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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 -
Share of The Bancorp (TBBK) plummeted a day after the Wilmington, Del., company disclosed that it had been hit with a consent order tied to the Bank Secrecy Act.
June 11
The Bancorp in Wilmington, Del., said on Friday that it has
The $4.2 billion-asset bank said that it will focus its loan portfolio, instead, on specialty finance, including small fleet leasing, security backed lines of credit and Small Business Administration lending.
"As part of our strategic evaluation of the asset composition of the bank, we have decided to replace our commercial lending with greater emphasis on the specialty lending segments," said Betsy Cohen, the bank's chief executive, in a press release Friday.
The bank was hit in June with a
The bank reported a net loss for the third quarter of $16.8 million, compared to a $4.8 million profit last year. The decline was driven by an $18.3 million loss from its discontinued operations.
Net income from continuing operations was $1.5 million, or 31% lower than in the same period last year. Net operating expenses rose 26%, to $33.1 million, as the bank recorded $2.7 million in BSA-related expenses.
Net interest income climbed 44%, to $15.4 million. Fee-based income rose 6%, to $20.2 million.
The Bancorp's shares were trading at $9.58 midday Friday, up 4% from Thursday's close.
