Company will retain Wilmington workforce
The Bancorp, Inc. has completed the charter conversion process for its bank unit with the Office of the Comptroller of the Currency.
The bank changed over from its Delaware charter and now operates as a national bank.
A regulatory filing states that the bank will maintain a branch office in the Wilmington area, while moving its headquarters to Sioux Falls.
A Bancorp spokesperson said the company will maintain its 300-employee workforce in north Wilmington.
“We are delighted to have a new regulatory partner to further the development of the financial services industry. As a national platform that enables many of the most innovative companies, The Bancorp will continue to focus on safe and sound innovation and greater access to banking services,” said Damian Kozlowski, CEO.
The Bancorp was founded by Philadelphia bankers and was active in commercial lending in the region.
It has since gained a national presence in providing banking services to nonbank clients but never saw the explosive job growth that came from other banks expanding in the state.
Last year, Bancorp announced it would take 50,000 square feet of space in a new Sioux Falls office development, with the office to be opened in 2023..
Sioux Falls has long been a rival to Delaware in competing for banking jobs, with both South Dakota and Delaware the first to remove interest rate ceilings. it cleared the way for tens of thousands of bank jobs in Delaware.
South Dakota has no corporate or individual income tax and has a sales tax that is about half the figure of high-tax states like California.
Sioux Falls is a fast-growing area, despite its cold climate, thanks to a diverse economy that includes banking and health care.
The growth in Delaware has continued, with home-grown start-ups expanding operations with online lending, credit cards and other services.
The Bankcorp would be the second publicly traded company to move out of Delaware in recent years.
Earlier, Corteva, the combination of Dow and DuPont agribusiness assets, moved its headquarters from DuPont’s Chestnut Run site to Indianapolis.
Corteva has retained a corporate presence in Delaware, but put office space on the market.
