The Bancorp is cutting 64 filled positions, equal to 9% of its enterprise-wide workforce, as it restructures its small business lending unit and moves to end retail and wholesale new originations by the end of 2026.
The company said the restructuring will bring about $5.6 million in charges, with $4.5 million of that expected to be recognized in the third quarter. The costs are tied mainly to severance, employee benefits, outplacement services, retention payments and related expenses.
In addition to the 64 eliminated roles, 16 more positions have been or will be vacated and left unfilled, bringing the total reduction to 80 positions. The company said those 80 positions are expected to produce about $14 million in annualized run-rate savings.
The Bancorp said that, together with the reorganization of its institutional banking business in the fourth quarter of 2025, it expects more than $20 million in annualized run-rate savings.
The company said it will continue serving existing small business lending customers and managing the loan portfolio while it shifts resources toward what it called its highest-value strategic priorities. Following these announcements, the company's shares moved -1.28%, and are now trading at a price of $66.87. For more information, read the company's full 8-K submission here.
