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The Bancorp in Wilmington, Del., has again delayed the filing of its 2014 annual report and is also late in submitting its first-quarter results, it said in a news release Friday.
May 16 -
The Delaware bank, which issues cards for a wide swath of the prepaid industry, will have to curtail its growth as part of an agreement with the FDIC.
June 13 -
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., again delayed the filing of its annual report after it found $24 million in additional loan losses that should have been reported in earlier periods.
The $4.9 billion-asset company said in a
The Bancorp also said about $15 million of additional losses tied to discontinued loans were resolved after the delayed annual report due date, and those losses will be reflected in its updated financial statements.
The deadline for filing the annual report was delayed to July 15, due to "ongoing work and analysis related to the previously reported errors, which was not completed within the time frame originally estimated," the Bancorp said in a regulatory filing.
The company had expected to file the annual report by the end of this month. The Bancorp missed its previous filing deadline
The Bancorp also expects to file its Form 10-Q for the first quarter of this year shortly after it files its delayed annual report.
The Bancorp did not return calls seeking comment.
