The Bancorp’s commercial fleet leasing division has announced its continued expansion into the Northeast through an asset purchase from New Concepts Leasing Inc. in Parsippany, N.J.
The new subsidiary, TBBK Direct Leasing, will serve as a fleet leasing and management service company to small and mid-size commercial and rental fleets throughout the New Jersey market. TBBK Direct Leasing will also extend The Bancorp’s service offering into the New York and Connecticut markets.
With this acquisition, a new leasing resource that specializes in fleets fewer than 100 vehicles is now locally available to New Jersey’s small business community, according to the company. This acquisition also presents an opportunity for other independent leasing companies to join forces with The Bancorp.
The transaction included the acquisition of 3,500 leased vehicle assets, according to the company.
TBBK Direct Leasing will access its financial services exclusively through The Bancorp Bank, Member FDIC, Equal Housing Lender, which is headquartered in Wilmington, Del.
The Bancorp offers a range of leasing services including federal leasing, municipal leasing, commercial leasing, franchise leasing, and equipment leasing.