EX-5.1 2 dex51.htm LEGAL OPINION OF STRADLEY RONON STEVENS & YOUNG LLP Legal Opinion of Stradley Ronon Stevens & Young LLP

Exhibit 5.1

May 29, 2009

Bryn Mawr Bank Corporation

801 Lancaster Avenue

Bryn Mawr, Pennsylvania 19010

 

  Re: Registration Statement on Form S-3 of Bryn Mawr Bank Corporation.

Ladies and Gentlemen:

We have acted as counsel to and for Bryn Mawr Bank Corporation, a Pennsylvania corporation (the “Company”), in connection with the preparation and filing with the U.S. Securities and Exchange Commission of a registration statement on Form S-3 (the “Registration Statement”) relating to the issuance from time to time of up to $90,000,000 in aggregate principal amount of (i) shares of common stock, $1.00 stated par value per share, of the Company (“Common Stock”), (ii) warrants to purchase Common Stock of the Company (“Warrants”), (iii) contracts to purchase and/or sell Common Stock of the Corporation (“Stock Purchase Contracts”), and (iv) units (“Units”) which are comprised of one or more of the Securities (as defined below) in any combination. The Common Stock, Warrants, Stock Purchase Contracts and Units are collectively referred to herein as the “Securities.” The Securities are being registered for offer and sale from time to time pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”).

We have examined copies of the Registration Statement, including the prospectus (“Prospectus”) and the exhibits (including those incorporated by reference) constituting a part of the Registration Statement, the Company’s Amended and Restated Articles of Incorporation, filed as Exhibit 3.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission (“SEC”) on November 21, 2007 (and incorporated by reference in the Registration Statement), the Company’s Amended and Restated Bylaws, filed as Exhibit 3.2 to the Company’s Form 8-K filed with the SEC on November 21, 2007 (and incorporated by reference in the Registration Statement), and such other records, documents and statutes as we have deemed necessary for purposes of this opinion letter.

In rendering this opinion, we have assumed and relied upon, without independent investigation, (i) the authenticity, completeness, truth and due authorization and execution of all documents submitted to us as originals, (ii) the genuineness of all signatures on all documents submitted to us as originals, and (iii) the conformity to the originals of all documents submitted to us as certified or photostatic copies.

The law covered by the opinions expressed herein is limited to the federal statutes, judicial decisions and rules and regulations of the governmental agencies of the United States of America and the statutes, judicial and administrative decisions and rules and regulations of the governmental agencies of the Commonwealth of Pennsylvania. Our opinion is based on these laws as in effect on the date hereof, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable law. We are not rendering any opinion as to compliance with any federal or state antifraud law, rule, or regulation relating to securities, or to the sale or issuance thereof.


Bryn Mawr Bank Corporation

May 29, 2009

Page 2

 

Our opinions in paragraphs 2, 3 and 4 are limited and qualified in all respects by the effects of (i) general principles of equity and limitations on availability of equitable relief, including specific performance, whether applied by a court of law or equity, and (ii) bankruptcy, insolvency, reorganization, moratorium, arrangement, fraudulent conveyance or fraudulent transfer, receivership, and other laws now or hereafter in force affecting the rights and remedies of creditors generally (not just creditors of specific types of debtors) and other laws now or hereafter in force affecting generally only creditors of specific types of debtors.

This opinion letter is given only with respect to laws and regulations presently in effect. We assume no obligation to advise you of any changes in law or regulation which may hereafter occur, whether the same are retroactively or prospectively applied, or to update or supplement this letter in any fashion to reflect any facts or circumstances which hereafter come to our attention.

Based upon, and subject to, the foregoing, and subject to the qualifications herein stated, we are of the opinion that:

1. With respect to the Common Stock offered under the Registration Statement, provided that (i) the Registration Statement and any required post-effective amendments thereto have all become effective under the Securities Act, and the Prospectus and any and all prospectus supplement(s) required by applicable laws have been delivered and filed as required by such laws; (ii) the issuance of the Common Stock has been duly authorized by all necessary corporate action; (iii) the issuance and sale of the Common Stock do not violate any applicable law, are in conformity with the Company’s then operative articles of incorporation (the “Articles of Incorporation”) and bylaws (the “Bylaws”), do not result in a default under or breach of any agreement or instrument binding upon the Company and comply with any applicable requirement or restriction imposed by any court or governmental body having jurisdiction over the Company; and (iv) the certificates for the Common Stock have been duly executed by the Company, countersigned by the transfer agent therefor and duly delivered to the purchasers thereof against payment therefor, then the Common Stock, when issued and sold as contemplated in the Registration Statement, the Prospectus and the related prospectus supplement(s) and in accordance with any applicable duly authorized, executed and delivered purchase, underwriting or similar agreement, or upon exercise of any Warrants, Stock Purchase Contracts or Units in accordance with their terms, will be validly issued, fully paid and nonassessable.

