Ryan & Maniskas, LLP Announces Investigation of The Bancorp Inc.

Jun 23, 2014, 18:35 ET from Ryan & Maniskas, LLP

WAYNE, Pa., June 23, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of The Bancorp Inc. ("Bancorp" or the "Company") (NASDAQ: TBBK). 

Bancorp shareholders who purchased Bancorp between April 24, 2013 thru June 10, 2014 (the "Class Period") should contact Richard A. Maniskas, Esquire at 877-316-3218 or at rmaniskas@rmclasslaw.com to learn more about this investigation or visit: www.rmclasslaw.com/cases/tbbk.

On June 10, 2014, the Company filed a Form 8-K with the SEC announcing that it "entered into a Stipulation and Consent to the Issuance of a Consent Order (the 'Order') with the Federal Deposit Insurance Corporation (the 'FDIC') which became effective on June 5, 2014. The Bank took this action without admitting or denying any charges of unsafe or unsound banking practices or violations of law or regulation relating to weaknesses in the Bank's Bank Secrecy Act ('BSA') Compliance Program."

According to the Form 8-K filed by the Company, the "Order requires the Bank to take certain affirmative actions to comply with its BSA obligations, among them: appoint a qualified BSA/OFAC officer; revise the written BSA Compliance Program; develop and implement additional policies and procedures for suspicious activity monitoring and reporting; review and enhance customer due diligence and risk assessment processes; review past account activity to determine whether suspicious activity was properly identified and reported; strengthen internal controls, including augmenting Board oversight regarding BSA activities; establish an independent testing program and develop policies and procedures to govern staffing and training for BSA compliance."

Following this announcement, shares of The Bancorp fell $4.66 per share to close at $11.54 per share, and dropping as low as $9.88 per share, on June 11, 2014.

If you own Bancorp shares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit: www.rmclasslaw.com/cases/tbbk. You may also email Mr. Maniskas at rmaniskas@rmclasslaw.com.  For more information about class action cases in general, please visit our website: www.rmclasslaw.com.

Ryan & Maniskas, LLP is a national shareholder litigation firm.  Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.

Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087

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SOURCE Ryan & Maniskas, LLP