The Bancorp (TBBK) to Acquire Stored Value Solutions Business From BankFirst
More News related to TBBK
- B. Riley Starts Bancorp Inc. (TBBK) at Buy
- The Bancorp Bank Partners with LeagueSafe to Offer Financial Tools to Fantasy Football Leagues
- The Bancorp Bank Announces New Partnership with Higher One
- The Bancorp Bank and Obopay Introduce Payment Card
- BeaconEquity.com Issues Technical Trade Alerts on Market Movers: MRVC, HYGS, RAME, OIIM, TBBK, RIMM
The Bancorp, Inc. (Nasdaq: TBBK) has entered into an agreement with BankFirst, a South Dakota banking corporation, to acquire its "Stored Value Solutions" ("SVS") business. SVS is in the stored value card industry, also known as the prepaid card industry, with more than 3.7 million prepaid cards issued at June 30, 2007.
Under the terms of the agreement, Bancorp will purchase SVS for $60.6 million, payable $12.1 million through delivery of shares of Bancorp common stock plus $48.5 million in cash. The acquisition needs FDIC approval under the Bank Merger Act. We expect the transaction to close in the fourth quarter of 2007.
Bancorp expects the acquisition to be accretive to earnings per share in the first quarter of 2008.
Related Categories
Mergers and AcquisitionsStocks Mentioned
-0.58Sign 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!
