WILMINGTON, DE — The Bancorp Inc. (NASDAQ: TBBK) is eliminating or leaving vacant 80 positions and winding down new Small Business Lending originations as part of a restructuring expected to generate about $14 million in annualized savings while shifting resources toward its Apex 2030 strategy.
The company will eliminate 64 currently filled positions across the organization, equal to 9% of its workforce. Another 16 positions have been or are expected to be vacated and will not be filled.
The Bancorp expects to incur about $5.6 million in restructuring charges, primarily for severance, employee benefits, outplacement services, retention payments and related costs. About $4.5 million is expected to be recognized in the third quarter.
The company is also restructuring its Small Business Lending business and plans to discontinue new retail and wholesale originations by the end of 2026. It will continue servicing existing customers and managing the current loan portfolio.
The staffing reductions extend beyond Small Business Lending as The Bancorp changes workflows, expands its use of automation and artificial intelligence, reduces costs and reallocates capital toward businesses identified as strategic priorities.
Combined with a reorganization of its Institutional Banking business in the fourth quarter of 2025, the latest measures are expected to produce more than $20 million in annualized run-rate savings.
“We have a clear strategic map of where The Bancorp is headed and are making these changes consistent with our fintech pipeline and growth expectations,” Chief Executive Officer Damian Kozlowski stated.
Kozlowski described the restructuring as part of an effort to align the company’s workforce, capital and technology with its long-term growth priorities while creating a more focused, technology-enabled operating structure.
The Bancorp Bank, N.A., is a wholly owned subsidiary of The Bancorp Inc.
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