WILMINGTON, Del.--(BUSINESS WIRE)--Dec. 22, 2004--The Bancorp Bank
("Bank") (Nasdaq NM:TBBK) announced today that the reorganization with
The Bancorp, Inc., under which the Bank was to become a wholly-owned
Bancorp, Inc. subsidiary, became effective on December 22, 2004. The
Bank's stockholders had previously approved the reorganization with an
approving vote of 99.9% of the shares voted, representing 80.5% of the
Bank's outstanding common stock. As a result of the reorganization,
each share of the Bank's common stock has been converted into 1.15
shares of The Bancorp, Inc. common stock. Fractional shares resulting
from the conversion will be cashed out. The Bank's transfer agent,
American Stock Transfer & Trust Company (Tel (800) 937-5449), will
send out materials to effect certificate exchange.
On December 23, 2004, the first trading day following the
effective date, The Bancorp, Inc. shares will begin trading under the
ticker symbol TBBKD on the NASDAQ Stock Market for a period of twenty
trading days, after which the trading symbol will revert back to TBBK.
About The Bancorp Bank
The Bancorp Bank is an FDIC-insured commercial bank that delivers
a full array of financial services and products through private-label
affinity partner programs nationwide. The private-label platform
allows non-bank companies to provide branded banking products to their
customer base.
CONTACT: The Bancorp Bank
Andres Viroslav, 215-861-7990
SOURCE: The Bancorp Bank