The Bancorp in Wilmington, Del., agreed to pay a nearly $1.8 million penalty to resolve alleged violations tied to commercial mortgage-backed securities (CMBS).
The $7.1 billion-asset company said the settlement was tied to an Aug. 24 order by the Securities and Exchange Commission. The company did not admit or deny wrongdoing.
The SEC, in a July 6 Wells Notice, had alleged that the company had committed violations the Securities Exchange Act, in terms of its record keeping, reporting and internal control provisions, tied to various CMBS.
In addition to the financial penalty, the company agreed to cease and desist from committing or causing any violations of the books-and-records provisions of the Securities Exchange Act.
The Bancorp said it will record a charge in the third quarter to reflect the settlement.