Offering Completion: The Bancorp, Inc. has completed an underwritten offering of $200 million in 7.375% Senior Notes due 2030, generating approximately $197 million in net proceeds after underwriting discounts.
Use of Proceeds: The funds will be used to redeem $100 million of existing 4.75% Senior Notes due 2025, support a share repurchase program, and for general corporate purposes, including growth initiatives for its subsidiary, The Bancorp Bank.
Notes Details: The Senior Notes will mature on September 1, 2030, with interest payable semi-annually starting March 1, 2026, and can be redeemed in whole or part beginning 30 days before maturity.
Company Overview: The Bancorp provides specialized banking solutions for non-bank financial companies and is recognized as a leading issuer of prepaid cards and a top-ranked publicly traded bank within its asset size category.
TBBK
$67.58+Infinity%1D
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About TBBK
The Bancorp, Inc. is a financial holding company. Its primary, wholly owned subsidiary is The Bancorp Bank, National Association (the Bank). The Bank is a nationally chartered commercial bank located in Sioux Falls, South Dakota and is a Federal Deposit Insurance Corporation insured institution. Its segments include fintech, specialty finance and corporate. Fintech segment includes the deposit balances and non-interest income generated by prepaid, debit and other card access accounts, ACH processing and other payments-related processing. It also includes loan balances and interest and non-interest income from credit products generated through payment relationships. Specialty finance includes real estate bridge lending, comprised of apartment building rehabilitation loans; institutional banking, comprised of security-backed lines of credit, cash value insurance policy-backed lines of credit and advisor financing and commercial loans, comprised of SBA loans and direct lease financing.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
