Bryn Mawr will pay cash for the trust firm, in a deal expected to close in the second quarter of this year, subject to certain conditions and regulatory approvals.

The acquisition will bolster assets under management at Bryn Mawr Bank’s wealth management division by around $1 billion, at a time the company is seeking to grow this area of the business.

So far Bryn Mawr Bank has acquired Lau Associates, a family office based in Delaware, and the private wealth management group of Hershey Trust Company, as well as launching its own trust division.

“The addition of Davidson Trust Company will bring deeper market penetration in our core market. With this strategic move, we are expanding our range of services as well as our market area and depth of penetration," said Ted Peters, the bank’s chairman and chief executive.

Davidson clients will work with the same relationship team after the move, and the staff will remain based at their current Devon, PA location. It is not clear whether the brand will be integrated, and the firm could not be reached at the time of publication.

Davidson clients will benefit from having “additional services available to them,” including private banking, family office and other lending services, said James Davidson, chairman and founder of the eponymous trust company.