Bancorp, Execs Settle SEC Record-Keeping Claims For $1.5M

Law360 (September 20, 2019, 8:58 PM EDT) -- The U.S. Securities and Exchange Commission announced Friday it has settled claims against bank holding company The Bancorp Inc. and two of its executive officers for $1.5 million, stemming from the company’s alleged failure to keep proper records in connection with its commercial loan portfolio.

Between April 2012 and September 2014, the SEC said the Delaware-based Bancorp failed to properly classify certain loans and failed to take appropriate charges for individually impaired loans, which resulted in the company understating its so-called allowance for loan and lease losses by about $138.6 million and overstating its provision for loan and lease losses by...

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