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The Bancorp Completes Relocation of Bank Headquarters to Sioux Falls
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The Bancorp, Inc. (NASDAQ: TBBK) announced the relocation of its headquarters to Sioux Falls, South Dakota, effective February 1, 2023. This move follows the Bank's conversion to a national bank under the OCC's supervision and positions it as the third-largest bank in South Dakota by asset size. The Bancorp will be the anchor tenant of The Bancorp Building at Cherapa Place, occupying 50,000 square feet upon its completion in late 2023. This strategic relocation aims to support the company's growth in its Fintech Solutions business and strengthen its community investment.
Positive
Relocation enhances positioning as the 3rd largest bank by asset size in South Dakota.
Strategic move supports long-term growth for the Fintech Solutions business.
New headquarters designed to accommodate up to 250 employees in a modern facility.
Negative
None.
The Bancorp will become the anchor tenant of The Bancorp Building at Cherapa Place in late 2023
SIOUX FALLS, S.D.--(BUSINESS WIRE)--
The Bancorp Bank, N.A. (“Bank”), a wholly-owned subsidiary of The Bancorp, Inc. (“Company”) (NASDAQ: TBBK), announced its headquarters relocated to Sioux Falls, South Dakota, effective February 1. The announcement follows the Bank’s conversion to a national bank under the supervision of the Office of the Comptroller of the Currency (OCC) to better serve its partners. With this strategic relocation, The Bancorp Bank, N.A. is now the third-largest bank by asset size domiciled in South Dakota. The holding company, The Bancorp, Inc., will retain its Wilmington, Delaware location, which will continue to serve as the Company’s headquarters and an Operations Center for the Bank, in addition to its other corporate locations throughout the country.
“The decision to move the Bank’s headquarters to Sioux Falls aligns with the Company’s long-term growth plan for its Fintech Solutions business and reinforces our commitment to investing in the local community,” said Greg Garry, Chief Operating Officer.
The Bancorp currently maintains an office located in South Central Sioux Falls, but construction is underway in downtown Sioux Falls where the Bank will be the anchor tenant of The Bancorp Building at Cherapa Place. When construction is complete in late 2023, the Bank will initially occupy 50,000 square feet throughout the top three office floors of the 10-story mixed-use building, which will additionally feature ground-level retail, seven stories of Class A office space, two floors of upscale condos, and conference space. The offices, designed by fellow building tenant ISG, will accommodate up to 250 employees.
“The Bancorp’s Fintech Solutions team has called Sioux Falls home since 2002. The relocation of the Bank headquarters and our move into The Bancorp Building at Cherapa Place later this year will help exhibit the growth the Company has experienced throughout that time,” said Ryan Harris, Executive Vice President, Head of Fintech Solutions. “This significant investment reflects our focus on becoming a premier employer in Greater Sioux Falls and attracting top talent that will help us continue to innovate.”
With over 20 years of financial services industry experience, The Bancorp Bank, N.A. is an essential partner to nonbank companies by providing banking solutions powered by cutting-edge technology through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses. The Bank is recognized as the largest issuer of Visa and MasterCard-branded prepaid cards in the U.S., the eighth-largest debit card issuer by purchase volume, and a top ACH originator.
“We are excited about the future of The Bancorp, and this transition highlights where we see our growth for the next decade,” said Damian Kozlowski, President and Chief Executive Officer.
The Bancorp Inc. (NASDAQ: TBBK), through its subsidiary, The Bancorp Bank, N.A., provides non-bank financial companies with the people, processes, and technology to meet their unique banking needs. With over 20 years of experience, The Bancorp delivers partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp is the third-largest bank by asset in South Dakota, earning recognition as the #1 issuer of prepaid cards in the U.S., a nationwide provider of bridge financing for real estate capital improvement plans, an SBA National Preferred Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial vehicle leasing groups in the country. With a company-wide commitment to excellence, The Bancorp is recognized as the top-ranked publicly traded bank with assets between $5B-$50B by Bank Director Magazine, a Readers’ Choice Top 50 Employer by Equal Opportunity Magazine and was selected to be included in the S&P Small Cap 600. For more about The Bancorp, visit https://thebancorp.com/.
