The Bancorp said it is reshaping its small business lending unit and cutting 64 filled positions, equal to 9% of its enterprise-wide workforce, as it pushes ahead with its Apex 2030 plan.
The company said it plans to discontinue retail and wholesale new originations in small business lending by the end of 2026, while continuing to service existing customers and the current loan portfolio.
The restructuring is expected to cost about $5.6 million, with $4.5 million of that charge expected in the third quarter. The company said the costs will mainly cover severance, employee benefits, outplacement services, retention payments and related expenses.
In addition to the 64 eliminated roles, 16 more positions have been or are expected to be vacated and left unfilled. Together, the 80 positions are expected to produce about $14 million in annualized run-rate savings.
The Bancorp said the restructuring of its institutional banking business in the fourth quarter of 2025, combined with the latest changes, is expected to generate more than $20 million in annualized run-rate savings.
The company said it is also adjusting staffing in other parts of the organization as it works to expand automation and artificial intelligence, simplify workflows, and redirect capital toward higher-priority businesses. The market has reacted to these announcements by moving the company's shares -1.28% to a price of $66.87. Check out the company's full 8-K submission here.
