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The Bancorp, Inc. Announces Completion of $100 Million Senior Note Offering
WILMINGTON, Del.--(BUSINESS WIRE)-- The Bancorp, Inc. (the “Company”) (Nasdaq: TBBK), today announced the completion of its previously announced underwritten
About this update from The Bancorp, Inc.
[{"type":"text","content":" WILMINGTON, Del.--(BUSINESS WIRE)--\nThe Bancorp, Inc. (the “Company”) (Nasdaq: TBBK), today announced the completion of its previously announced underwritten offering and sale of its $100.0 million aggregate principal amount of 4.75% Senior Notes due 2025 (the “Notes”). The Notes were sold at par, resulting in net proceeds, after underwriting discounts and estimated offering expenses, of approximately $98.3 million.\n\n\nThe Company intends to use the net proceeds of the offering for general corporate purposes, which may include capital to support the growth of The Bancorp Bank.\n\n\nPiper Sandler & Co. and Raymond James & Associates, Inc. are acting as book-running managers for the offering.\n\n\nThis press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of Notes was registered under the Securities Act of 1933, as amended, and issued under an effective registration statement on Form S-3 (File No. 333-239529) filed by the Company with the U.S. Securities and Exchange Commission (\"SEC\"). The offer and sale of the Notes was made only by means of a prospectus supplement and accompanying prospectus related to the offering. These documents are available at no charge by visiting the SEC's website at http://www.sec.gov or by contacting Piper Sandler & Co. by email at [email protected].\n\n\nAbout The Bancorp\n\n\nThe Bancorp, Inc. 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 subsidiary, 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 vehicle leasing groups in the nation. For more information please visit www.thebancorp.com\n\n\nForward-Looking Statements\n\n\nThis press release contains certain forward-l...