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February 08, 2016 12:37 PM ET

Banks

Company Overview of The Bancorp Bank

Company Overview

The Bancorp Bank provides personal and business banking services. Its personal banking products and services include personal checking and savings accounts, health savings account, IRAs, money market accounts, and loans and lines of credit; and business banking products and services include business checking and savings, loans and lines of credit, and money market accounts. The company also provides online banking services. The Bancorp Bank was formerly known as The Bancorp.com Bank and changed its name to The Bancorp Bank in October 2002. The company was founded in 1999 and is based in Wilmington, Delaware. The Bancorp Bank operates as a subsidiary of The Bancorp Inc.

409 Silverside Road

Suite 105

Wilmington, DE 19809

United States

Founded in 1999

Phone:

302-385-5000

Fax:

302-385-5099

Key Executives for The Bancorp Bank

Chief Executive Officer
Age: 73
President and Chief Operating Officer
Age: 47
Chief Financial Officer, Executive Vice President of Strategy and Secretary
Age: 62
Chief Accounting Officer and Senior Vice President
Age: 47
Chief Information Officer and Executive Vice President
Compensation as of Fiscal Year 2015.

The Bancorp Bank Key Developments

Federal Deposit Insurance Corporation Announces Settlement with the Bancorp Bank

The Federal Deposit Insurance Corporation (FDIC) announced a settlement with The Bancorp Bank, Wilmington, Del., for unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act (Section 5). As part of the settlement, the bank stipulated to the issuance of an Amended Consent Order, Order for Restitution, and Order to Pay Civil Money Penalty. Under the FDIC Orders, The Bancorp Bank will pay a civil money penalty of $3 million and an estimated $1.3 million in restitution to approximately 21,000 harmed customers. The Bancorp Bank issues prepaid cards on behalf of numerous non-bank entities. The FDIC determined that the bank violated Section 5 in various ways with respect to these programs, such as: failing to provide promised protections to consumers in the resolution of account errors; failing to provide promised benefits for a debit card rewards program that the bank offered with a third-party services provider; and charging deceptive debit decline fees on a general purpose reloadable prepaid card. As the issuing bank for these various programs, The Bancorp Bank was responsible for ensuring that these programs were operated in compliance with all applicable laws. The FDIC orders require The Bancorp Bank, among other things, to promptly implement practices to ensure that the intake, investigation, and resolution of error claims for all of its prepaid cardholders are properly executed. In addition, The Bancorp Bank, under a corrective action plan, is required to take remedial measures regarding certain prepaid cardholders who asserted or attempted to assert error claims and to provide restitution to cardholders harmed by certain error resolution practices.

Arthur M. Birenbaum, Executive Vice President- Commercial Loans Resigns from Both the Bancorp Inc. and the Bancorp Bank

Arthur M. Birenbaum, Executive Vice President- Commercial Loans of both The Bancorp Inc. and its subsidiary, The Bancorp Bank, has resigned from such positions, effective January 8, 2015.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 23, 2015
The Bancorp Bank, Health Savings Account Portfolio
 

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