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The Bancorp, Inc. announced a restructuring of its Small Business Lending business to discontinue retail and wholesale…
TBBKBancorp, Inc.
The Bancorp, Inc. announced a restructuring of its Small Business Lending business to discontinue retail and wholesale loan originations by the end of 2026 while managing existing portfolios. The company is eliminating 64 positions, representing approximately 9% of its workforce, with an estimated $5.6 million in restructuring charges, primarily for severance and benefits. Of these, $4.5 million will be recognized in the third quarter of 2026. Additionally, 16 non-restructuring roles are being vacated without backfilling, bringing total headcount reductions to 80 positions expected to generate approximately $14 million in annualized run-rate savings. Jeff Nager, Head of Commercial Lending, is departing on October 1, 2026, with unvested restricted stock units expiring and severance terms pending. Combined with prior institutional banking reorganizations, total anticipated annualized savings exceed $20 million. The Bancorp operates in the financial services industry, providing fintech payment solutions, lending, and banking infrastructure.