A historic Bryn Mawr building is getting a new purpose, rooted in education, writes Jeff Blumenthal for The Philadelphia Business Journal.
The longtime headquarters of Bryn Mawr Trust Co., located at 801 W. Lancaster Ave., has been sold for $7.6 million to real estate investor Michael Karp. The roughly 46,000-square-foot property served as the bank’s home from 1928 until its 2022 acquisition by WSFS Financial Corp. It will be transformed into a financial literacy center.
WSFS acquired Bryn Mawr Trust in 2022 and is consolidating employees into a Berwyn office, while maintaining its branch at the Bryn Mawr site.
Karp, founder of University City Housing, envisions creating a nonprofit educational center focused on teaching money management and the history of wealth creation in the region. Plans include classrooms and exhibits serving students from elementary school through high school, along with adult education programming. He hopes to begin working with the Lower Merion School District and potentially expand the model if successful.
Karp says the idea stems from seeing too many adults struggle with basic financial knowledge. The project is expected to take 18 to 24 months to launch and will initially be self-funded.
To learn more about the major Bryn Mawr acquisition, visit The Philadelphia Business Journal.
