The Bancorp (TBBK) Announces Commercial Real Estate Loans Sale
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
The Bancorp, Inc. (Nasdaq: TBBK) announced that it has sold $65 million of mostly commercial real estate loans from its discontinued loan portfolio. The sale reduced The Bancorp’s discontinued commercial loan portfolio, net of marks, from $400 million at June 30, 2016 to approximately $335 million, a decrease of 16%, at August 22, 2016. A gain of approximately $500,000 was recognized upon the sale which closed on August 22, 2016.
Damian Kozlowski, The Bancorp’s Chief Executive Officer, said, “This transaction represents further progress towards the exit of our discontinued commercial loan portfolio. This exit is one leg of the overall strategic plan to restructure the balance sheet with our SBLOC, SBA, leasing and CMBS lending lines which have historically performed at low levels of losses. Additionally, we are moving forward with our plan to right size our expense base as previously discussed in our most recent earnings call.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Steelcase (SCS) Reports Preliminary Q3 EPS In-Line with Views, Revs Light
- Steelcase (SCS) Reports Below Consensus Prelim. Q3 Revenue
- UPDATE: Macy's (M), Sears (SHLD), Kohl's Corp. (KSS) Accused of Posting Fake 'Original' Prices - Bloomberg
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Spinoffs
Related EntitiesFDIC, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!