Bancorp Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Item 2. Properties
PROPERTIES.
Our principal executive offices and an operations facility are located at 409 Silverside Road, Wilmington, Delaware. We maintain business development and administrative offices for SBL in Morrisville, North Carolina, Memphis, Tennessee, and Westmont, Illinois (suburban Chicago), primarily for SBA lending. Leasing offices are located in Crofton, Maryland, Kent, Washington, Smithfield, Utah, Orlando, Florida, Raritan, New Jersey and Norristown, Pennsylvania. We maintain a loan operations office in New York, New York. Prepaid and debit card offices and other executive offices are located in Sioux Falls, South Dakota. We own our property in Orlando, Florida, which houses our leasing operations, while the remainder of our properties are leased. Locations and certain additional information regarding our offices and other material properties at December 31, 2023 are listed below.
| Location | Expiration | Square Feet | Monthly Rent |
|---|---|---|---|
| Bank Owned Property | |||
| Orlando, Florida | 8,850 | ||
| Leased Space | |||
| Crofton, Maryland | 2025 | 3,364 | $4,636 |
| Kent, Washington | 2024 | 1,700 | 2,956 |
| Smithfield, Utah | 2028 | 6,451 | 4,830 |
| Memphis, Tennessee | 2025 | 1,128 | 1,903 |
| Morrisville, North Carolina | 2024 | 3,590 | 6,232 |
| New York, New York (one of three properties is subleased) | 2024 – 2025 | 12,459 | 37,813 |
| Norristown, Pennsylvania | 2028 | 7,180 | 10,500 |
| Raritan, New Jersey | 2024 | 2,145 | 4,021 |
| Sioux Falls, South Dakota | 2037 | 52,864 | 124,587 |
| Westmont, Illinois | 2026 | 3,003 | 3,073 |
| Wilmington, Delaware | 2025 | 70,968 | 160,139 |
We believe that our properties are suitable and adequate for our operations.
ITEM 3.
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