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Section 1: 11-K (11-K)

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________________________________________________________________________________

 FORM 11-K
________________________________________________________________________________________________________________________________
 
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended: December 31, 2019
 
OR
 
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _______ to __________             
 
Commission File Number 001-35746
 
 A.Full title of the plan and address of the plan, if different from that of the issuer named below:
 
BRYN MAWR BANK CORPORATION 401(K) PLAN
 
 
 B.Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
 
BRYN MAWR BANK CORPORATION
801 LANCASTER AVENUE
BRYN MAWR, PA 19010


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REQUIRED INFORMATION
    
a)
Financial Statements. The financial statements filed as a part of this Annual Report are listed in the Index to Financial Statements at page 2.
  
b)
Exhibit Index:
 23.1 The consent of BDO USA, LLP, independent registered public accounting firm



Table of Contents
 BRYN MAWR BANK CORPORATION 401(k) PLAN
  
 Financial Statements and Supplemental Schedule
For the Years Ended December 31, 2019 and 2018
With Report of Independent Registered Public Accounting Firm


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Table of Contents
Report of Independent Registered Public Accounting Firm

Plan Administrator and Participants
Bryn Mawr Bank Corporation 401(k) Plan
Bryn Mawr, Pennsylvania

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Bryn Mawr Bank Corporation 401(k) Plan (the “Plan”) as of December 31, 2019 and 2018, the related statement of changes in net assets available for benefits for the years then ended, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying schedules of assets (held at end of year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ BDO USA, LLP

We have served as the Plan’s auditor since 2014.

Philadelphia, Pennsylvania
June 29, 2020

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BRYN MAWR BANK CORPORATION 401(k) PLAN
Statements of Net Assets Available for Benefits
 December 31,
 20192018
Assets: 
Investments, at fair value: 
Mutual funds$68,857,891  $57,227,266  
Company stock7,012,477  5,742,727  
Money market funds3,035,197  3,103,947  
Total investments at fair value78,905,565  66,073,940  
Receivables: 
Notes receivables from participants1,031,185  987,038  
Contributions receivable – Employer422,922  392,851  
Total receivables1,454,107  1,379,889  
Net assets available for benefits$80,359,672  $67,453,829  
  
See accompanying notes to financial statements.
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BRYN MAWR BANK CORPORATION 401(k) PLAN
Statements of Changes in Net Assets Available for Benefits
 
 For the Years ended
December 31,
 20192018
Investment income (loss): 
Dividends$2,208,626  $2,337,247  
Net appreciation (depreciation) in the fair value of investments12,466,006  (7,879,048) 
Total investment income (loss) 14,674,632  (5,541,801) 
Interest income on notes receivable from participants53,762  39,994  
Contributions:
Employee4,303,461  4,136,018  
Employer, net3,154,939  2,773,821  
Rollovers1,405,496  2,512,469  
Total contributions8,863,896  9,422,308  
Total additions23,592,290  3,920,501  
Deductions:
Benefits paid to participants10,587,107  5,685,543  
Administrative expenses99,340  123,596  
Total deductions10,686,447  5,809,139  
Net increase (decrease) in net assets available for benefits12,905,843  (1,888,638) 
Net assets available for benefits:
Beginning of year67,453,829  69,342,467  
End of year$80,359,672  $67,453,829  
 
See accompanying notes to financial statements.
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BRYN MAWR BANK CORPORATION 401(k) PLAN
Notes to Financial Statements
December 31, 2019 and 2018


