The Bancorp Expands Sioux Falls Presence with New Office at Cherapa Place

Rhea-AI Summary

The Bancorp has announced plans to expand its office space as the anchor tenant of the new Cherapa Place development in Sioux Falls, South Dakota. The new building will consist of 50,000 square feet across the top three floors, featuring retail and upscale condos. This expansion aligns with the growth of its Fintech Solutions unit and signals a commitment to the Sioux Falls community. The project, set for completion in 2023, aims to attract high-quality talent and enhance employee experience.

Positive

• Expansion of office space in Sioux Falls as the anchor tenant of Cherapa Place.
• Increased workforce presence in Sioux Falls through enhanced office amenities.
• Demonstrates corporate commitment to the Sioux Falls region and community.

Negative

• None.

The Company will serve as the anchor tenant of the new building to be completed in 2023

WILMINGTON, Del.--(BUSINESS WIRE)-- The Bancorp, Inc. (“The Bancorp”) (Nasdaq: TBBK) and its subsidiary The Bancorp Bank, announced its plans to expand its office space and be the anchor office tenant of the expanding Cherapa Place development on the east bank of the Big Sioux River in downtown Sioux Falls, South Dakota. The Bancorp will initially occupy 50,000 square feet across the top three office floors in the new 10-story mixed-use building at Cherapa Place which will feature ground-level retail, seven stories of Class A office space, two floors of upscale condos, and conference space for the development. Yesterday, executives from the Company participated in the groundbreaking ceremony along with members from the Sioux Falls Development Foundation, Cherapa owner Pendar Properties, Journey Construction, and architecture firm ISG. This project will further extend development of the east bank of the Big Sioux River and is scheduled to be completed in 2023.

“Having grown up in the Sioux Falls area, I have seen the impact local companies can have on the surrounding community and I am incredibly proud to see The Bancorp invest in the growth of Sioux Falls,” shared Gregor Garry, Chief Operating Officer. “With The Bancorp Building at Cherapa Place, we will be able to continue to attract and hire high quality, high paying roles within the community.”

The Company’s early involvement in the new building is a result of the continued growth within its Fintech Solutions business unit, which focuses on serving the unique needs of non-bank financial service companies. The Bancorp Sioux Falls office is currently located within the Heather Ridge office complex near 69^th and Western Avenue. The new location will allow The Bancorp to expand its workforce presence in Sioux Falls and offer world-class office space and amenities to its current and future employees. ISG has been retained by The Bancorp for the development of its space.

“Sioux Falls has been the home of our Fintech Solutions business unit since 2002, and our decision to materially expand our Sioux Falls office footprint demonstrates an enhanced level of corporate commitment to the region and our employees,” said Ryan Harris, Executive Vice President, Head of Fintech Solutions. “While some local companies are choosing to de-emphasize their employee footprint in Sioux Falls in favor of a more remote, de-centralized workforce, we are proud to continue to create new opportunities right here in Sioux Falls. Being headquartered at Cherapa Place will enhance the experience for those employees for years to come.”

For over 20 years, The Bancorp has been an essential partner by providing banking solutions powered by cutting-edge technology through its Fintech Solutions division, Institutional Banking, and Commercial Lending businesses. The Bancorp is recognized as the largest issuer of Visa and MasterCard-branded prepaid cards in the U.S., 7th Largest Issuer of Debit cards in the U.S., and a top ACH originator.

“The new office provides The Bancorp with increased opportunity to participate first-hand in the continued enrichment of the Sioux Falls community,” said Damian Kozlowski, President and Chief Executive Officer. “We look forward to having this beautiful facility in the heart of downtown Sioux Falls become our new home.”

To learn more about The Bancorp, please visit www.thebancorp.com

About The Bancorp
The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, provides non-bank financial companies with the people, processes, and technology to meet their unique banking needs. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp provides partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. With over 20 years of experience, The Bancorp has become a leader in the financial services industry, 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, with one of the few bank-owned commercial vehicle leasing groups. By its company-wide commitment to excellence, The Bancorp has also been ranked as one of the 100 Fastest-Growing Companies by Fortune, a 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/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211026005981/en/

Media Relations

Rachel Weiss, VP Communications Manager

The Bancorp

(302) 385-5410

rweiss@thebancorp.com

Investor Relations

Andres Viroslav, Director of Investor Relations

The Bancorp

(215) 861-7990

aviroslav@thebancorp.com

Source: The Bancorp, Inc.

FAQ

What is The Bancorp's office expansion project in Sioux Falls?

The Bancorp plans to expand its office space as the anchor tenant of Cherapa Place, comprising 50,000 square feet in Sioux Falls, South Dakota.

When is the completion date for The Bancorp's new office building?

The new office building at Cherapa Place is scheduled for completion in 2023.

How does The Bancorp's expansion impact the Sioux Falls community?

The expansion aims to attract high-quality jobs and enhance the employee experience, reinforcing The Bancorp's commitment to the Sioux Falls community.

What is the significance of The Bancorp being the anchor tenant at Cherapa Place?

Being the anchor tenant highlights The Bancorp's investment in local growth and its dedication to supporting the Sioux Falls economy.

What are the features of the new Cherapa Place development?

The Cherapa Place development includes ground-level retail, Class A office space, upscale condos, and conference facilities.