The Bancorp Receives Letter from Nasdaq Regarding its 2014 Form 10-K Filing
April 01 2015 - 5:23PM
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,
215-861-7990aviroslav@thebancorp.com
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