Betsy Zubrow Cohen, matriarch of a Philadelphia financial/energy/real estate family empire, is stepping down from day-to-day management and the board of The Bancorp, her Philadelphia- and Wilmington-based company, at the end of 2014, she told investors in a statement today.
Shares of Bancorp, which have lately declined below $10 from a recent high of $20+ last winter, rose on the news that Cohen, 72, is retiring and Bancorp has appointed her top lieutentant, veteran Bancorp President Frank M. Mastrangelo, as her replacement. Mastrangelo will also remain Chief Operating Officer. Cohen's son Daniel G. Cohen will continue to chair The Bancorp's board and take over his mother's seat as chair of its bank-subsidiary board of directors. Betsy Cohen will remain a consultant to the company.
The bank is laboring under a federal money-laundering-compliance consent order; it has a history of share price volatility alongside the varying prospects of the several business lines it has moved into and out of (local business loans, payment cards, cash management for employee accounts).