The Bancorp Bank, N.A. Shares Growth of its Wholesale Purchase Program
June 06 2023 - 9:21AM
Business Wire
The program has completed $229M in deals with
independent lenders, lessors, and other financial institutions
Through its Commercial Lending business, The Bancorp Bank, N.A.
(“Bank”), a wholly-owned subsidiary of The Bancorp, Inc.
(“Company”) (NASDAQ: TBBK), processed over $229M of wholesale
transactions through its Wholesale Purchase Program. With the
inclusion of Wholesale Leasing, the all-encompassing program
launched in 2020 and offers bank and non-bank lenders the
opportunity to sell individual or portfolios of loans and leases to
the Bank to optimize balance sheets and gain liquidity.
“By implementing the Wholesale Purchase Program, The Bancorp
Commercial Lending is uniquely positioned to help financial
institutions, and businesses reduce balance sheet risk and free up
assets,” said Jeff Nager, Executive Vice President of Commercial
Lending. “With our model of buying loans and leases, our partners
can retain the servicing of the transaction with their client base
and generate the liquidity necessary to move their business
forward.”
After its initial success, the program continued to grow, with
transactions processed increasing 79% over 2021 and 2022. Through
the program, the Bank offers a transaction-based sale with no
borrower deposit or past lending relationship required. By offering
established pricing and exact closing dates, sellers can have a
clear view of how much liquidity they will have access to and when
all while maintaining control of their client base.
“Our team continually looks for new opportunities to provide our
partners with the lending services they need to continue to be
successful,” said Tee Shipmon, Director, Wholesale Markets. “The
growth we have seen by offering a secondary market indicates a need
for this service in the marketplace. With this program, we aim to
be a true partner that helps generate liquidity and premiums
without fear of competition.”
Powered by The Bancorp Banks’s unique operational model, the
Wholesale Purchase Program is one of several innovative banking
products the Bank offers to help partners build, grow, and maintain
their businesses. The Bank is a leading payments industry sponsor
bank as the #1 Issuer of Prepaid Cards (Nilson, May 2022) and a top
ACH-Originating Bank (NACHA, 2021). The Bank also offers wealth
management professionals and their clients, access to banking
solutions and provides institutions white-label lending and leasing
through The Bancorp Alliance programs, among other products. With
intent, the Bank remains a backend partner to businesses by
delivering technology-forward products with a superior level of
service.
For more information about the Wholesale Loan Purchase Program
and the Wholesale Lease Purchase Program, contact Chris Cinousis
(ccinousis@thebancorp.com), Director, Wholesale Origination.
About The Bancorp
The Bancorp Inc. (NASDAQ: TBBK), through its subsidiary, The
Bancorp Bank, N.A., provides non-bank financial companies with the
people, processes, and technology to meet their unique banking
needs. With over 20 years of experience, The Bancorp delivers
partner-focused solutions paired with cutting-edge technology for
companies that range from entrepreneurial startups to Fortune 500
companies. Through its Fintech Solutions, Institutional Banking,
Commercial Lending, and Real Estate Bridge Lending businesses, The
Bancorp is the third-largest Bank by asset in South Dakota, earning
recognition as the #1 issuer of prepaid cards in the U.S., a
nationwide provider of bridge financing for real estate capital
improvement plans, an SBA National Preferred Lender, a leading
provider of securities-backed lines of credit, and one of the few
bank-owned commercial vehicle leasing groups in the country. With a
company-wide commitment to excellence, The Bancorp is recognized as
the top-ranked publicly traded Bank with assets between $5B-$50B by
Bank Director Magazine, a Readers’ Choice Top 50 Employer by Equal
Opportunity Magazine and was selected to be included in the S&P
Small Cap 600. For more about The Bancorp, visit
https://thebancorp.com/.
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version on businesswire.com: https://www.businesswire.com/news/home/20230606005729/en/
Media RelationsRachel Weiss,
Director of Strategic Communication (302) 385-5410
rweiss@thebancorp.com Kathleen Hayn, AVP, Media Relations
Specialist (302) 385-5183 kahayn@thebancorp.com Investor RelationsAndres Viroslav, Director of
Investor Relations (215) 861-7990 aviroslav@thebancorp.com
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