Bryn Mawr Trust – founded 1889
Bryn Mawr Trust
Ramsey's Hall, 16 North Bryn Mawr Avenue – 1895
During the 1880's, Bryn Mawr had developed into the largest community
in Lower Merion Township with approximately 300 homes clustered around
the ornate railroad station building. Small businesses were barred from
Montgomery Avenue by the railroad's zoning restrictions, so they grew
up along Lancaster Pike. Construction was a flourishing industry at the
time. In response to the financial requirements of the rapidly growing
community, the Bryn Mawr National Bank was chartered on August 3, 1887.
Since the National Banking Act made no provisions for savings
accounts, banks usually confined their activities to receiving
deposits, issuing currency and granting loans. As a result many trust
companies were formed to feature time deposits on which interest was
paid. They also served as executors, administrators, trustees, and
guardians. As a logical adjunct to the services provided by the Bryn
Mawr National Bank, The Bryn Mawr Trust Company was organized,
primarily to engage in insurance of land titles and trust business. Its
charter was issued by the Commonwealth of Pennsylvania on March 25,
1889. The new company was established in one half of a 2 story building
known as Ramsey's Hall, on the present site of the Bryn Mawr Post
Office. The other half of the building was occupied by the Bryn Mawr
National Bank.
In 1893 a financial panic resulted in many bank failures, but
both banks weathered the storm. In 1901 The Bryn Mawr Trust Company
purchased Ramsey Hall, so became land lord to the Bryn Mawr National
Bank. In 1908 Bryn National Bank moved to a new building that had been
erected on the south-west corner of Lancaster Pike and Bryn Mawr
Avenue, so Bryn Mawr Trust Company took over the entire Ramsey Hall
building.
Bryn Mawr Trust
801 Lancaster Avenue – 2009
The 1920's ushered in a new era of prosperity and rapid expansion of
construction activity. Bryn Mawr Trust made 2 additions to Ramsey's
Hall and purchased the former site of Ramsey's store on the north-west
corner of Lancaster Pike and Bryn Mawr Avenue. Construction of a new
building, on this site, began in 1927 and the company moved to its
current main office on December 15, 1928. The two banks continued as
separate businesses until December 31, 1954 when Bryn Mawr Trust merged
with Bryn Mawr National Bank.
|
