WILMINGTON, Del.--(BUSINESS WIRE)--
The Bancorp, Inc. (NASDAQ: TBBK) (“the Company”) today announced that on
April 1, 2015 it received a letter (the “Nasdaq Notice”) from the NASDAQ
Stock Market LLC (“Nasdaq”) notifying the Company that because it had
not yet filed its Annual Report on Form 10-K for the fiscal year ended
December 31, 2014 (the “Form 10-K”) with the Securities and Exchange
Commission (the “SEC”), the Company was not in compliance with Nasdaq
Listing Rule 5250(c)(1), which requires listed companies to timely file
all required periodic financial reports with the SEC.
In a Form 12b-25 Notification of Late Filing filed with the SEC on March
16, 2015 (the “Form 12b-25”), the Company reported that it planned to
file the Form 10-K with the SEC within the extension period of 15
calendar days following the original due date of March 16, 2015. The
Company was, however, unable to file the Form 10-K by the extended
deadline as additional time is required to address the restatement of
certain charges related to provisions for loan losses in prior periods
as disclosed in the Company’s Item 4.02 filing on Form 8-K filed on
April 1, 2015.
The Nasdaq Notice provides that the Company has 60 calendar days from
the Company’s receipt thereof to submit to Nasdaq a plan to regain
compliance with Listing Rule 5250(c)(1). The Company expects that it
will file the Form 10-K on or before May 11, 2015, which is within the
60 day period, although there can be no assurance that the Company will
be able to do so. If a plan to regain compliance is required as a result
of any continuing delay in the filing of the Form 10-K, the Company
intends to submit such a plan to Nasdaq. If a plan is filed and Nasdaq
accepts the plan, then Nasdaq could grant the Company up to 180 days
from the extended due date for filing the Form 10-K (that is, until
September 28, 2015) to regain compliance. If a plan is filed and Nasdaq
does not accept the plan, then the Company would expect to have the
opportunity to appeal that decision to a Nasdaq Hearings Panel.
About The Bancorp
With operations in the U.S. and Europe, The Bancorp (NASDAQ: TBBK) is
dedicated to setting a new standard in financial services and payments
innovation. The Bancorp specializes in providing private-label banking
and technology solutions for non-bank companies ranging from
entrepreneurial start-ups to those on the Fortune 500. The Bancorp Bank,
one of The Bancorp’s financial institutions, has been recognized as a
National Preferred SBA Lender, a top custodian of Health Savings
Accounts, a top ACH Originator, one of the nation’s largest credit card
transaction acquirers and is the leading issuer of prepaid cards. For
more information please visit www.thebancorp.com.
The Bancorp, Inc.
Andres Viroslav, 215-861-7990
aviroslav@thebancorp.com
Source: The Bancorp, Inc.