Bancorp to exit SBL originations, cut 64 jobs (9% of workforce) in restructuring

Bancorp, Inc.

Discontinuing retail/wholesale Small Business Lending originations by end of 2026; will manage existing portfolio.
Eliminating 64 filled positions (~9% of workforce); 16 more vacated not backfilled; total 80 positions.
Expects ~$5.6M in charges, $4.5M in Q3 2026; restructuring substantially complete by Q4 2026.
Annualized run-rate savings ~$14M from these cuts; over $20M combined with prior Institutional Banking reorganization.
Jeff Nager, Head of Commercial Lending, departs Oct 1, 2026; 38,583 unvested RSUs forfeited.

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