Bryn Mawr Bank Corporation, parent of The Bryn Mawr Trust Company, has completed its acquisition of Hershey Trust Company’s private wealth management group.

The acquisition will increase Bryn Mawr Trust's wealth management division’s assets under management by approximately $1.1 billion, the firm said in a statement.

The consideration included a combination of stock and cash, with the transaction being valued at approximately $18.25 million. The total amount paid at closing was $14.65 million, with $6.5 million in stock, representing 322,101 shares, and $8.2 million in cash. The balance, subject to certain conditions, will be paid over the next 15 months.

"We are excited to be establishing a substantial presence in the Hershey market. Growing wealth management assets is a significant component of our strategic initiative," said Ted Peters, chairman and chief executive of Bryn Mawr Trust.

The acquisition of Hershey’s Pennsylvania-based wealth business was announced in February of this year. Bryn Mawr Trust is acquiring the full business, including personnel, while the operation is remaining in its current location at West Chocolate Avenue in Hershey, which aims to minimize the impact of the transition on clients.

The Bryn Mawr Trust Company is owned by Nasdaq-listed Bryn Mawr Bank Corporation, which was founded in 1889 and has around $1.7 billion in corporate assets and $3.4 billion in trust and investment assets under management, administration, supervision, and brokerage.