The Bancorp., Inc. board has named John C. Chrystal, a member of the board, as Interim Chief Executive Officer of The Bancorp, Inc., and President of The Bancorp Bank.
Frank M. Mastrangelo is resigning from the position and will serve as Technologist in Residence for The Bancorp, Inc. The company is based in north Wilmington.
Chairman of the Board and Executive Vice President Daniel G. Cohen stated: “We are excited to welcome John as Interim CEO. A highly regarded financial services leader, John has chaired both our board’s Risk Committee and BSA Committee and was a member of the Audit Committee. John is coming into the CEO role with great knowledge of the company and our strategy going forward. We are extremely appreciative of everything John has done on the board and for stepping in while the company institutes a search for our next CEO.” The Bancorp is commencing its search for a permanent chief executive officer immediately.
Early this year, Mastrangelo, a long-time employee of The Bancorp and stepped in Betsy Cohen, the long-time CEO, resigned.
Shares of The Bancorp traded as high as $20 in March of 2014 and were under $7 dollars a share in Monday trading.
The bank has been dealing with regulatory issues that included delays in issuing financial reports.
Cohen continued: “Frank’s contributions to The Bancorp have been considerable. As he steps into his new role, we thank him for his dedication to our organization and welcome his continued contributions to the company. In his new role, he will have the opportunity to focus on our payments business, fintech, and various technology initiatives.”
Chrystal has held a number of positions in the financial services industry, including Chief Risk Officer at DiMaio Ahmad Capital, Managing Director of Credit Suisse Asset Management, and Managing Director of Credit Suisse and other Credit Suisse entities. Chrystal has been a director of The Bancorp, Inc. and its U.S. subsidiary since 2013. He currently also serves as director of Javelin Mortgage Investment Corp., Morgan Stanley Derivative Products, Inc., and the Trust for Advised Portfolios.
The Bancorp serves non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500.
It is an issuer of prepaid cards and also is engaged in specialized lending. The company recently sold the bulk of its Health Savings Account business.
