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TMCNet:  ATTENTION THE BANCORP INC. SHAREHOLDERS: Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of The Bancorp Inc.

[June 13, 2014]

ATTENTION THE BANCORP INC. SHAREHOLDERS: Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of The Bancorp Inc.

SAN DIEGO --(Business Wire)--

Shareholder rights law firm Johnson & Weaver, LLP has commenced an investigation into whether certain officers and directors of The Bancorp Inc. (NASDAQ: TBBK) violated state laws or the federal securities laws.

On June 10, 2014, the Company filed a Form 8-K with the SEC (News - Alert) 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 he 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 are a shareholder of The Bancorp and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (jimb@johnsonandweaver.com) at 619-814-4471. If you email, please include your phone number.

Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California and New York. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.


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