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The Bancorp Freed from Fed Order Tied to Capital Management
Posted: 12/11/2019 | Castle Creek

by Paul Davis

The Bancorp in Wilmington, Del., received some positive news heading into the new year.

The $4.9 billion-asset company disclosed in a regulatory filing Wednesday that a May 2015 supervisory letter from the Federal Reserve had been terminated.

The letter had required the company to obtain Fed approval before paying dividends on common stock, issuing debt or making quarterly payments on its trust-preferred securities.

While the company is now allowed to pay dividends, funding for such payments might be limited by a June 2014 consent order against its bank. That order requires approval from the Federal Deposit Insurance Corp. before the bank can make payments to the holding company.

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