Key Developments For The Bancorp Bank
The Bancorp Bank (TBBK.O) (Nasdaq)
The Bancorp Bank And InsurCard Team Up To Issue InsurCard Visa Prepaid Card For Franklin Mutual Insurance
The Bancorp Bank Payment Solutions Group, a division of The Bancorp Bank (Bancorp), a wholly owned subsidiary of The Bancorp Bank announced that The Bancorp, in collaboration with InsurCard, has joined with Franklin Mutual Insurance in New Jersey to offer a program which gives Franklin Mutual home insurance policyholders quick access to insurance claims funds. InsurCard is a payment vehicle designed specifically for the distribution of insurance payments. The program offers policyholders immediate access to insurance claims funds and can be used to make purchases wherever Visa debit cards are accepted. Policyholders can obtain account balance and transaction information 24-hours a day as well as access to thousands of ATMs worldwide.
The Bancorp Bank Announces CFO Change-Form 8-K
The Bancorp Bank reported in its Form 8-K that on September 29, 2009, appointed Paul Frenkiel as the Company's Executive Vice President of Strategy, Chief Financial Officer (CFO) and Secretary. Martin Egan, the Company's previous CFO, has been named Chief Accounting Officer of the Company and will remain as its Senior Vice President.
The Bancorp Bank Announces Pricing of Common Stock Offering
The Bancorp Bank announced that it has priced a public offering of 10 million shares of common stock at $5.75 per share for gross proceeds of $57.5 million. The Company expects to close the sale of the shares on or about August 19, 2009, subject to customary closing conditions. Sandler O`Neill + Partners, L.P. is acting as the lead book-running manager and JMP Securities is acting as co-manager for the offering. The underwriters will have a 30-day option to purchase up to an additional 1.5 million shares of common stock from Bancorp at the offering price to cover over-allotments, if any.
The Bancorp Bank Announces Common Stock Offering
The Bancorp Bank announced that it has commenced a public offering of approximately $50 million of its common stock. The shares will be issued pursuant to a prospectus supplement filed as part of an existing shelf registration statement filed with the Securities and Exchange Commission (SEC) on Form S-3. The Company expects to use the net proceeds from this offering; for general corporate purposes, including the support of its ongoing and future anticipated growth, which may include opportunistic acquisitions of other financial institutions; or in the event that the proceeds from the Troubled Asset Relief Program - Capital Purchase Program are no longer needed to support the Company's ongoing and future anticipated growth, for a possible repurchase, subject to regulatory approval, of all or a portion of the fixed rate cumulative perpetual preferred stock, series B (Series B Preferred Stock), and/or the related warrant that the Company issued to the U.S. Department of the Treasury in December 2008 under the Capital Purchase Program. Sandler O`Neill + Partners, L.P. is acting as the lead book-running manager and JMP Securities is acting as co-manager for the offering. The underwriters will have a 30-day option to purchase up to an additional 15% of the offered amount of common stock from Bancorp to cover over-allotments, if any.
The Bancorp Bank Agrees To Acquire American Home Bank
The Bancorp Bank announced that it has entered into a stock purchase agreement with American Home Mortgage Holdings, Inc. (Holdings) and its wholly owned subsidiary, American Home Bank, a federal savings association located in Illinois, to acquire all of the outstanding shares of capital stock of the American Home Bank. The purchase price will equal the amount of American Home Bank's tangible book value at closing less certain adjustments set forth in the stock purchase agreement and a $1 million purchase price reduction if the acquisition closes before July 31, 2009. The total consideration Bancorp expects to pay is between $7 and $11 million. Bancorp expects that following payment of a potential dividend by American Home Bank to its parent, the tangible book value of American Home Bank at closing will not exceed $11 million. Consummation of the Acquisition, which Bancorp expects will occur in the third quarter. There can be no assurance that all of the closing conditions to the Acquisition will be satisfied.
