The Bancorp in Wilmington, Del., could be facing a fight to reclaim $3 million tied to a terminated real estate sale.
The company had previously agreed to sell a real estate bridge lending asset, primarily comprised of an apartment complex valued at $42.9 million on June 30.
The Bancorp terminated the contract on June 24 and requested the return of $3 million of earnest money deposits held in escrow. The prospective buyer objected to releasing the funds.
The Bancorp said in the filing that it believes it is entitled to the deposits and plans to pursue release of the funds.