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.
