The Bancorp Inc. said Monday that it has launched an offering of $50 million of common stock.
Processing Content
The $1.7 billion-asset Wilmington, Del., company said that it could use the proceeds to acquire other financial institutions or to repurchase preferred stock and warrants it issued to the government in December under the Treasury Department's Capital Purchase Program.
The Bancorp lends directly to customers in the Philadelphia-Wilmington metropolitan area and offers affinity banking services through partnerships with nonfinancial companies around the country. It swung to a profit of $1.1 million in the second quarter, before dividends and other costs associated with the government's preferred shares, from a loss of $4.3 million a year earlier.
