Tag: TBBK
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The Bancorp: Continuing Problems With A Discontinued Operation
Summary The Bancorp filed a NT 10-K recently notifying the SEC that it had failed to file its 2014 10-K within the allowed 75 days. We believe that the reason for this failure has been a reconsideration of the markdown of the loan portfolio associated with its discontinued commercial lending operation. The Bancorp has until…
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The Bancorp: Bad Moon Rising
The Bancorp is a Philadelphia area bank whose stock has fallen 50% in 2014 due accounting and regulatory surprises. On top of that, it announced it was discontinuing its commercial lending operations and set aside a $1.2 Billion portfolio for sale with an overall 6.5% mark-to-market discount. An 8-K filed on the last business day…