-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EJZKWNxYVyJJdjGpCi0+Yp8PeBK3vDTAxa0+6Gz2/YmNGyIRn+uQIHz/PODvZiaB 7IeEylji1/ipkYBCZKx6MQ== 0000899140-07-000330.txt : 20070214 0000899140-07-000330.hdr.sgml : 20070214 20070214124723 ACCESSION NUMBER: 0000899140-07-000330 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20070214 GROUP MEMBERS: KENNETH SHUBIN STEIN, MD, CFA SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BANCORP INC CENTRAL INDEX KEY: 0001258754 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-81528 FILM NUMBER: 07616884 BUSINESS ADDRESS: STREET 1: 1818 MARKET STREET STREET 2: 28TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2158617800 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Spencer Capital Management, LLC CENTRAL INDEX KEY: 0001311910 IRS NUMBER: 820581852 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 200 W. 57TH STREET, SUITE 602 CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-586-4198 MAIL ADDRESS: STREET 1: 200 W. 57TH STREET, SUITE 602 CITY: NEW YORK STATE: NY ZIP: 10019 SC 13G 1 b3579773b.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. __)* The Bancorp, Inc. ----------------- (Name of Issuer) Common Stock, par value $1.00 ----------------------------- (Title of Class of Securities) 05969A105 --------- (CUSIP Number) December 31, 2006 ----------------- (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). - ------------------- ------------------ CUSIP No. 05969A105 13G Page 2 of 6 Pages - ------------------- ------------------ - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Kenneth Shubin Stein, MD, CFA - ---------- --------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ---------- --------------------------------------------------------------------- 3 SEC USE ONLY - ---------- --------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - --------------------- ----- ---------------------------------------------------- 5 SOLE VOTING POWER 738,781 NUMBER OF ----- ---------------------------------------------------- SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED 0 BY ----- ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON 738,781 WITH ----- ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 0 - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 738,781 - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.4% - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN - ---------- --------------------------------------------------------------------- - ------------------- ------------------ CUSIP No. 05969A105 13G Page 3 of 6 Pages - ------------------- ------------------ - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Spencer Capital Management, LLC - ---------- --------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - ---------- --------------------------------------------------------------------- 3 SEC USE ONLY - ---------- --------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - --------------------- ----- ---------------------------------------------------- 5 SOLE VOTING POWER 738,781 NUMBER OF ----- ---------------------------------------------------- SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED 0 BY ----- ---------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON 738,781 WITH ----- ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 0 - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 738,781 - ---------- --------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.4% - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* HC - ---------- --------------------------------------------------------------------- Item 1(a) Name of Issuer: -------------- The name of the issuer is The Bancorp, Inc., a Delaware corporation (the "Company"). Item 1(b) Address of Issuer's Principal Executive Offices: ----------------------------------------------- The Company's principal executive office is located at 405 Silverside Road, Wilmington, Delaware 19809. Items 2(a) and 2(b) Name of Person Filing and Address of Business Office: ---------------------------------------------------- This Schedule 13G (the "Statement") is being filed on behalf of Kenneth H. Shubin Stein, MD, CFA, an individual ("Dr. Shubin Stein"), and Spencer Capital Management, LLC, a Delaware limited liability company ("SCM" and together with Dr. Shubin Stein, the "Filers"). The principal business office of the Filers is 1995 Broadway, Suite 1801, New York, New York 10023. Dr. Shubin Stein is the managing member and controlling person of SCM and certain investment funds. SCM is the investment manager of certain investment funds. Item 2(c) Citizenship: ----------- For citizenship information see Item 4 of the cover sheet of each Filer. Item 2(d) Title of Class of Securities: ---------------------------- Common Stock, $1.00 par value. Item 2(e) CUSIP Number: ------------ 05969A105 Item 3 If this statement is filed pursuant to -------------------------------------- ss.ss.240.13d-1(b) or 240.13d2(b) or (c), check whether ------------------------------------------------------- the person filing is a: ---------------------- Not applicable. Item 4 Ownership: --------- The percentages used herein are calculated based upon the 13,703,437 shares of Common Stock issued and outstanding as of November 3, 2006, as reported on the Issuer's Quarterly Report on Form 10-Q filed by the Issuer with the Securities and Exchange Commission on November 9, 2006 for the quarterly period ended September 30, 2006. 4 of 6 As of December 31, 2006: 1. Kenneth H. Shubin Stein, MD, CFA -------------------------------- (a) Amount beneficially owned: 738,781 (b) Percent of class: 5.4% (c)(i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: 738,781 (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: 738,781 2. Spencer Capital Management LLC ------------------------------ (a) Amount beneficially owned: 738,781 (b) Percent of class: 5.4% (c)(i) Sole power to vote or direct the vote: -0- (ii) Shared power to vote or direct the vote: 738,781 (iii) Sole power to dispose or direct the disposition: -0- (iv) Shared power to dispose or direct the disposition: 738,781 Item 5 Ownership of Five Percent or Less of a Class: -------------------------------------------- Not applicable. Item 6 Ownership of More than Five Percent on Behalf of ------------------------------------------------ Another Person: -------------- Not applicable. Item 7 Identification and Classification of the ---------------------------------------- Subsidiary Which Acquired the Security Being -------------------------------------------- Reported on By the Parent Holding Company: ----------------------------------------- Not applicable. Item 8 Identification and Classification of Members -------------------------------------------- of the Group: ------------ Not applicable. Item 9 Notice of Dissolution of Group: ------------------------------ Not applicable. Item 10 Certification: ------------- By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. 5 of 6 SIGNATURE --------- After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 14, 2007 SPENCER CAPITAL MANAGEMENT, LLC By: /s/ Kenneth H. Shubin Stein, MD, CFA ------------------------------------ Name: Kenneth H. Shubin Stein, MD, CFA Title: Managing Member By: /s/ Kenneth H. Shubin Stein, MD, CFA ------------------------------------ Name: Kenneth H. Shubin Stein, MD, CFA [SIGNATURE PAGE OF SCHEDULE 13G WITH RESPECT TO THE BANCORP INC.] EXHIBIT INDEX ------------- Exhibit 99.1: Joint Filing Agreement, by and among Dr. Shubin Stein and Spencer Capital Management, LLC, dated February 14, 2007. EX-99.1 3 b3579773c.txt JOINT FILING AGREEMENT Exhibit 99.1 ------------ JOINT FILING AGREEMENT THIS JOINT FILING AGREEMENT is entered into as of February 14, 2007, by and among the parties signatories hereto. The undersigned hereby agree that the Statement on Schedule 13G with respect to the shares of common stock, par value $1.00 per share, of The Bancorp, Inc., a Delaware corporation, is, and any amendment thereafter signed by each of the undersigned shall be, filed on behalf of each undersigned pursuant to and in accordance with the provisions of 13d-1(k) under the Securities Exchange Act of 1934, as amended. SPENCER CAPITAL MANAGEMENT, LLC By: /s/ Kenneth H. Shubin Stein, MD, CFA ------------------------------------ Name: Kenneth H. Shubin Stein, MD, CFA Title: Managing Member By: /s/ Kenneth H. Shubin Stein, MD, CFA ------------------------------------ Name: Kenneth H. Shubin Stein, MD, CFA [SIGNATURE PAGE TO JOINT FILING AGREEMENT WITH RESPECT TO THE BANCORP INC.] -----END PRIVACY-ENHANCED MESSAGE-----