The Bancorp Unveils New Office Space in Downtown Sioux Falls

Rhea-AI Summary

The Bancorp Bank, N.A. celebrates the opening of its new office space in downtown Sioux Falls, serving as its headquarters. The bank now stands as the third largest bank in South Dakota. The new office space will serve as a Fintech hub to provide innovative banking solutions. The Bancorp Bank occupies 50,000 square feet and can accommodate up to 250 employees. The bank has expanded by over fifty percent in Sioux Falls and offers a hybrid work environment.

Positive

• The Bancorp Bank is now the third largest bank in South Dakota
• The new office space will serve as a Fintech hub for innovative banking solutions
• The bank's office space can accommodate up to 250 employees

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• None.

SIOUX FALLS, S.D.--(BUSINESS WIRE)-- The Bancorp Bank, N.A. (“Bank”), a wholly-owned subsidiary of The Bancorp, Inc. (“Company”) (NASDAQ: TBBK), will hold a ribbon cutting ceremony on Thursday, October 26, 2023, in downtown Sioux Falls to celebrate the inauguration of its new office space. The opening of The Bancorp Building follows the Bank’s conversion to a national bank under the supervision of the Office of the Comptroller of the Currency (OCC) and serves as the Bank’s headquarters. The Bancorp Bank, N.A., now stands as the third largest bank in South Dakota, measured by its total assets.

“We are proud to have The Bancorp Building as our new home in Sioux Falls. The community has brought us highly skilled and dedicated employees who have helped drive growth for The Bancorp,” said Damian Kozlowski, President and Chief Executive Officer for The Bancorp. “Since 2002, the Bank’s Fintech Solutions business has been primarily based out of southern Sioux Falls. As we look to the future, the new office space downtown will serve as a Fintech hub to provide our partners with best-in-class service and innovative banking solutions.”

The Bancorp Bank, N.A. occupies 50,000 square feet throughout the top three office floors of the 10-story mixed-use building. The Bancorp Building is the first building to open as a part of the expansion of Cherapa Place developed by Pendar Properties and its visionary founder, Jeff Scherschligt, which features ground-level retail, seven stories of Class A office space, and two floors of upscale condos. The Bank’s office space can accommodate up to 250 employees which will sustain its growing employee base in Sioux Falls.

“The Bancorp has been a part of the Sioux Falls community for over 20 years and our commitment to growing our employee base locally has remained steadfast throughout that time. While many companies have elected to transition exclusively to remote work and reduce their office space, we've expanded by over fifty percent in Sioux Falls and offer a hybrid environment to embrace collaboration and innovation. By creating a modern workplace, we have provided an enhanced experience for our current and future employees,” said Ryan Harris, Executive Vice President, Head of Fintech Solutions.

The Bancorp plays an essential role to nonbank companies to support growth by providing banking services powered by cutting-edge technology through its four business lines: Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending. Additionally, The Bank was recently recognized by the Nilson Report for the tenth consecutive year as the largest issuer of Visa and MasterCard-branded prepaid cards in the U.S., the sixth largest issuer by debit card volume in the U.S., and a top ACH originator.

“Sioux Falls is my hometown, and it has been an incredible experience to have the opportunity to have an active role in its continued development with The Bancorp,” said Greg Garry, Chief Operating Officer. “The new building is a physical representation of how Sioux Falls has helped the business grow and it signifies our commitment to this region and its local communities.”

About The Bancorp

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/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231025371720/en/

Media Relations

Rachel Brick, Director of Strategic Communications

(302) 385-5410

rbrick@thebancorp.com

Investor Relations

Andres Viroslav, Director of Investor Relations

(215) 861-7990

aviroslav@thebancorp.com

Source: The Bancorp, Inc.

FAQ

What is the size of the new office space in downtown Sioux Falls?

The Bancorp Bank occupies 50,000 square feet throughout the top three office floors of the 10-story building.

What is the role of The Bancorp Bank in supporting nonbank companies?

The Bancorp Bank plays an essential role in supporting nonbank companies by providing banking services powered by cutting-edge technology through its four business lines: Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending.

How has The Bancorp Bank expanded in Sioux Falls?

The bank has expanded by over fifty percent in Sioux Falls and offers a hybrid work environment to embrace collaboration and innovation.