Acquisition Expands The Bancorp to Southeastern Pennsylvania Region
WILMINGTON, Del.–(BUSINESS WIRE)–#alwaysapartner–The Bancorp, Inc. (NASDAQ: TBBK) is pleased to announce the recent acquisition of McMahon Leasing. The purchase expands The Bancorp’s footprint to the southeastern Pennsylvania region, which will include a leasing office located in Norristown, Pennsylvania.
The purchase of McMahon allows for greater growth opportunities for The Bancorp. McMahon Leasing has been in business since 1987 under the same ownership, providing vehicle and equipment leasing to primarily small and mid-size businesses. Like The Bancorp, McMahon offers fleet management services including vehicle selection, acquisition and disposal, as well as fuel and maintenance programs and tag and title.
“We’ve found a tremendous partner in The Bancorp,” says Joe McMahon, President, and CEO of McMahon Leasing. “Their depth of resources will allow us to deliver new and innovative products and offerings with the same superior service McMahon Leasing customers have come to expect.”
The Bancorp’s Fleet Leasing markets are primarily commercial, municipal and federal government. By applying The Bancorp’s business model of direct funding and comprehensive support and services to the McMahon portfolio, the Bank’s Commercial Fleet Leasing Team is expecting to see significant growth.
“We are excited to add McMahon Leasing to The Bancorp’s portfolio of successful lessor acquisitions,” says Scott Megargee, Managing Director, Head of Leasing. “Joe McMahon has built a highly-qualified staff with expert industry knowledge, and over 30 years of experience. The Bancorp offers a unique combination of both banking and automotive expertise that is very attractive to the independent leasing company looking for a succession plan. We provide a level of flexibility not available anywhere else in the marketplace.”
About The Bancorp
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 SBA National Preferred 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.
Contacts
Media Relations
Rachel Weiss, VP Communications Manager
(302) 385-5410
rweiss@thebancorp.com
Investor Relations
Andres Viroslav, Director of Investor Relations
(215) 861-7990
aviroslav@thebancorp.com
