US-based Bryn Mawr Bank, which offers services including wealth management, said its net income for the fourth quarter of 2009 surged by 150 per cent year-on-year to $2.64 million from 2008.

Total wealth management assets at 31 December stood at $2.9 billion, up $160.3 million or 5.9 per cent from the third quarter of 2009.

Revenue from wealth management services for the fourth quarter of 2009 was $3.6 million, up 4.0 per cent from the third quarter of 2009.

“Given the difficult economic environment that the bank and its customers are operating in, we were pleased with the financial results for both the fourth quarter and the full year. In addition, our wealth assets under management and supervision increased to approximately $2.9 billion from a low of approximately $2.0 billion at the end of the first quarter,” said Ted Peters, chief executive and chairman, in a statement.

“Our two new initiatives - Bryn Mawr Trust Company of Delaware and BMT Asset Management - gathered approximately $500 million of new assets between them,” he said.

“We are excited that First Keystone Financial, Inc and its operating subsidiary, First Keystone Bank, has decided to partner with Bryn Mawr Trust. The combination of the two institutions will make us the largest community bank in Delaware County. First Keystone Bank has a rich history of community banking and client service, and will be a key element to our future success.”

The proposed merger is subject to certain conditions, including, among others, approval by shareholders of First Keystone Financial, governmental filings and regulatory approvals.