organization, and will support the planning and streetscape phases of a larger revitalization project in the Chester, Pennsylvania waterfront area.
The development of the Reaney Street Reconstruction Project will support RADC’s goal to create a more accessible, safe and attractive environment with ongoing community programming along 100 blocks of the connector street that links Chester’s residential neighborhoods to the Delaware waterfront. Improvements will include the installation of ADA compliant curbs, sidewalks and lighting; reduced cartway width and increased sidewalk size to accommodate pedestrians; and a buffer separation between sidewalks and vehicular traffic. This is BMT’s first step in a long-term partnership with RADC to invest in and support. underserved communities in the City of Chester for years to come.
"We are thrilled to offer our resources, time and talent to this wonderful organization and the Reaney Street Reconstruction Project," said Anthony Poluch, Community Reinvestment Act (CRA) Officer at BMT. "Projects like this can be a catalyst for additional transformative development projects and increased interest and commerce in a community."
In addition to financial support, several BMT employees have joined RADC as volunteer committee members. BMT Chief Financial Officer Mike Harrington joined the RADC board of directors in 2020. Also, BMT Multicultural Banking Officer Mike Laing has joined the Employee Assisted Housing Committee; and Director of Facilities Emanuel Ball and Security Officer Brett Butera have joined the Public Safety Committee.
"Supporting organizations and institutions in the communities we serve is a long-established priority for BMT," said Bryn Mawr Bank Corporation CEO Frank Leto. "The size and scope of our commitment to RADC takes that commitment to a new level for BMT. To be a part of this long-term effort at the beginning stage is special."
RADC will work directly with the City and the Chester Economic Development Authority to undertake this project and make sure it is constructed in accordance with all local requirements. The Waterfront Development Tax Credits RADC received for this project allow the organization to access private sector support for critical infrastructure that could not otherwise be supported locally.
“We are so thankful to Bryn Mawr Trust for their contribution that will ensure safe access to the Chester Waterfront as we continue this revitalization process,” said Lisa Gaffney, RADC Executive Director. “We embarked on ambitious and critical goals in 2020 to revitalize the City of Chester. The Reaney Street Reconstruction Project is one of our first steps in improving connectivity, community access and public safety, and will serve as a model for the streetscape development planned across the city.”
BMT currently operates banking locations in Delaware County, and invested $2.25 million in sponsorships and contributions in 2020.
About The Riverfront Alliance Delaware County (RADC)
RADC is a consortium of private sector corporations and nonprofit institutions that have come together to develop and implement programs and activities that serve as the catalyst for the physical, economic, and social development of the Delaware County waterfront. Originally established in 1996, The Institute for Economic Development, Inc. (IED) serves as an engine for economic and social development. In September 2020, RADC launched a new Chester Waterfront Master Plan, which serves as a framework to direct the redevelopment of the waterfront, promote better connections to the local community and establish Chester as a regional destination to stay and live for residents, businesses and visitors.
About Bryn Mawr Bank Corporation
BMTC (NASDAQ: BMTC), including its principal subsidiary, The Bryn Mawr Trust Company (BMT), was founded in 1889 and is headquartered in Bryn Mawr, Pa. BMT is a locally managed, premier financial services company providing retail and commercial banking; trust administration and wealth management; and insurance and risk management solutions. Bryn Mawr Bank Corporation has $5.05 billion in corporate assets and $17.24 billion in wealth assets under management, administration, supervision, and brokerage (as of 9/30/20). Today, the company operates 41 banking locations, seven (7) wealth management offices and two (2) insurance and risk management locations in the following counties: Montgomery, Chester, Delaware, Philadelphia, and Dauphin Counties in Pennsylvania; New Castle County in Delaware; and Mercer and Camden Counties in New Jersey. For more information, visit bmt.com.
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