8-K
Bancorp, Inc. (TBBK)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934
Date of Report (Date of earliest eventreported): June 13, 2023
The Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number: 000-51018
| Delaware | 23-3016517 |
|---|---|
| (State or other jurisdiction of | (IRS Employer |
| incorporation) | Identification No.) |
409 Silverside Road
Wilmington, DE 19809
(Address of principal executive offices, includingzip code)
302-385-5000
(Registrant’s telephone number, includingarea code)
(Former name or former address, if changed sincelast report)
Check the appropriate box below if the Form 8-K filing is intendedto simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[_] Written communications pursuant to Rule 425 under theSecurities Act (17 CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under theExchange Act (17 CFR 240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b)under the Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c)under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br> <br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $1.00 per share | TBBK | Nasdaq Global Select |
Indicate by check mark whether the registrant is an emerging growthcompany as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
[_] Emerging growth company
If an emerging growth company, indicate by check mark if the registranthas elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuantto Section 13(a) of the Exchange Act. [ ]
Item 7.01. Regulation FD Disclosure
On June 13, 2023, The Bancorp, Inc. (the “Company”) issued a press release announcing that the Company’s wholly-owned subsidiary, The Bancorp Bank, N.A., has entered into a long-term extension of its private label banking services agreement with Chime Financial, Inc. A copy of this press release is furnished with this report as Exhibit 99.1.
The information included in Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise stated in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: June 13, 2023 | The Bancorp, Inc. | |
|---|---|---|
| By: | /s/ Paul Frenkiel | |
| Name: | Paul Frenkiel | |
| Title: | Chief Financial Officer and Secretary |
Exhibit 99.1
THE BANCORP ANDCHIME EXTEND PARTNERSHIP
SIOUX FALLS, South Dakota., June 13, 2023, – The Bancorp Bank, N.A., member FDIC, a wholly owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK), today announced that it has entered into a long-term extension of its private label banking services agreement with Chime Financial, Inc., a leading consumer fintech. This renewed relationship further strengthens The Bancorp’s position as the leader in delivering banking sponsorship services to the U.S. challenger banking sector.
The renewed agreement between the two organizations ensures The Bancorp will maintain its key role as a banking partner and continue to hold Chime member deposit accounts. The partnership will enable Chime to continue to focus on designing innovative, easy-to-use, FDIC-insured banking services for everyday people.
“We are thrilled to not only renew, but to also expand our partnership with Chime, as it solidifies our dedication to driving the future of fintech,” said Ryan Harris, EVP and Head of Fintech Solutions at The Bancorp. “At The Bancorp, we are committed to embracing innovation and redefining what is possible in the world of banking. Our goal is to not only meet but exceed the needs and expectations of Chime members now and into the future,” he concluded.
While evolution in technology is constant and impacts how consumers connect with and use their payment accounts, consumers should not have to choose between innovation and important consumer protection. This partnership will enable Chime to continue to offer fully regulated financial services products that are beloved by millions of people across the US.
“The Bancorp has been an important partner to Chime since the beginning,” said Chris Britt, Chime CEO and co-founder. This partnership helps enable Chime to continue to innovate and define the next generation of banking services by providing trusted, consumer-aligned financial products that help our members achieve financial peace of mind.”
About The Bancorp
The Bancorp, Inc. (NASDAQ: TBBK), through its subsidiary, The Bancorp Bank, N.A., provides non-bank financial companies with the people, processes, and technology to meet their unique banking needs. With over 20 years of experience, The Bancorp delivers partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp is the third-largest bank by asset in South Dakota, earning recognition as the #1 issuer of prepaid cards in the U.S., a nationwide provider of bridge financing for real estate capital improvement plans, an SBA National Preferred Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial vehicle leasing groups in the country. With a company-wide commitment to excellence, The Bancorp is recognized as the top-ranked publicly traded bank with assets between $5B-$50B by Bank Director Magazine, a Readers’ Choice Top 50 Employer by
Equal Opportunity Magazine and was selected to be included in the S&P Small Cap 600. For more about The Bancorp, visit https://thebancorp.com/.
Media Relations
Rachel Brick
Director of Strategic Communication
(302) 385-5410
rbrick@thebancorp.com
Kathleen Hayn
AVP, Media Relations Specialist
(484) 888-4445
kahayn@thebancorp.com
Investor RelationsAndres Viroslav, Director of Investor Relations
The Bancorp
(215) 861-7990
aviroslav@thebancorp.com
Source: The Bancorp, Inc.