ATLANTA, March 18, 2025 (GLOBE NEWSWIRE) -- A shareholder class action lawsuit has been filed against The Bancorp, Inc. (“Bancorp” or the “Company”) (NASDAQ: TBBK). The lawsuit alleges that Defendants made false and/or misleading statements, as well as failed to disclose material facts regarding Bancorp’s business, operations, and prospects, including allegations that: (1) Bancorp had underrepresented the significant risk of default or loss on its REBL loan portfolio; (2) Bancorp’s current expected credit l ...

NEW YORK, March 17, 2025 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of  The Bancorp Inc ("Bancorp" or the "Company") (NASDAQ: TBBK). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.The investigation concerns whether Bancorp and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On October 24, 2024, Ban ...

Group 1 - CNB Community Bancorp, Inc. declared a quarterly cash dividend of $0.30 per share, reflecting an increase of $0.01 from the previous quarter [1] - The dividend is payable on April 11, 2025, to shareholders of record as of March 31, 2025 [1] Group 2 - CNB Community Bancorp, Inc. operates as a one-bank holding company with its subsidiary, County National Bank, providing full-service banking and investment management since 1934 [2] - In 2024, CNB was ranked 85th in American Banker Magazine's Top 100 publicly traded banks under $2 billion [2] - The company is headquartered in Hillsdale, Michigan, and offers a variety of financial products and services through 13 full-service offices and 19 ATMs [2]

Core Insights - The Bancorp, Inc. experienced a significant drop in share price following the announcement that its recently filed financial statements should no longer be relied upon, leading to a loss of $2.35 per share on March 5, 2025 [1][3] - The company invalidated three years of financial reporting, specifically for the fiscal years ended December 31, 2022 through 2024, which raised serious concerns among investors [3][4] - The situation was foreshadowed by a report from short-seller Culper Research, which accused Bancorp of misrepresenting the quality of its real estate bridge loan portfolio and under-reserving for potential loan losses [5][6] Financial Reporting Issues - Bancorp's late-night announcement on March 4, 2025, revealed that the financial statements filed in the Annual Report were no longer reliable, invalidating three years of financial data [3][4] - The company is currently working on additional procedures related to accounting for consumer fintech loans in its allowance for credit losses [4] - Neither the former auditor, Grant Thornton LLP, nor the current auditor, Crowe LLP, provided final approval for their audit opinions included in the report [4] Investigations and Allegations - Hagens Berman is investigating potential securities laws violations and is urging investors who suffered losses to come forward [2][7] - The investigation focuses on whether Bancorp misled investors regarding the quality of its loan portfolios and adherence to accounting standards [7] - The Culper Research report highlighted that Bancorp's reserves of $4.7 million were only 0.24% of its real estate bridge loan book, suggesting that actual losses could be significantly higher [6]

Company Overview - FFB Bancorp has established itself as a significant financial institution since its inception in 2005, serving a diverse clientele including businesses, professionals, and individuals across California and beyond [1] - The company is characterized as well-capitalized and highly profitable, indicating a strong financial foundation and operational efficiency [1] Profitability and Growth - Profitability has shown growth, reflecting the institution's successful business strategies and market positioning [1]

Group 1 - The article discusses the evolution of investment philosophy, using Warren Buffett as an example of how investors adapt their strategies over time [1] - Crude Value Insights provides an investment service focused on the oil and natural gas sector, emphasizing cash flow and the potential for value and growth [1] - The service includes access to a model account with over 50 stocks, detailed cash flow analyses of exploration and production (E&P) firms, and live discussions about the sector [2] Group 2 - A promotional offer is available for a two-week free trial, encouraging new users to explore opportunities in the oil and gas industry [3]

