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WILMINGTON, DE – The Bancorp , Inc. (NASDAQ:TBBK), a Delaware-incorporated commercial bank with a market capitalization of $2.34 billion and an impressive 72% return over the past year, announced the retirement of Chief Financial Officer Paul Frenkiel and the appointment of Martin Egan as the Interim Chief Financial Officer, effective March 28, 2025. According to InvestingPro data, the company maintains a "GREAT" financial health score, suggesting strong operational performance.
Frenkiel, who has served as the Executive Vice President, Chief Financial Officer, and Secretary, will retire after many years with the company. Under his tenure, the company has maintained strong financial metrics, trading at an attractive P/E ratio of 11.5x. In recognition of his service, his unvested restricted stock units, totaling 25,561, will vest on the one-year anniversary of his retirement. As part of a Retirement, Consulting and Release Agreement, Frenkiel will provide consultancy services to the company through December 31, 2025. He will receive a consulting fee of $250,000, paid in monthly installments, and will not be eligible for incentive compensation during this period.
Martin Egan, 57, who has been with Bancorp for the past five years as the Chief Accounting Officer, will take on the role of Interim CFO while maintaining his current position as Chief Accounting Officer. Egan holds a Bachelor of Science degree in Business Administration and Accounting from Shippensburg University of Pennsylvania. He will continue to receive his current annual base salary of $375,000.
The Bancorp has been conducting a formal search for a new CFO since last year, which is still ongoing. The company has not reported any familial relationships or related party transactions involving Egan. With the next earnings report scheduled for April 24, 2025, and three analysts recently revising their earnings estimates upward, investors can access comprehensive analysis and additional insights through InvestingPro’s detailed research reports, which cover over 1,400 US stocks including TBBK.
The information in this article is based on a press release statement from The Bancorp, Inc. filed with the SEC.
In other recent news, The Bancorp has received a non-compliance notice from the Nasdaq Global Select Market due to a delay in filing its annual report for the fiscal year ending December 31, 2024. The company has 60 days to file the overdue report or submit a compliance plan to Nasdaq. Additionally, Piper Sandler has reiterated its Overweight rating on The Bancorp, maintaining a $68 price target, citing anticipated growth opportunities and a solid first quarter in 2025. Meanwhile, Keefe, Bruyette & Woods also affirmed their Outperform rating with a $72 price target, despite a delay in the sale of The Bancorp’s Other Real Estate Owned assets. This sale, involving the Aubrey property, is significant as it represents a substantial portion of the company’s non-performing assets. Raymond (NSE:RYMD) James continues to support The Bancorp with an Outperform rating and a $67 price target, expressing optimism about the company’s Real Estate Business Lending portfolio. Analysts from these firms highlight the strength of The Bancorp’s core Banking-as-a-Service business, which is projected to generate strong returns in 2025. Despite challenges, the company is expected to continue its robust performance in its payments business, with analysts remaining positive on its long-term prospects.
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