Thesis: economics, analyst: culper-research, sector: finance.
Culper Research published on The Bancorp Inc (NASDAQ: TBBK — $1.65 billion), a bank that also provides “private-label banking and technology solutions for non-bank companies.” Culper Research alleged The Bancorp “has misrepresented the quality of its real estate bridge loan portfolio,” which now stands at roughly $2 billion with only $4.7 million provisioned for losses. Culper reviewed records for the underlying properties and found they are “quite literally, crumbling: ridden with crime, shootings, looting, infestations, fires, and even full-on condemnations, while vacancies remain high and rents have remained stagnant.” Culper said The Bancorp made its real estate loans at the worst possible time in the worst possible markets, Sunbelt loans in 2021 and 2022, and claimed a former underwriter “told us that they expected losses to be 10-15x reserve levels.”
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Last updated: 2026-03-07 by automated standardization process
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