(1) Description of the Plan

(a) General
The following description of the Bryn Mawr Bank Corporation 401(k) Plan (“the Plan”) provides only general information. Participants should refer to the Plan Agreement for a more complete description of the Plan’s provisions.
The Plan is a defined contribution plan under which all employees of Bryn Mawr Bank Corporation (the “Corporation”) and its wholly owned subsidiaries, including The Bryn Mawr Trust Company (the “Bank”), (collectively, the “Company”) who meet certain service requirements are eligible to participate. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.
(b) Eligibility
All employees of the Company are eligible to make salary deferral contributions into the plan upon their date of hire.
Employees are eligible to receive employer contributions, effective January 1, April 1, July 1, or October 1, following the completion of six months of employment with at least 500 hours of service during a six-month period.
(c) Contributions
Employees can elect salary deferral through payroll deduction on a pre-tax or after-tax basis, subject to certain limitations as defined by the Plan. Such contributions are processed with each payroll and are matched with each payroll dollar for dollar by the Company up to a maximum of 3% of the participant’s annual salary eligible for matching contributions, as defined in the Plan document. Rollover contributions from other qualified plans are permitted. In addition to the matching contributions described above, the Board of Directors of the Corporation may, at their discretion, authorize an additional contribution based on the Company’s profitability. Eligible participants received 3% of gross compensation, as defined by the Plan document, allocated as a discretionary contribution, on a quarterly basis. Discretionary contributions for 2019 and 2018 totaled $1,712,406 and $1,701,164, respectively.
Participants direct the investment of their contributions into various investment options offered by the Plan. The employer contributions, employee salary deferrals and rollover contributions are allocated among the investment options based upon the participant’s investment election.
Participants may elect to change his or her contribution rate at any time. Additionally, participants may elect to automatically increase his or her contribution rate annually, effective the first day of the month chosen up to a maximum of 90% of eligible compensation.
Employer contributions receivable consist of profit-sharing and match true-up contributions. At year-end, the Plan performs a true-up calculation of the employer matching contribution for all participants and makes any necessary additional matching contributions in the subsequent year. True-up contributions were $23,233 and $13,117 for 2019 and 2018, respectively.
(d) Payment of Benefits
Upon termination due to death, disability, or retirement, as defined by the Plan Document, or upon request for an in-service or hardship distribution, a participant may elect to receive a lump-sum payment equal to the value of the participant’s vested interest in their account.
A non-spouse beneficiary entitled to receive an eligible rollover distribution is permitted to make a direct trustee to trustee rollover to an IRA.
(e) Vesting
Participants are immediately vested in all employee deferrals.
The vesting schedule for employer contributions (match and discretionary) for employees hired after January 1, 2015 is as follows:
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BRYN MAWR BANK CORPORATION 401(k) PLAN
Notes to Financial Statements
December 31, 2019 and 2018

Years of Vesting Service% Vested
1 but less than 233.33 %
2 but less than 366.66 %
3 or more100.00 %
(f) Participant Accounts
Each participant’s account is credited with the participant’s salary deferral, Company matching contributions, and the Company discretionary contributions. Additionally, all participants' accounts are allocated Plan earnings (losses), and a proportionate allocation of administrative expenses. Allocations are based on participant earnings (losses) or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
(g) Notes Receivable from Participants
Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Current loan terms range from 1 to 5 years or up to 10 years for a principal residence. The loans are secured by the balance in the participant’s account and bear a fixed rate of interest equal to ½ % over the published prime rate in the Wall Street Journal as of the first day of the month that the loan is issued. Principal and interest are paid ratably through biweekly payroll deductions. The interest rates on loans range from 3.50% to 6.00%.
(h) Withdrawals
Participant contributions and accumulated earnings (losses) thereon are restricted as to withdrawal except in hardship cases as defined by the Internal Revenue Code (“IRC”) or the attainment of age 59 1/2. Hardship withdrawals will be subject to a 10% early distribution penalty to the participant if he or she is not age 59 1/2 at the time of distribution.

(2) Summary of Significant Accounting Policies

(a) Basis of Accounting
The financial statements of the Plan are prepared under the accrual basis of accounting.
(b) Administrative Expenses
Costs and expenses, including record keeping, legal and accounting fees, incurred in regard to the administration of the Plan are paid by the Plan. Participant loan and express mail service fees, as requested by participants for distribution processing, are paid from the individual participant’s account.
 
