WILMINGTON, Del.--(BUSINESS WIRE)--The Bancorp, Inc. (“The Bancorp”) (NASDAQ: TBBK), a financial holding company, today announced that its board of directors has approved a new stock repurchase program to repurchase up to $10.0 million in value of shares of the Company’s common stock in each fiscal quarter of 2021, for a maximum amount of $40.0 million of shares of common stock repurchased on or prior to December 31, 2021.
Under the stock repurchase program, The Bancorp intends to repurchase shares through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”). The board of directors also authorized The Bancorp to enter into written trading plans under Rule 10b5-1 of the Exchange Act.
The Bancorp cannot predict when or if it will repurchase any shares of common stock and the timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. Information regarding stock repurchases will be available in The Bancorp’s periodic reports on Form 10-Q and 10-K filed with the Securities and Exchange Commission as required by the applicable rules of the Exchange Act.
About The Bancorp, Inc.
The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The Company’s subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial vehicle leasing groups in the nation. For more information please visit www.thebancorp.com.
This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking terminology, including but not limited to the words “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “plan,” “estimate,” “continue,” or similar words, and are based on management’s current expectations, estimates and projections. The Bancorp’s business is subject to a number of risks and uncertainties which could cause the actual results, events or achievements to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. These risks and uncertainties include those relating to the on-going COVID-19 pandemic, the impact it will have on The Bancorp’s business and the industry as a whole, and the resulting governmental and societal responses. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see The Bancorp’s filings with the Securities Exchange Commission (SEC). The forward-looking statements speak only as of the date of this press release. The Bancorp does not undertake to publicly revise or update forward-looking statements in this press release to reflect events or circumstances that arise after the date of this release, except as may be required under applicable law.