Emigrant Bank in New York has asked for regulatory approval to double its ownership stake in The Bancorp in Wilmington, Del.
The $6.8 billion-asset Emigrant said in documents filed with the Federal Reserve Board that it plans to raise its stake in The Bancorp to 9.99% from 4.98. Emigrant already owns about 1.9 million shares of the $4.8 billion-asset Bancorp.
Emigrant said it could spend about $8.4 million buying shares on the open market or through privately negotiated transactions.
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The Bancorp in Wilmington, Del., is looking for a new chief executive. The $4.7 billion-asset company said that Frank Mastrangelo resigned as CEO to become its technologist in residence.
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The sale, announced in July and completed Tuesday, included $3.2 billion in deposits. Financial terms of the deal were undisclosed.
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Emigrant and its parent company, New York Private Bank & Trust, said their investment is passive and that they will not try to control The Bancorp's management or seek board representation. Emigrant also agreed not to enter into banking or nonbanking transactions with The Bancorp, except deposit accounts up to $500,000.
An Emigrant spokesman declined to comment. Andres Viroslav, a spokesman for The Bancorp, did not return calls and emails seeking comment.
Frank Mastrangelo resigned his post as The Bancorp's chief executive last year to become a technologist in residence. The Bancorp has also been hit with other issues, including the late filing of its annual report and enforcement actions tied to its prepaid business.
The privately held Emigrant has two branches, in Manhattan and Ossining, N.Y. In 2013, Emigrant sold 29 branches to the $13 billion-asset Apple Bank for Savings.
Arnold & Porter is Emigrant's legal counsel.
