The Bancorp Bank, a subsidiary of The Bancorp, Inc., announced the next phase of its Apex 2030 strategic plan, which includes restructuring its Small Business Lending business and discontinuing new originations by the end of 2026. The restructuring will eliminate 64 currently filled positions, representing 9% of the enterprise-wide workforce, and the company expects to incur approximately $5.6 million in charges, with $4.5 million recognized in the third quarter. Additionally, 16 positions will be vacated and not backfilled, bringing total position reductions to 80, which is expected to generate about $14 million in annualized run-rate savings. Combined with prior reorganization efforts, the company anticipates over $20 million in annualized savings. CEO Damian Kozlowski stated that these changes align people, capital, and technology with the company's highest-value opportunities.
The Bancorp IncThe Bancorp is restructuring its Small Business Lending unit, cutting 64 jobs and taking ~$5.6M in charges as part of its Apex 2030 plan.
Bank of Chongqing Co Ltd