The Bancorp Appoints Randall Baugh as New Chief Compliance Officer

Rhea-AI Summary

The Bancorp, Inc. (NASDAQ: TBBK) announces Randall Baugh as the new Managing Director and Chief Compliance Officer. He will oversee the Bank's Compliance Management System and Risk Management Program, enhancing compliance as banking evolves. Baugh brings extensive experience, previously serving as Head of E*TRADE Bank Compliance at Morgan Stanley. His expertise will be vital in modernizing compliance frameworks to meet regulatory challenges and support the strategic growth of The Bancorp.

Positive

• Appointment of Randall Baugh as Chief Compliance Officer is expected to enhance compliance management.
• Baugh’s experience in financial services and compliance positions him well to drive strategic growth.

Negative

• None.

WILMINGTON, Del.--(BUSINESS WIRE)-- The Bancorp Bank, the wholly-owned banking subsidiary of The Bancorp, Inc. (NASDAQ: TBBK), is pleased to welcome Randall Baugh as its new Managing Director, Chief Compliance Officer. In this role, Baugh will be responsible for overseeing the Bank’s Compliance Management System, including the Compliance Risk Management Program within the Bank’s core consumer and commercial deposit and lending services, under the leadership of Executive Vice President and Chief Operating Officer, Greg Garry.

Randall Baugh, Managing Director, Chief Compliance Officer (Photo: Business Wire)

“The Bancorp is focused on modernizing consumer compliance programs for the rapidly evolving banking landscape where fintechs play a larger role and legacy approaches are becoming quickly outdated. With Randall’s background and expertise in this area, he will help us continue to develop the operational foundation our third-party service providers, partners and clients have come to expect,” said Garry.

Baugh brings a breadth of experience within financial services consumer protection and consumer banking to The Bancorp. Most recently, he served as the Head of E*TRADE Bank Compliance at Morgan Stanley, where he was responsible for leading day-to-day compliance activities in addition to Bank integration activities as a result of Morgan Stanley’s acquisition of E*TRADE in late 2020. Simultaneously, he served as the Head of Morgan Stanley US Banks Deposits, Marketing, and Advertising Compliance.

“It’s exciting to join an organization like The Bancorp that continuously challenges itself to lead by example when it comes to meeting the challenges of an ever-changing regulatory environment,” said Baugh. “In my role, I look forward to contributing to the strategic growth of the company by maintaining a compliance risk management program in line with the size and complexity of the organization.”

To find out more about The Bancorp, please visit https://www.thebancorp.com/.

About The Bancorp

The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, provides non-bank financial companies with the people, processes, and technology to meet their unique banking needs. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp provides partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. With over 20 years of experience, The Bancorp has become a leader in the financial services industry, earning recognition as the #1 issuer of prepaid cards in the U.S., a nationwide provider of bridge financing for real estate capital improvement plans, an SBA National Preferred Lender, a leading provider of securities-backed lines of credit, with one of the few bank-owned commercial vehicle leasing groups. By its company-wide commitment to excellence, The Bancorp has also been ranked as one of the 100 Fastest-Growing Companies by Fortune, a Top 50 Employer by Equal Opportunity Magazine, and was selected to be included in the S&P Small Cap 600. For more about The Bancorp, visit https://thebancorp.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220419005702/en/

Media Relations

Rachel Weiss, VP Communications Manager

(302) 385-5410

rweiss@thebancorp.com

Kathleen Hayn, AVP Communications Specialist

khayn@thebancorp.com

Investor Relations

Andres Viroslav, Director of Investor Relations

(215) 861-7990

aviroslav@thebancorp.com

Source: The Bancorp, Inc.

FAQ

Who is Randall Baugh and what is his role at The Bancorp, Inc.?

Randall Baugh is the new Managing Director and Chief Compliance Officer at The Bancorp, responsible for overseeing the Bank's Compliance Management System.

What experience does Randall Baugh have before joining TBBK?

Baugh previously served as Head of E*TRADE Bank Compliance at Morgan Stanley, managing compliance activities during the bank's integration.

How will Randall Baugh's appointment impact The Bancorp, Inc.?

Baugh's appointment is expected to enhance compliance frameworks and support the company's strategic growth in a changing regulatory landscape.

What is the significance of compliance in today's banking environment for TBBK?

Compliance is crucial for navigating the evolving regulatory environment, especially as fintech influences banking practices.