WILMINGTON, Del.--(BUSINESS WIRE)--
The Bancorp, Inc. (“The Bancorp”) (NASDAQ: TBBK), a financial holding
company, announced today that it has sold $65 million of mostly
commercial real estate loans from its discontinued loan portfolio. The
sale reduced The Bancorp’s discontinued commercial loan portfolio, net
of marks, from $400 million at June 30, 2016 to approximately $335
million, a decrease of 16%, at August 22, 2016. A gain of approximately
$500,000 was recognized upon the sale which closed on August 22, 2016.
Damian Kozlowski, The Bancorp’s Chief Executive Officer, said, “This
transaction represents further progress towards the exit of our
discontinued commercial loan portfolio. This exit is one leg of the
overall strategic plan to restructure the balance sheet with our SBLOC,
SBA, leasing and CMBS lending lines which have historically performed at
low levels of losses. Additionally, we are moving forward with our plan
to right size our expense base as previously discussed in our most
recent earnings call.”
About The Bancorp
With operations in the US and Europe, The Bancorp, Inc. (NASDAQ: TBBK)
is dedicated to serving the unique needs of non-bank financial service
companies, ranging from entrepreneurial start-ups to those on the
Fortune 500. The company’s chief financial institution, The Bancorp Bank
(Member FDIC, Equal Housing Lender), has been repeatedly recognized in
the payments industry as the Top Issuer of Prepaid Cards (US), a top
merchant sponsor bank, and a top ACH originator. Specialized lending
distinctions include National Preferred SBA Lender, a leading provider
of securities-backed lines of credit, and one of the few bank-owned
commercial leasing groups in the nation. For more information please
visit www.thebancorp.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160824005283/en/
The Bancorp, Inc.
Media Relations
Rob Tacey,
Director, Public Relations
302-385-1418
rtacey@thebancorp.com
or
Investor
Relations
Andres Viroslav, Director, Investor Relations
215-861-7990
aviroslav@thebancorp.com
Source: The Bancorp, Inc.