(c) Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates
 
(d) Investment Valuation and Income Recognition
The Plan’s investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).
Purchases and sales of investments are reflected on a trade date basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold, as well as held during the year.
Net investment returns reflect certain fees paid by the investment funds to their affiliated investment advisors, transfer agents, and others as further described in each fund prospectus or other published documents. These fees are deducted by the investment funds prior to the allocation of the Plan’s investment earnings activity and thus are not separately identifiable as an expense.
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BRYN MAWR BANK CORPORATION 401(k) PLAN
Notes to Financial Statements
December 31, 2019 and 2018

(e) Payment of Benefits
Benefits are recorded when paid.
(f) Notes Receivable from Participants
Notes receivable from participants represent participant loans recorded at their unpaid principal balance plus accrued interest. Interest income generated on the notes receivable is recorded when earned and administrative expenses associated with notes receivable are expensed when incurred to the individual participant's account. A provision for doubtful accounts has not been recorded as of December 31, 2019 or 2018. Delinquent notes receivable from participants are treated as distributions based upon the terms of the Plan Document.
(g)  Subsequent Events
The Company and Plan have evaluated subsequent events for potential recognition and for disclosure through the date these financial statements were available to be issued.

On January 30, 2020, the World Health Organization ("WHO") announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the "COVID-19 outbreak") and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.

The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. This pandemic has adversely affected global economic activity and greatly contributed to significant deterioration and instability in financial markets. As a result, the Plan’s investment portfolio has incurred a significant decline in fair value since December 31, 2019. Because the values of the Plan’s individual investments have and will fluctuate in response to changing market conditions, the amount of losses that will be recognized in subsequent periods, if any, and related impact on the Plan’s liquidity cannot be determined at this time.

On March 27, 2020, President Trump signed into law the CARES Act. The CARES Act, among other things, includes several relief provisions available to tax-qualified retirement plans and their participants. Plan management has evaluated the relief provisions available to plan participants under the CARES Act and has implemented the following provisions:

Special coronavirus distributions up to $100,000;
Increase the available loan amount as described in Note 1 to the lesser of $100,000 or 100% of the participant’s vested account balance, and
Extend the period for loan repayments, if applicable, to December 31, 2020.
 
(3) Fair Value Measurement

When determining the fair value measurement, under ASC 820, Fair Value Measurement, for assets and liabilities required to be recorded at fair value, the Plan considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.
  
ASC 820 also establishes a fair value hierarchy that requires the Plan to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based on the lowest level input that is significant to the fair value measurement. ASC 820 establishes three levels of input that may be used to measure fair value:
 
Level 1: Quoted prices in active markets for identical assets or liabilities;

Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or

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BRYN MAWR BANK CORPORATION 401(k) PLAN
Notes to Financial Statements
December 31, 2019 and 2018

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
 
The following is a description of the valuation methodologies used in investments measured at fair value. There have been no significant changes in methodologies used or transfers between levels during the years ended December 31, 2019 and 2018.
 
Bryn Mawr Bank Corporation common stock is valued at the quoted market price from a national securities exchange. Less than 1% of the balance is a money market fund used as a plan level account in the recordkeeping of the purchases and sales of fractional shares of the employer common stock. This money market account is valued at cost, which approximates fair value.

Mutual funds are valued at the total market value of the underlying assets based on published market prices as of the close of the last day of the plan year. These values represent the net asset values of shares held by the Plan.

Money Market Funds are valued at carrying value, which approximates fair value.


Investments Measured at Fair Value on a Recurring Basis
 
Investments measured at fair value on a recurring basis consisted of the following types of instruments as of December 31, 2019 (Level 1, 2 and 3 inputs are defined above):
 
 Fair Value Measurements
Using Input Type
 Level 1Level 2Level 3Total
Mutual Funds$68,857,891  —  —  $68,857,891  
Common stock fund7,012,477  —  —  7,012,477  
Money market funds3,035,197  —  —  3,035,197  
Total investments$78,905,565  —  —  $78,905,565  
 
Investments measured at fair value on a recurring basis consisted of the following types of instruments as of December 31, 2018 (Level 1, 2 and 3 inputs are defined above):
 
