The Bancorp, Inc. announced 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, to about $335 million, a decrease of 16 percent, as of August 22. A gain of approximately $500,000 was recorded.
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 operations in the US and Europe, The Bancorp, Inc. serves 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 is a the top issuer of prepaid cards 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 a few bank-owned commercial leasing groups in the nation.
For more information, visit swww.thebancorp.com.
