Defendant Name: The Bancorp, Inc.

Defendant Type: Public Company
SIC Code: 6022
CUSIP: 05969A10

Initial Case Details

Legal Case Name In the Matter of The Bancorp, Inc.
First Document Date 20-Sep-2019
Initial Filing Format Administrative Action
File Number 3-19477
Allegation Type Issuer Reporting and Disclosure
AAER 4081

Violations Alleged

Exchange Act
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)

Resolutions

First Resolution Date 20-Sep-2019
Headline Total Penalty and Disgorgement $1,400,000

Related Documents:

34-87036 20-Sep-2019 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On September 20, 2019, the SEC instituted settled administrative and cease and desist proceedings against The Bancorp, Inc. ("Bancorp"). The SEC stated: "This matter concerns Bancorp’s failures between at least April 2012 and September 2014 to properly classify certain loans and to take appropriate charges for individually impaired loans, resulting in Bancorp materially understating its Allowance for Loan and Lease Losses (“ALLL”) and its Provision for Loan and Lease Losses (“PLLL”) in its requisite periodic reports filed with the Commission."
34-87036-s 20-Sep-2019 Administrative Summary
SEC Charges Bank Holding Company and Two Officers with Reporting, Recordkeeping, and Internal Controls Violations
The SEC stated that: "[It] settled charges against bank holding company The Bancorp, Inc. and two of its officers stemming from the company's reporting, recordkeeping, and internal controls failures in connection with its commercial loan portfolio."

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