Bancorp updates on $42.3M apartment complex sale; earnest money raised to $3M

Bancorp, Inc.

Loan balance of $42.3M as of 3/25/25; sale price expected to cover balance plus improvement costs.
Amendment requires additional $1.4M earnest money deposit by 4/7/25, bringing total to $3.0M.
Purchaser to invest up to $1.9M in property by 5/23/25; closing extended to 5/23/25.
Two optional 30-day extensions available at $1.0M each; if sale fails, deposits and investments accrue to Bancorp.

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