The Bancorp Bank has signed a deal to transfer all of its rights and obligations as custodian and trustee of its Safe Harbor IRA account portfolio to Millennium Trust Company in a transaction valued at $65m.
Upon completion of the transfer, Millenium Trust will serve as the custodian and administrator of about 160,000 individual retirement accounts totalling more than $400m in deposits.
Bancorp Bank president Damian Kozlowski said: “We are pleased with this transaction which allows The Bancorp to focus on our core business growth and development.
Kozlowski further said that the transaction will help the bank to achieve its core capital targets well within the multi-year timeframe.
Millennium Trust CEO Gary Anetsberger said: “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.”
Bancorp Bank, which offers securities-backed lines of credit, is one of the few bank-owned commercial vehicle leasing groups in the US.