 Fair Value Measurements
Using Input Type
 Level 1Level 2Level 3Total
Mutual Funds$57,227,266  —  —  $57,227,266  
Common stock fund5,742,727  —  —  5,742,727  
Money market funds3,103,947  —  —  3,103,947  
Total investments$66,073,940  —  —  $66,073,940  
 
(4) Transfer from another Plan

The remaining plan assets from the termination of the Bryn Mawr Bank Corporation Pension Plan (the “Pension Plan”) totaling $2,311,108 were remitted to the Plan in December 2015. The Plan is considered the qualified replacement plan. The transfer of plan assets from the Pension Plan were credited to a suspense account (the “Suspense Account’) within the Plan. The suspense account was used to reduce employer contributions and allocated to participants as discretionary contributions.
 
Allocations from the Suspense Account to participant accounts to fund quarterly discretionary contributions totaled $0 and $314,460 during 2019 and 2018, respectively

The balance of the Suspense Account was $0 at December 31, 2019 and 2018.
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BRYN MAWR BANK CORPORATION 401(k) PLAN
Notes to Financial Statements
December 31, 2019 and 2018

 
(5) Rollover Contributions

On May 1, 2018, the Company acquired Domenick and Company, Inc. T/A Domenick and Associates (“Domenick and Associates”). An amendment to terminate The Domenick and Company 401(k) Plan was approved, effective April 30, 2018, by Domenick and Associates, prior to acquisition. All participants of The Domenick and Company 401(k) Plan became 100 percent vested upon termination of the plan and were provided the option to have their account balance rolled into any qualified plan (including the Plan) or IRA, or to receive a lump sum distribution. All rollovers associated with the acquisition of Domenick and Associates occurred in 2018.
 
An aggregate of $1,405,496 was rolled into the Plan during the year ended December 31, 2019, and is included in the Rollovers line item on the Statements of Changes in Net Assets Available for Benefits.
 
(6) Forfeitures

The non-vested account balance of a participant who terminates his or her employment, for reasons other than death, disability or retirement prior to normal retirement date, shall be forfeited.  Forfeitures are used to reduce employer contributions and Plan administrative fees. During 2019 and 2018, forfeitures totaling $13,850 and $31,434, respectively, were utilized to reduce employer contributions and Plan administrative fees. Forfeiture balances were $23,998 and $295 at December 31, 2019 and 2018, respectively.
 
(7) Income Tax Status

Effective April 1, 2017, the Plan is based on the Volume Submitter Profit Sharing Plan with CODA (the “Volume Submitter Plan) by Fidelity Management Trust Company. The Internal Revenue Service (“IRS”) has determined and informed Fidelity Management Trust Company by an opinion letter dated March 31, 2014, that the Volume Submitter Plan is designed in accordance with the applicable sections of the Internal Revenue Code (“IRC”).
 
Although the Plan has been amended since receiving the determination letter, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

The Plan administrator has analyzed the tax positions taken by the Plan in accordance with US GAAP, and has concluded that as of December 31, 2019, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examination.
 
(8) Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in employer contributions.
 
(9) Related-Party Transactions and Party-In-Interest Transactions
The Plan invests in common stock of the Corporation. Investments in the Corporation’s common stock qualify as related party and party-in-interest transactions, however, they are exempt from the prohibited transaction rules of ERISA.
Effective June 6, 2019, the Plan began investing in an affiliate’s proprietary mutual fund, BMT Multi-Cap Fund (BMTMX). Investments in BMTMX qualify as related party and party-in-interest transactions, however, they are exempt from the prohibited transaction rules of ERISA. The BMT Multi-Cap Fund was subsequently liquidated on April 24, 2020 and plan assets invested in the fund were transferred to a similar investment option.
Effective April 1, 2017, Fidelity Management Trust Company is custodian, recordkeeper and trustee of the Plan.
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BRYN MAWR BANK CORPORATION 401(k) PLAN
Notes to Financial Statements
December 31, 2019 and 2018

Notes receivable from participants also qualify as party-in-interest transactions.
 
(10)Risks and Uncertainties
The Plan provides participants various investment options. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investments securities, it is at least reasonably possible that changes in the value of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statement of Net Assets Available for Benefits.

