Current Report Filing (8-k)
November 24 2020 - 4:49PM
Edgar (US Regulatory)
0001295401
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0001295401
2020-11-20
2020-11-20
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xbrli:shares
iso4217:USD
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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
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23-3016517
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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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
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $1.00 per share
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TBBK
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Nasdaq Global Select
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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
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
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The Bancorp, Inc
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By:
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/s/ Paul Frenkiel
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Name:
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Paul Frenkiel
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Title:
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Chief Financial Officer and
Secretary
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