The Bancorp said it is eliminating 64 filled positions, equal to 9% of its enterprise-wide workforce, as it moves to narrow its focus under its Apex 2030 plan.
The company also said 16 additional positions have been or will be vacated and not backfilled, bringing the total number of positions affected to 80. Bancorp expects those 80 positions to generate about $14 million in annualized run-rate savings.
In connection with the restructuring, the bank estimated about $5.6 million in charges, with $4.5 million expected to be recognized in the third quarter. Those charges are expected to be driven mainly by severance, employee benefits, outplacement services, retention payments and related costs.
The changes are part of a broader effort to align business priorities, operating model and resources with Apex 2030. Bancorp said it plans to discontinue retail and wholesale new originations in its small business lending unit by the end of 2026, while continuing to manage and serve existing customers and the loan portfolio.
The latest move follows earlier reorganization efforts in institutional banking in the fourth quarter of 2025. Combined with that earlier work, the company said it expects more than $20 million in annualized run-rate savings.
Bancorp said it is also making staffing adjustments in other parts of the organization as it works to expand automation and artificial intelligence, optimize costs and direct capital toward its highest-priority initiatives. Following these announcements, the company's shares moved -1.28%, and are now trading at a price of $66.87. For the full picture, make sure to review Bancorp's 8-K report.
