The Bancorp, Inc. (NASDAQ: TBBK) announces that its wholly owned
subsidiary, The Bancorp Bank, has entered into an agreement to transfer
all of its rights and obligations as custodian and trustee of its Safe
Harbor IRA account portfolio to Millennium Trust Company, a leading
provider of retirement and custody services.
The transaction, which includes approximately 160,000 individual
retirement accounts totaling more than $400 million in deposits with
respect to which Millenium Trust will become the successor custodian,
allows both companies to focus on growth within their respective areas
of expertise. The transaction price is $65 million.
“We are pleased with this transaction which allows The Bancorp to focus
on our core business growth and development,” said Damian Kozlowski,
Chief Executive Officer of The Bancorp, Inc. and President of The
Bancorp Bank, “and achieve our core capital targets well within the
Millennium Trust will assume The Bancorp Bank’s custodial and
administrative duties under the automatic rollover program. Millennium
Trust has provided solutions to accommodate distributions from ongoing,
terminated or abandoned defined contribution plans since 2005. Its
automatic rollover program is designed to comply with the Safe Harbor
regulations promulgated by the Department of Labor pursuant to Section
657(c) of the Economic Growth and Tax Relief Reconciliation Act of 2001.
“As we continue to expand our retirement services business, we welcome
the additional Safe Harbor IRA clients to our platform. Our focus
remains on helping Americans save for retirement and providing access to
investment tools they need to succeed,” said Gary Anetsberger, CEO of
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 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
About Millennium Trust Company
Millennium Trust Company is a trusted leader in specialized retirement
and custody services, empowering clients with unmatched
service, access to a wide range of solutions and expertise they can
count on. Whether it’s the custody of alternative assets, investment
accounts or retirement funds, Millennium Trust is uniquely qualified to
support our clients’ success.
Millennium Trust Company performs the duties of a directed custodian,
and as such, does not provide due diligence to third parties on
prospective investments, platforms, sponsors or service providers, and
does not sell investments or provide investment, legal, or tax advice.
For more information please visit www.mtrustcompany.com.
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