The Bancorp in Wilmington, Del., is getting ready to divest another business.
The $4.8 billion-asset company has an agreement to sell its European payments business, CEO Damian Kozlowski said during a Friday conference call to discuss quarterly results. He did not disclose the buyer or any financial details.
The sale, if completed, would be the second divestiture in recent months. The company agreed in September to sell its health savings account business to the $19.7 billion-asset UMB Financial in Kansas City, Mo.
The Bancorp has been looking to cut costs as it grapples with a number of issues, including costs associated with a 2014 consent order tied to deficiencies with its anti-money-laundering and Bank Secrecy Act compliance.
The company is in the process of adopting a plan to tackle the compliance issues, Kozlowski said during Friday’s call. The plan, which should be complete by mid-year, should represent a significant improvement compared to how the company currently tackles credits, he said.
“The goal is to ... act and resolve the root causes of our regulatory issues,” Kozlowski added.
Kozlowski, who joined The Bancorp in June, also said that the company has received regulatory approval to bring in new executives, though he did not discuss any specific additions.
The quarterly call took place a day after the company reported a $29 million fourth-quarter loss that included a writedown tied to suspected fraud with a commercial credit. The company also said it is planning another $20 million in expense reductions.