The Bancorp announces pricing of $100M senior unsecured notes
The Bancorp (NASDAQ:TBBK) has priced its public offering of $100M of 4.75% senior unsecured notes due 2025. The notes will bear interest at 4.75% per annum, payable semi-annually in arrears on March 15 and Sept. 15 of each year, commencing next March. Net proceeds will be ~$98.5M and will be used for general corporate purposes, which may include capital to support the growth of its Wilmington-based bank subsidiary. Piper Sandler & Co. and Raymond James & Associates, Inc. are acting as book-running managers for the offering.