The embattled Bancorp in Wilmington, Del., has named Steven Turowski chief risk officer and submitted some previously delayed financial reports that shed more light on its financial condition.
Turowski joins the $4.7 billion-asset company from Bank of New York Mellon, where he served as senior risk manager and managing director for the past five years. He previously held senior-level positions at PNC Global Investment Servicing and Deutsche Bank.
The prior chief risk officer was James Hilty, according to the company's website and other sources. The Bancorp's press release Tuesday did not mention Hilty, and efforts to reach Bancorp officials were unsuccessful.
The developments come at a critical moment for The Bancorp, as the company looks to turn the corner on its recent spate of regulatory and financial troubles.
In his new job, Turowski will be responsible for overseeing The Bancorp's compliance with government regulations. He will report directly to Frank Mastrangelo, the company's chief executive.
Turowski's "years of experience in risk management within other varied corporate settings will make him an ideal fit here at The Bancorp," Mastrangelo said in a press release Tuesday.
The company was hit with a consent order last year from Federal Deposit Insurance Corp., which found weaknesses in its Bank Secrecy Act compliance programs. Earlier this year, the FDIC also assessed a surcharge for issues related to the treatment of prepaid accounts.
Additionally, the company faced a possible delisting from the Nasdaq after it repeatedly delayed filing its 2014 annual report. The delay was triggered by the discovery of $24 million in loan losses that should have been reported in previous periods, the company said in a June regulatory filing.
The Bancorp filed its 10-K on Friday. It turned a profit last year, earning $57.1 million, compared with a loss of $14.4 million in 2013, according to the filing posted on its website.
Its reports for the first two quarters of 2015 had been delayed also and were submitted this week, according to the company's website. The Bancorp reported that its net income available to shareholders fell to $388,000 in the first half of 2015, compared with $11.9 million a year earlier.
The company is scheduled to host a conference call Wednesday morning.