Earlier, The Bancorp, a financial holding company, has entered into a Stock Purchase Agreement with American Home Mortgage Holdings, and American Home Bank, a federal savings association, to acquire all of the outstanding shares of capital stock of the American Home Bank.
The transaction will support the expansion of Bancorp’s national deposit gathering strategies. The purchase price reflects discount to tangible book value and is expected to be additive to Bancorp operating results in 2009
The total consideration Bancorp expects to pay is between $7 and $11 million and consummation of the acquisition will occur in the third quarter of 2009. However, it is subject to customary conditions, including receipt of required approvals of applicable governmental agencies. There can be no assurance that all of the closing conditions to the Acquisition will be satisfied.
Betsy Z. Cohen, Chief Executive Officer of Bancorp, said: “The acquisition of American Home Bank will enhance our platform and regulatory structure to support the continued growth of Bancorp’s prepaid card issuing and private client business lines.”
