SEC Filing Summary: The Bancorp, Inc. (TBBK)
Business Context and Reporting Period
This Form 8-K was filed by The Bancorp, Inc. on March 8, 2024, reporting events occurring on March 4, 2024. The registrant is a Delaware corporation with its principal offices in Wilmington, Delaware, and its common stock trades on the NASDAQ Global Select Market under the symbol TBBK.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a change in the company's independent registered public accounting firm.
Material Changes
- Appointment of New Auditor: The Audit Committee appointed Crowe LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The appointment is effective upon the execution of an engagement letter and completion of standard client acceptance procedures.
- Dismissal of Prior Auditor: Grant Thornton LLP was dismissed as the independent registered public accounting firm effective immediately on March 4, 2024.
- Audit History: Grant Thornton's audit reports for the years ended December 31, 2023, and 2022, were unqualified and did not contain adverse opinions, disclaimers, or modifications regarding uncertainty, scope, or accounting principles.
- No Disagreements: The company reported no disagreements with Grant Thornton regarding accounting principles, financial statement disclosures, or auditing scope/procedures during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. No unusual items or contingencies were disclosed in this report. The company confirmed that no consultations with Crowe LLP occurred regarding accounting principles or reportable events prior to the appointment.
Investor Verification Checklist
- Verify the execution of the engagement letter with Crowe LLP to confirm the effective date of the new audit relationship.
- Review the letter from Grant Thornton LLP (Exhibit 16.1) to confirm their agreement with the company's statements regarding the dismissal.
- Monitor future filings for the first financial statements audited by Crowe LLP to assess any changes in audit scope or findings.
- Confirm that no undisclosed "reportable events" or disagreements existed during the tenure of Grant Thornton LLP.