Financial Performance - The investment portfolio amounted to $1.50 billion at December 31, 2024, representing an increase from the prior year[21] - SBLOC and IBLOC loans totaled $1.56 billion, approximately 25% of total loans and commercial loans at fair value[25] - Consumer fintech loans reached $454.4 million, approximately 7% of total loans and commercial loans at fair value[25] - REBL loans accounted for $2.11 billion, approximately 33% of total loans and commercial loans at fair value[25] - The majority of deposits and non-interest income are generated in the fintech segment, which includes consumer transaction accounts and payment processing[22] Loan and Financing Activities - The company began making consumer fintech loans in 2024, including secured credit card loans and payroll advances[20] - The company provides lease financing for commercial and government vehicle fleets, with lease terms generally ranging from 36 to 60 months[39] - The company participates as an SBA Preferred Lender in the 7(a) Loan Guarantee Program, which helps small businesses with loans for various purposes, including working capital and equipment purchases[40] - The company resumed the origination of apartment loans in Q3 2021, which are transitional commercial mortgage loans with variable rates and monthly adjustments[45] - In 2024, the company began offering consumer fintech loans, including secured credit card loans and payroll advances, which are at risk of complete loss if not repaid[46] Strategic Initiatives - The principal strategies include funding loan and investment portfolio growth with stable deposits and generating non-interest income from prepaid and debit card accounts[27] - The company aims to develop relationships with affinity groups to gain access to their membership and client bases for marketing services[28] - The company offers customized banking services through private label banking to affinity group partners[29] - The company provides a variety of checking and savings accounts, as well as payment services, to fintech companies and affinity groups, enhancing their service offerings[49] - The company has developed strategic relationships with affinity-based clients, providing customized deposit products and services[52] Regulatory Compliance and Capital Management - As of December 31, 2024, the Company had total capital to risk-adjusted assets ratios of 14.46% and Tier 1 capital to risk-adjusted assets ratios of 13.88%[90] - The Bank's leverage ratios were 10.38% as of December 31, 2024, exceeding the minimum regulatory requirements[91] - The Company is required to maintain a capital conservation buffer of 2.5% of Common Equity Tier 1 (CET1), resulting in minimum ratios of CET1 to risk-weighted assets of at least 7%[96] - The Company is in compliance with Basel III rules and expects to continue meeting targeted capital ratios[100] - The minimum CET1 ratio requirement for well-capitalized status is 6.5%, and the minimum Tier 1 capital ratio is 8%[100] Employee and Workplace Culture - The Company aims to attract and retain high-performing talent, with approximately 50% of its workforce being women and 23% being racial and ethnic minorities[67] - The Company is committed to providing competitive benefit programs, including healthcare coverage and retirement benefits, to promote employee well-being[70] - The Company maintains an inclusive work culture, implementing strategies that promote diversity and employee engagement[71] Risk Management and Cybersecurity - The company faces various risks including economic conditions, interest rate changes, and cybersecurity threats that could impact its financial performance[16] - The company has implemented a comprehensive information security program to protect customer records and information[116] - The company maintains a robust cybersecurity program aligned with NIST and PCI standards, including regular vulnerability assessments and penetration testing[57][60] Consumer Protection and Regulatory Environment - The Company is subject to extensive regulation, including requirements to maintain reserves against deposits and limitations on the types of loans that may be made[75] - The Company must comply with the Basel III rules, which include maintaining specific capital ratios and addressing credit risk management[94] - The Bank is subject to various federal consumer protection laws related to its lending activities, including the Truth in Lending Act and the Equal Credit Opportunity Act[130] - The Consumer Financial Protection Bureau adopted amendments to Regulation E and Regulation Z to add protections for prepaid accounts[133] - The Dodd-Frank Act implemented significant changes in financial regulation, including the creation of the CFPB and new capital rules for bank holding companies[140] Market Competition - The company competes with various financial institutions, including banks and online lenders, with significant costs of entry related to consumer protection compliance and regulatory requirements[62] - The company utilizes third-party service providers to enhance operational efficiency and reduce costs, ensuring business continuity through alternative sources[54] - The company’s marketing strategy targets affinity group organizations nationally, leveraging personal sales and media advertising to reach potential clients[55]

Group 1 - Washington Trust Bancorp, Inc. will hold its 2025 Annual Meeting of Shareholders virtually on April 22, 2025, at 11:00 a.m. ET [1] - Shareholders of record as of February 25, 2025, are entitled to attend and vote at the Annual Meeting [1] Group 2 - Washington Trust Bancorp, Inc. is the publicly-owned holding company of The Washington Trust Company, with $6.9 billion in assets as of December 31, 2024 [2] - Founded in 1800, Washington Trust is recognized as the oldest community bank in the nation and the largest state-chartered bank headquartered in Rhode Island [2] - The bank offers a wide range of services including commercial banking, mortgage banking, personal banking, and wealth management through its offices in Rhode Island, Connecticut, and Massachusetts [2]

Core Viewpoint - FinWise Bancorp has appointed Jim Noone as the new CEO of FinWise Bank, while Kent Landvatter continues as Chairman and CEO of FinWise Bancorp [1][2]. Group 1: Leadership Changes - Jim Noone has been with FinWise for seven years and has held various leadership roles, including President since March 2023 [2]. - Noone has over 20 years of experience in financial services, including commercial banking, investment banking, and private equity [2]. Group 2: Strategic Vision - Kent Landvatter expressed confidence in Noone's ability to manage day-to-day operations and work on the Bank's long-term strategy [3]. - Noone emphasized the importance of collaboration with employees, partners, and regulators to drive the next stage of growth for the Bank [3]. Group 3: Business Model and Offerings - FinWise provides Banking and Payments solutions to fintech brands and is diversifying its business model with Payments and BIN Sponsorship offerings [4]. - The company operates a Strategic Program Lending business that supports deposit, lending, and payments programs for fintech brands [4]. - FinWise also offers a Credit Enhancement Program and manages various lending programs, including SBA 7(a) and Owner Occupied Commercial Real Estate [4].

Group 1 - The essence of value investing is that companies do not need to be in continuous growth to be attractive, as long as they generate cash flow [1] - Crude Value Insights provides an investment service focused on oil and natural gas, emphasizing cash flow and the potential for value and growth [1] - The service includes access to a model account with over 50 stocks, detailed cash flow analyses of exploration and production firms, and live discussions about the sector [2] Group 2 - A two-week free trial is available for new subscribers, offering an opportunity to explore the oil and gas sector [3]