Hershey Trust Company, which is wholly-owned by the Milton Hershey School Trust, has entered into a definitive agreement to sell its Pennsylvania-based private wealth business to Bryn Mawr Trust, with the sale expected to be completed within 90 days providing both firms receive regulatory approval.

The value of the cash and stock deal, which will see the ownership of HTC Private Wealth Management Group transferred over to Bryn Mawr, was not disclosed. However, it is expected to boost Bryn Mawr's assets under management by some $1.1 billion.

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; this is expected to minimize the impact of the transition on clients. The wealth business provides financial advice, investment management, estate planning, trust administration and tax services to individuals and institutions.

Going forwards, Hershey Trust Company will refocus its efforts on what it says is its “core mission”: managing the assets of the Milton Hershey School Trust, for which it acts as trustee.

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.