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Section 1: 8-K (THE BANCORP, INC. FORM 8-K)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

Form 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  November 20, 2020

 

The Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

Commission File Number:  000-51018

 

Delaware   23-3016517
(State or other jurisdiction of   (IRS Employer
incorporation)   Identification No.)

 

409 Silverside Road

Wilmington, DE 19809

(Address of principal executive offices, including zip code)

 

302-385-5000

(Registrant’s telephone number, including area code)

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[_]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



[_]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



[_]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



[_]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class  

Trading

Symbol(s)

   Name of each exchange on which registered
Common Stock, par value $1.00 per share   TBBK   Nasdaq Global Select

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

 

[_] Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]

 

 

 
 

 

 

Item 8.01.  Other Events

 

On November 20, 2020, the Federal Deposit Insurance Corporation (the “FDIC”) notified The Bancorp Bank (the “Bank”), a wholly-owned subsidiary of The Bancorp, Inc. (the “Company”), that it issued an “Order Terminating Amended Consent Order and Order For Restitution” thereby lifting the Consent Order dated December 23, 2015 (the “2015 Consent Order”) by and between the Bank and the FDIC. The FDIC’s termination order was effective on November 17, 2020.  The lifting of the 2015 Consent Order confirms that the Bank has satisfactorily complied with all requirements of the 2015 Consent Order, most notably related the Bank’s Compliance Management System, including the consumer compliance audit function and third-party risk management.  Termination of the 2015 Consent Order concludes all outstanding regulatory actions brought by the FDIC against the Bank.

 

On November 24, 2020, the Company issued a press release announcing the termination of the 2015 Consent Order. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01.  Financial Statements and Exhibits

 

(d) Exhibits
     
  99.1 Press Release

 

 

 

 

 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:  November 24, 2020   The Bancorp, Inc
       
    By: /s/ Paul Frenkiel
    Name: Paul Frenkiel
    Title:

Chief Financial Officer and

Secretary

 

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Section 2: EX-99.1 (EXHIBIT 99.1)

 

Exhibit 99.1

 

 

THE BANCORP ANNOUNCES TERMINATION OF COMPLIANCE-RELATED CONSENT ORDER

Strengthened Compliance Management System Contributes to Release from Consent Order

 

WILMINGTON, Del., (November 24, 2020) – The Bancorp, Inc. (NASDAQ: TBBK), announced today that the Federal Deposit Insurance Corporation (FDIC), the prudential regulator of The Bancorp Bank (Bank), has terminated its Consent Order with the Bank principally related to consumer compliance and third-party risk management. The termination of this Consent Order concludes all outstanding regulatory actions brought by the FDIC against the Bank.

 

“We appreciated the support and encouragement of the FDIC and other regulators as The Bancorp expanded its compliance and risk management infrastructure. Our blueprint to create the best-in-class payments ecosystem was created through consultation with our clients, regulators, strategic partners and the best minds in fintech. The removal of the compliance order was the latest and final validation that our team has fully implemented a continuous process to help our community build the future of banking,” says Damian Kozlowski, President and CEO. “The Bancorp will continue to maintain its commitment to consumer protection while working to improve our technologies to remain at the forefront of the financial industry and support our partners’ rapid growth.”

 

In recent years, The Bancorp has made significant investments in developing and maintaining a sustainable compliance management system that is focused on scalable technology, people, and processes. The Bancorp and its partners have worked diligently to create a compliance management system specifically designed to support the fintech industry.

 

“The Bancorp and its partners are committed to expanding financial access to a wider range of customers than traditional banks through innovation and inclusiveness,” says Gregor Garry, Executive Vice President and Chief Operating Officer. “By building scalable tools and processes, we have redefined compliance management system standards to protect our customers and set the precedent for the fintech industry.”

 

About The Bancorp

The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank and a top ACH originator. Specialized lending distinctions include SBA National Preferred Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial vehicle leasing groups in the nation. For more information, please visit www.thebancorp.com.

 

 

 

Forward-Looking Statements

 

Statements in this release regarding The Bancorp’s business which are not historical facts are "forward-looking statements." These statements may be identified by the use of forward-looking terminology, including but not limited to the words “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “plan,” “estimate,” “continue,” or similar words , and are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results, events or achievements to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. These risks and uncertainties include those relating to the on-going COVID-19 pandemic, the impact it will have on our business and the industry as a whole, and the resulting governmental and societal responses. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see The Bancorp’s filings with the Securities Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of those filings. The forward-looking statements speak only as of the date of this press release. The Bancorp does not undertake to publicly revise or update forward-looking statements in this press release to reflect events or circumstances that arise after the date of this earnings release, except as may be required under applicable law.

 

Media Relations
Rachel Weiss, VP Communications Manager
(302) 385-5410
rweiss@thebancorp.com

Kathleen Hayn, AVP Communications Specialist
(484) 888-4445
kahayn@thebancorp.com

 

Investor Relations
Andres Viroslav, Director of Investor Relations
(215) 861-7990
aviroslav@thebancorp.com

 

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