2. With respect to the Warrants offered under the Registration Statement, provided that (i) the Registration Statement and any required post-effective amendments thereto have all become effective under the Securities Act, and the Prospectus and any and all prospectus supplement(s) required by applicable laws have been delivered and filed as required by such laws; (ii) the applicable warrant agreement under which the Warrants are to be issued has been duly authorized by the Company and, any applicable warrant agent, by all necessary corporate action; (iii) the issuance and terms of the Warrants have been duly authorized by the Company by all necessary corporate action; (iv) the terms of the Warrants and of their issuance and sale have been duly established in conformity with the applicable warrant agreement and as described in the Registration Statement, the Prospectus and the related prospectus supplement(s), so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company, so as to be in conformity with the Articles of Incorporation and Bylaws, and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company; and (v) the applicable


Bryn Mawr Bank Corporation

May 29, 2009

Page 3

 

warrant agreement has been duly executed and delivered by the Company and authenticated by any applicable warrant agent pursuant to such warrant agreement, and delivered against payment therefor, then the Warrants, when issued and sold in accordance with such warrant agreement, and any applicable duly authorized, executed and delivered purchase, underwriting or similar agreement, will be valid and legally binding obligations of the Company.

3. With respect to the Stock Purchase Contracts offered under the Registration Statement, provided that (i) the Registration Statement and any required post-effective amendments thereto have all become effective under the Securities Act, and the Prospectus and any and all prospectus supplement(s) required by applicable laws have been delivered and filed as required by such laws; (ii) the issuance and terms of the Stock Purchase Contracts have been duly authorized by all necessary corporate action, (iii) the terms of the Stock Purchase Contracts and the underlying Common Stock relating thereto and their issuance and sale have been duly established as described in the Registration Statement, the Prospectus and the related prospectus supplement(s), so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company, so as to be in conformity with the Articles of Incorporation and Bylaws, and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, and (iv) the Stock Purchase Contracts have been duly executed and delivered by the Company against payment therefor, then the Stock Purchase Contracts, when issued and sold as contemplated in the Registration Statement, the Prospectus and the related prospectus supplement(s), as applicable, and in accordance with any applicable duly authorized, executed and delivered purchase, underwriting or similar agreement, will be valid and legally binding obligations of the Company.

4. With respect to the Units offered under the Registration Statement, provided that (i) the Registration Statement and any required post-effective amendments thereto have all become effective under the Securities Act, and the Prospectus and any and all prospectus supplement(s) required by applicable laws have been delivered and filed as required by such laws; (ii) the issuance and terms of the Units have been duly authorized by all necessary corporate action, (iii) the terms of the Units and the underlying Securities relating thereto and their issuance and sale have been duly established as described in the Registration Statement, the Prospectus and the related prospectus supplement(s), so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company, so as to be in conformity with the Articles of Incorporation and Bylaws, and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, and (iv) the Units have been duly executed and delivered by the Company against payment therefor, then the Units, when issued and sold as contemplated in the Registration Statement, the Prospectus and the related prospectus supplement(s), as applicable, and in accordance with any applicable duly authorized, executed and delivered purchase, underwriting or similar agreement, will be valid and legally binding obligations of the Company.

This opinion is to be used only in connection with the offer and sale of the Securities while the Registration Statement is in effect and may not be used, quoted or relied upon for any other purpose nor may this opinion be furnished to, quoted to or relied upon by any other person or entity, for any purpose, without our prior written consent.


Bryn Mawr Bank Corporation

May 29, 2009

Page 4

 

We hereby consent to the use of this opinion as an exhibit to the Registration Statement and we further consent to the reference to our firm under the captions “Interests of Named Experts and Counsel” and “Legal Matters” in the Prospectus and each prospectus supplement and to any reference to our firm in the Registration Statement as legal counsel who have passed upon the legality of the securities offered thereby. In giving such consent, we do not hereby admit that we are “experts” within the meaning of the Securities Act of 1933, as amended, or the Rules and Regulations of the U.S. Securities and Exchange Commission issued thereunder, with respect to any part of the Registration Statement, including this exhibit.

 

Very truly yours,
STRADLEY, RONON, STEVENS & YOUNG, LLP
By:   /s/ David F. Scranton
  David F. Scranton, a Partner