Bancorp updates on $41.1M apartment complex sale; earnest money raised to $1.6M, closing extended to March 2025

Bancorp, Inc.

Apartment complex REO balance $41.1M as of Dec 19, 2024; under sale agreement covering balance plus improvement costs.
Purchaser increased earnest money deposits to $1.6M from $500k in exchange for extending closing to March 21, 2025.
Extension allows sale to be part of a larger transaction; if not consummated, $1.6M earnest money accrues to Bancorp.
Company also in discussions to sell other loans, including balances reflected in classified loans.

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