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Commercial firms' appetite for loans fell in November, though bankers have mixed views on why demand decreased. Meanwhile, financial institutions are managing to reduce deposit rates, which should help margins over the long run.
December 31 -
The partnership positions the bank to acquire customers quickly by distributing its new Mobile Money prepaid card and associated mobile app at T-Mobile's physical stores and websites and through aggressive carrier-branded marketing campaigns.
January 24
The Bancorp in Wilmington, Del., has sold nearly $267 million of commercial loans to an investor group.
The $4.3 billion-asset company disclosed in a regulatory filing Wednesday that Walnut Street, a newly formed entity, bought the portfolio. AG Mortgage Value Partners owns the other 51% of the entity, while The Bancorp owns the remaining stake.
The new entity paid about $209 million for the loans, consisting of $194 million in bonds with a 1.5% annual interest rate and a $15 million subordinate note that will bear 10% annual interest. The bonds and note will mature in December 2024. The portfolio has an adjusted carrying value of $213.5 million.
The Bancorp said it realized a $3.9 million loss from the sale, which it recorded in the fourth quarter.
