The Bancorp has reduced staff at its north Wilmington headquarters.
“As part of a larger strategic plan, this necessary and difficult effort will create a financial services and technology company that is stronger, nimbler, and better equipped within the marketplace,” said Damian Kozlowski, CEO “We believe we can substantially lower our operating run rate by 20 percent to 25 percent without significantly affecting revenue and, ultimately, have a healthy operating leverage with double-digit business revenue and single-digit expense growth. We also believe we can take these actions without negatively impacting our remediation efforts or operating model controls. We express our sincere gratitude for the contributions of the employees affected by job eliminations and are committed to supporting them with important transitional information and resources.”
Bancorp spokesman Bob Tracy said the job cuts took place on Thursday, but had no further information, or a total employment figure for Delaware operations.
The Bancorp, Inc., through its banking operation, is a top merchant sponsor bank, and a top ACH (money transfer) originator.
The Bancorp is National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial leasing groups in the nation.
The company has been working to improve its financial performance and has been selling off and restructuring its commercial loan portfolio.
