The Bancorp is cutting 64 filled positions, or 9% of its enterprise-wide workforce, as it moves to reshape its business around its Apex 2030 plan.
The company said it also has 16 additional positions that have been, or are expected to be, vacated and not backfilled. Together, the 80 positions are expected to produce about $14 million in annualized run-rate savings. Including the earlier reorganization of its institutional banking business in the fourth quarter of 2025, Bancorp said the total savings should exceed $20 million on an annualized basis.
The restructuring will cost about $5.6 million, with $4.5 million expected to be recognized in the third quarter. The charges are mainly tied to severance, employee benefits, outplacement services, retention payments and related costs.
As part of the changes, Bancorp said it plans to discontinue retail and wholesale new originations in its small business lending business by the end of 2026, while continuing to manage existing customers and the loan portfolio. The company said the staffing changes also reflect efforts to streamline workflows, expand automation and artificial intelligence, and direct capital toward higher-priority strategic areas. Following these announcements, the company's shares moved -1.28%, and are now trading at a price of $66.87. If you want to know more, read the company's complete 8-K report here.
