Bancorp Agrees To Buy American Home Bank

Law360, New York (June 4, 2009, 12:00 AM EDT) -- Financial holding company The Bancorp Inc. will acquire American Home Bank, a unit of bankrupt American Home Mortgage Holdings Inc., Bancorp announced Thursday.

Under a stock purchase agreement with American Home Mortgage, Bancorp will acquire all of the outstanding shares of capital stock of American Home Bank.

Bancorp said it expected the tangible book value of American Home Bank at the deal's closing to be no greater than $11 million.

The final purchase price will equal the amount of American Home Bank's tangible book value at...
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