The Bancorp (TBBK): Another “Extend and Pretend” Loan To Avert a 1Q 2018 Loss

Postscript: June 29, 2018 The following sequence of events revolving around a single sale of a note made to a now bankrupt LLC is indicative of the shady way The Bancorp (TBBK) had handled the disposition of its commercial loan portfolio set aside as a discontinued operations three and a half years ago. First, on […]

The Bancorp (TBBK): Will a Florida Hotel Loan Default Ruin Its 1Q18 Financials?

Postscript: May 18,2018 Literally “at the 11th hour” on April 26, 2018 the night before TBBK announced 1Q2018 earnings, the bank signed an agreement to sell a troubled Florida hotel construction loan with no loss due generous bank-financing coupled with a pre-packaged bankruptcy that subordinated EB-5 lenders.  This last minute sale avoided the a 1Q […]

The Bancorp Is Having An “Enron Moment” With Its Unconsolidated LLC

An Enron moment –– def. when an accounting ploy to offload toxic assets to an unconsolidated LLC backfires. The Bancorp’s Continuing Problems The Bancorp (NASDAQ: TBBK) is a publicly-held Philadelphia regional bank with a diversified loan portfolio, but also known for being one of largest issuers of reloadable prepaid debit and gift cards in the […]

The Bancorp (TBBK) : An “Extend and Pretend” Loan Operation That Won’t Go Away

Advice First — Then Analysis: Coinciding with a new CEO Damian Kozlowski, The Bancorp (TBBK) has been forthright in taking additional markdowns on it discontinued commercial loan portfolio. But, this has resulted in three successive quarters of unexpected losses followed by double digit percentage declines in its stock. This article will present the case that […]

The Bancorp: Oversold Says Richard Thaler’s Behavioral Finance Fund

Summary On September 29th, The Bancorp will hold a special meeting of stockholders to vote on a $74 Million secondary offering. The terms and conditions are an insult to existing institutional investors and there is evidence that The Bancorp genuinely fears that a NO vote might win. If a NO vote wins, the deciding votes […]