Intel stock spikes after report of possible US government stake
The Bancorp , Inc. (NASDAQ:TBBK), a $3.05 billion financial services company that has delivered over 46% returns to investors in the past year, announced Monday that it has amended its Master Services Agreement with Block, Inc. to expand their partnership. According to a statement in a regulatory filing, The Bancorp Bank, N.A., a wholly owned subsidiary of The Bancorp, entered into a Card Issuing Addendum with Block, Inc. on July 10. This agreement provides for the issuance of debit and prepaid cards and related services to Cash App customers.
The initial term of the addendum is set for five years. The Bancorp stated that the expansion of these services to Block is expected to begin in 2026. The company indicated it will provide material updates on the program as implementation progresses.
The Bancorp’s common stock is listed on the Nasdaq Global Select Market under the symbol TBBK. The company is headquartered in Wilmington, Delaware.
This information is based on a statement in a press release filed with the Securities and Exchange Commission.
In other recent news, The Bancorp announced an increase in its share repurchase program, authorizing up to $500 million in buybacks through 2026. This move was highlighted by Keefe, Bruyette & Woods, which maintained a Market Perform rating on The Bancorp, emphasizing the potential positive impact on earnings per share by 2026. Furthermore, The Bancorp’s Board of Directors has stated that the repurchase plan will be funded through available cash and refinancing of senior unsecured debt.
In other developments, The Bancorp’s agreement to sell its largest OREO property, the Aubrey apartment complex in Houston, was terminated after the purchaser missed closing deadlines. Raymond (NSE:RYMD) James reiterated an Outperform rating, noting the property’s improved condition and potential for future sale. Meanwhile, Piper Sandler reaffirmed an Overweight rating on The Bancorp, citing confidence in the company’s ability to manage the property situation effectively.
Despite recent challenges, analysts like Keefe, Bruyette & Woods and Piper Sandler remain optimistic about The Bancorp’s long-term prospects, particularly due to its strategic positioning in the Banking-as-a-Service sector.
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