The board of The Bancorp, Inc., north Wilmington, announced that Damian Kozlowski was appointed Chief Executive Officer, President of The Bancorp Bank and a Director of the company and the bank, effective June 1.
Kozlowski succeeds Interim Chief Executive Officer John C. Chrystal, who will work with Kozlowski to ensure a smooth transition. Chrystal will remain a Director of both the company and the bank.
Daniel Cohen, The Bancorp’s Chairman of the Board and Executive Vice President, stated, “Damian brings to The Bancorp well-rounded knowledge of the business of banking and deep understanding of its regulatory complexities. His experience in both smaller and larger financial institutions has given him the unique perspective that’s required of The Bancorp’s business model within the financial services and technology sectors.”
Kozlowski stated: “I am eager to become part of The Bancorp, a widely recognized leader in financial services and technology solutions. The experience and knowledge that I bring, combined with the expertise of the outstanding executive leadership team currently in place, will help drive the company to achieve its fullest potential, both fiscally and operationally.”
Kozlowski joins The Bancorp after having served, since 2010, as Chief Executive Officer, President, and Director of Modern Bank, N.A., New York City. Modern was formed for entrepreneurs and high net worth individuals. Pro Football Hall of Fame quarterback Joe Montana was a co-founder and for a time vice chairman of the bank.
Previously, Kozlowski served as Chairman and Chief Executive Officer of Alpha Capital Financial Group, Inc. (2007-2010). From 2000 to 2007, Kozlowski was responsible for developing The Citigroup Private Bank’s global growth strategy to significantly build its position in the high net worth wealth management market.
At Citigroup Private Bank, Kozlowski managed 4,500 employees in 98 offices in 31 countries; he served as Chief Executive Officer, Global Private Bank (2005-2007); President, US Private Bank (2002-2005); Chief Operating Officer and Chief Financial Officer (2001-2002); and Global Head of Business Development and Strategy (2000-2001).
Kozlowski served as a member of Citigroup’s Operating and Management Committees, and was the ranking business leader on the Global Anti-Money Laundering Council. His prior experience includes positions held at Banc of America Securities, Marakon Associates, Rostra Holdings and US Trust, which have equipped him with deep expertise in private equity, wealth management, and investment banking.
As Managing Director of Payment Solutions, The Bancorp’s largest division, Jeremy Kuiper commented, “The Bancorp is on an exciting trajectory that will now be further fueled by Damian’s exceptional track record. We welcome his leadership in shaping and bringing The Bancorp’s strategic vision to fruition.”
With total assets of $4.379 billion, the company has over recent years strategically refocused its services to the payments industry as well as to a handful of highly specialized, lower-risk lending categories, including Institutional Banking, Government Guaranteed Lending, Commercial Fleet Leasing and Commercial Mortgage-Backed Securitization. During this same time, the company has made significant capital investments in fortifying its operational infrastructure.
The Bancorp has struggled with financial reporting and commercial loan issues. Co-founder and CEO Betsy Cohen retired in 2014 and successor and co-founder Frank Mastrangelo left in 2015.
