Resource America, Inc.
1521 Locust St.- 5th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Resource America, Inc. Completes Sale Of Leasing Subsidiary To European American Bank
Philadelphia, PA, August 2, 2022 - Resource America, Inc.(NASDAQ:REXI) announces today the completion of the sale of Fidelity Leasing, Inc., its small ticket leasing subsidiary, to European American Bank ("EAB"), a subsidiary of ABN AMRO Bank, N.V. Total consideration received by Resource America, Inc., including payment of certain intercompany indebtedness, was $152 million. In addition, EAB assumed approximately $431 million in debt payable to third parties and other liabilities, resulting in a total consideration of $583 million.
Fidelity Leasing, Inc. has been a leader in the development of web-based leasing applications and the financing of e-commerce equipment for the small business sector.
Resource America, Inc., headquartered in Philadelphia, will continue to operate businesses in energy, energy technology and real estate finance.
Netherlands-based ABN AMRO Bank N.V. is one of the six largest banks in Europe with total assets of $460 billion and more than 3,500 locations in 76 countries and territories.
Edward E. Cohen, Chairman of the Board and Chief Executive Officer of Resource America commented, "We are especially pleased to have completed this transaction, which validates our substantial efforts as an incubator of companies in e-commerce. It is a satisfying recognition of the substantial value we have created for REXI shareholders. We believe that Fidelity Leasing, with the substantial assets of ABN AMRO behind it, and the incredible skills of its executives, will be even more of an industry leader in the future."
Abe Bernstein, Chief Executive Officer of Fidelity Leasing said, "I am delighted with this transaction. I am looking forward to a successful future employing the vast resources of ABN AMRO to build upon the great business platform developed under the ownership of Resource America."
Resource America continues to operate its traditional business of energy and energy technology. Its shareholdings and sponsored companies include Atlas Pipeline Partners, L.P. (Amex: APL), a natural gas gathering company, Optiron, a developer of web-based software solutions for the deregulating utility industry, Resource Asset Investment Trust, a specialized lender to the real estate mid-market, (Amex: RAS), and The Bancorp.com, Inc., a private label e-finance portal for affinity groups.
Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release.