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Plan EIN - 23-2434506      
Plan No.- 002     Schedule 1
BRYN MAWR BANK CORPORATION 401(k) PLAN
Schedule H, line 4(i) - Schedule of Assets (Held at End of Year)
December 31, 2019
(a)(b)(c)(d)(e)
Identity of issue, borrower, lessor, or similar party
Description of investment including maturity date, rate of interest, collateral, par or maturity valueCostCurrent value
 FID GOVT MMKTMoney Market Fund**$377  
 FED UST CASH RSV ISMoney Market Fund**3,034,820  
*BRYN MAWR BANK CORPORATIONCommon Stock **7,012,477  
*BMT MULTI CAPMutual Fund**644,249  
 CBA LG CAP GR IMutual Fund**3,939,673  
 DFA EMERGING MKTS IMutual Fund**1,837,431  
 DODGE & COX INTL STKMutual Fund**3,160,750  
 FID LOW PRICED STK KMutual Fund**2,323,890  
 INVS GLB REAL EST R6Mutual Fund**247,698  
 PIF DVRSD RL AST R6Mutual Fund**137,982  
 PIF HIGH YLD INSTMutual Fund**548,737  
 TMPL GLOBAL BOND R6Mutual Fund**463,947  
 VANG EQUITY INC ADMMutual Fund**4,727,479  
 VANG INFL PROT ADMMutual Fund**316,072  
 VANG INTM INV GR ADMMutual Fund**2,411,141  
 VANG MIDCAP IDX ADMMutual Fund**2,828,386  
 VANG SM CAP IDX ADMMutual Fund**4,063,725  
 VANG ST INV GR ADMMutual Fund**990,073  
 VANG TARGET RET 2015Mutual Fund**189,410  
 VANG TARGET RET 2020Mutual Fund**4,942,541  
 VANG TARGET RET 2025Mutual Fund**3,441,502  
 VANG TARGET RET 2030Mutual Fund**7,612,780  
 VANG TARGET RET 2035Mutual Fund**1,706,218  
 VANG TARGET RET 2040Mutual Fund**3,933,911  
 VANG TARGET RET 2045Mutual Fund**1,721,089  
 VANG TARGET RET 2050Mutual Fund**919,897  
VANG TARGET RET 2055Mutual Fund**296,679  
VANG TARGET RET 2060Mutual Fund**262,884  
 VANG TARGET RET 2065Mutual Fund**13,260  
 VANG TARGET RET INCMutual Fund**749,358  
 VANG TOT INTL STK ADMutual Fund**1,464,360  
 VANG TOT STK MKT ADMMutual Fund**12,886,933  
 WA CORE BOND IMutual Fund**75,836  
 Subtotal of Registered Investment Company  68,857,891  
 Subtotal of Investments at Fair Value  78,905,565  
*Notes receivable from participantsInterest rate of 3.50% - 6.00% 1,031,185  
  Total investments and notes receivable from participants $79,936,750  
*Party-in-interest
**Cost omitted for participant directed investments
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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Benefit Plans Administrative Committee of Bryn Mawr Bank Corporation has duly caused this Annual Report to be signed by the undersigned thereunto duly authorized.
  
  BRYN MAWR BANK CORPORATION
401(K) PLAN
 
    
Date: June 29, 2020By:
/s/ Linda Sanchez
 
  
Linda Sanchez
SVP, Chief Human Resources Officer
 

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Section 2: EX-23.1 (EX-23.1)

Document

Exhibit 23.1

 Consent of Independent Registered Public Accounting Firm

Bryn Mawr Bank Corporation 401(k) Plan
Bryn Mawr, Pennsylvania

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (Nos. 333-144280 and 03-312715) of Bryn Mawr Bank Corporation of our report dated June 29, 2020, relating to the financial statements and supplemental schedule of Bryn Mawr Bank Corporation 401(k) Plan which appear in this Form 11-K for the year ended December 31, 2019.


/s/ BDO USA, LLP

Philadelphia, Pennsylvania
June 29, 2020


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