Bancorp Inc. in Wilmington, Del., said Thursday that it has agreed to buy American Home Bank, a thrift owned by the bankrupt American Home Mortgage Holdings Inc., for $7 million to $11 million.
The parent of $1.8 billion-asset Bancorp Bank, an online commercial bank that issues prepaid cards and raises deposits through affinity partnerships, said it got approval for the purchase last month from the U.S. Bankruptcy Court for Delaware.
The deal is expected to close in the third quarter, and the company said the purchase price may be reduced by $1 million if the deal closes before July 31. The purchase price "reflects a discount to tangible book value," Bancorp said.
