The Bancorp has a new chief operating officer, replacing an executive who had joined the Wilmington, Del., company just 16 months earlier.
The $4.4 billion-asset company said in a press release Thursday that Hugh McFadden had become chief operating officer of its bank, handling areas such as lending, credit, compliance and risk management. McFadden, who held the same post at Modern Bank from 2011 and 2013, had also been an executive at Citigroup Private Bank.
McFadden, who had been a consultant on regulatory compliance issues for Promontory Financial Group since 2014, succeeded Gail Ball, a former official with the Federal Reserve Board who joined The Bancorp in March 2015.
The Bancorp didn't mention Ball in its release; efforts to contact the company were unsuccessful. Ball's LinkedIn profile said she left the company earlier this month after the "new CEO brought in his own team and restructured the C-suite roles, redefining the scope of the COO and adding a chief administrative officer role."
The Bancorp has experienced significant turnover and turbulence in recent years. The company's woes go back to at least 2014, when it agreed to a consent order tied to compliance issues with the Bank Secrecy Act. The same year, the company shut down its commercial lending operations.
More issues surfaced last year. The Federal Deposit Insurance Corp. in January 2015 hit the company with aninsurance premium surcharge tied to its dealings in prepaid cards. The company also staved off a delisting from the Nasdaq and agreed to pay a $3 million civil money penalty to address issues tied to electronic fund transfer practices.
In addition to hiring Ball, The Bancorp last fall brought in Steve Turowski from Bank of New York Mellon to become its chief risk officer.
The Bancorp has continued to struggle, reporting about $42 million in losses through the first half of this year as it looks to comply with the 2014 regulatory order.
McFadden was one of several executive moves announced on Thursday. The company also promoted Pawneet Abramowski to chief compliance officer, reporting to McFadden. She will continue to be responsible for financial crimes risk management.
Abramowsi succeeded Sepideh Behram, according to Behrem's LinkedIn profile. The profile said Behrem left earlier this year to become a BSA officer at Burke & Hebert Bank in Alexandria, Va.
John Leto, formerly head of national sales at TD Bank, was named the company's chief administrative officer.