The Bancorp Bank is headquartered in Wilmington and is the 11th largest bank in the state of Delaware. It is also the 228th largest bank in the nation. It was established in 2000 and as of September of 2016, it had grown to 579 employees at 1 location. The Bancorp Bank has a C- health rating.
I was curious to see how an Internet-only bank worked and, particularly, if I would be satisfied. I use the bank to transfer funds from different sources to my PayPal debit card. A savings account is an option, but I don't have one with them. Overall I'm satisfied. That said:
There is a delay in funds from the source, usually 24-48 hours. The delay has been up to 3 or 4 days a couple of times recently. I guess this is reasonable, but when I spend money from my checking account using my debit card there is no delay. I guess I just don't understand the process between getting my money and a transfer from my account. I imagine they prefer I don't understand. I'm glad money is taken out of my account immediately, I wish money was put in immediately.
The one time I tried to get customer service it was impossible. It turned out the problem I had was with the entity sending money to me and not the bank. But still. . .
I been trying to close out an IRA that was placed with this bank when I left my job last year. They claim it takes 20 business days to close the account and an additional number of days to receive the funds. Customer service refuses to allow you to speak with management. Mange money lied and say she would give weekly updates on account closure. Rest assured this bank is awful !!!!!!!
|FDIC Certificate #||35444|
|Return on Assets - YTD||-2.04%|
|Return on Equity - YTD||-29.89%|
|Annual Interest Income||$75.0MM|
|Assets and Liabilities|
|Assets||Q3 2016vs Q3 2015||$4.20B$4.71B|
|Loans||Q3 2016vs Q3 2015||$2.12B$1.93B|
|Deposits||Q3 2016vs Q3 2015||$3.78B$4.39B|
|Equity Capital||Q3 2016vs Q3 2015||$326.7MM$299.4MM|
|Loan Loss Allowance||Q3 2016vs Q3 2015||$6.1MM$4.2MM|
|Unbacked Noncurrent Loans||Q3 2016vs Q3 2015||$55.0MM$56.5MM|
|Real Estate Owned||Q3 2016vs Q3 2015||$16.2MM$19.5MM|
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|The Bancorp Bank Locations|
|The Bancorp Bank||409 Silverside Road||Wilmington, DE 19809|