Pa. Trust Co. buyout is planned

A management buyout is in the works at Pennsylvania Trust Co. in Radnor, a subsidiary of Penn Mutual Life Insurance Co. since 1991, the parent company said.

The price for Pennsylvania Trust, which was founded in 1986 and has $1.7 billion under management, according to Penn Mutual, was not disclosed. Penn Mutual, of Horsham, said Pennsylvania Trust's focus on the Philadelphia region did not match its own national footprint or the more extensive East Coast presence of another subsidiary, Philadelphia-based Janney Montgomery Scott L.L.C.

Pennsylvania Trust, headed by Richardson T. Merriman, applied to the Pennsylvania Department of Banking for approval of the deal, Penn Mutual said. Pennsylvania Trust is a state-chartered non-depository trust company.    - Harold Brubaker