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Under CEO Betsy Cohen, The Bancorp is plugging alternative financial services upstarts into the banking system. But a regulatory hiccup could hinder growth.
July 28 -
The Bancorp in Wilmington, Del., said on Friday that it has eliminated its commercial lending operations, amid pressure from regulators to fix its anti-money laundering procedures.
October 31 -
Share of The Bancorp (TBBK) plummeted a day after the Wilmington, Del., company disclosed that it had been hit with a consent order tied to the Bank Secrecy Act.
June 11 -
Pennant Management, which handles assets for community banks and other clients, disclosed that it could be holding up to $179 million in fake USDA-insured loans. Industry observers said the firm's failure to take certain precautions, along with weaknesses in the secondary market for USDA loans, invited fraud.
October 15
The Bancorp in Wilmington, Del., will have a new chief executive next year.
The $4.2 billion-asset company
Frank Mastrangelo, the company's president and chief operating officer, will succeed Cohen as CEO. Her son, Daniel Cohen, will become chairman of the bank; he is already the company's chairman.
The Bancorp has been dealing with regulatory pressure to improve its anti-money laundering capabilities. The Federal Deposit Insurance Corp. hit the company with a
The company reported a $16.8 million third-quarter loss, compared to a $4.8 million profit a year earlier.
