The Bancorp (NASDAQ: TBBK) lending restructuring would phase out new retail and wholesale small-business loan originations by the end of 2026, according to the company’s reported plans. The company said the move is part of its Apex 2030 strategy.
Independent verification of the company’s statements was not available from the supplied information.
The Bancorp Lending Restructuring Targets Small-Business Originations
The company said it plans to eliminate 64 filled jobs, representing about 9% of its workforce. It also expects 16 additional positions to become vacant and not be refilled, bringing the total reduction to 80 roles.
The Bancorp estimated restructuring charges of $5.6 million, including $4.5 million it expects to recognize in the third quarter. Management projects that removing the 80 positions would produce roughly $14 million in annualized run-rate savings.
Those savings, as well as the planned timing of the changes, are company projections and are not realized results. The company did not provide further detail in the supplied information on the future handling of its existing small-business lending portfolio.
