Bancorp to cut 9% staff, save $14M in small-business shift

TBBK plans to exit new Small Business Lending originations, cut 80 roles in total, and target over $20 million in annualized cost savings tied to its Apex 2030 strategy.

Rhea-AI Filing Summary

The Bancorp, Inc. (TBBK) announced that its subsidiary The Bancorp Bank, N.A. is implementing an organizational restructuring to align with its Apex 2030 strategic plan. The bank will discontinue originating new retail and wholesale Small Business Lending loans by the end of 2026 and concentrate on managing the existing SBL portfolio.

The restructuring eliminates 64 filled positions, about 9% of the workforce, and together with 16 additional positions not being backfilled is expected to produce about $14 million in annualized run-rate savings. Including a prior Institutional Banking reorganization, total expected annualized savings exceed $20 million.

The company estimates about $5.6 million of restructuring charges, primarily cash severance and related costs, with $4.5 million recognized in the third quarter of 2026 and substantial completion targeted by year-end 2026. In connection with the changes, Jeff Nager, Head of Commercial Lending, is expected to depart on October 1, 2026, causing 38,583 unvested restricted stock units to be forfeited; his severance terms are not yet finalized.

8-K Event Classification

4 items: 2.05, 5.02, 7.01, 9.01

4 items

Item 2.05 Costs Associated with Exit or Disposal Activities Financial

The company committed to an exit plan involving layoffs, facility closures, or restructuring charges.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Positions eliminated in restructuring: 64 positions Share of workforce affected: 9% Estimated restructuring charges: $5.6 million +5 more

8 metrics

Positions eliminated in restructuring 64 positions Currently filled roles eliminated across the organization

Share of workforce affected 9% 64 eliminated positions as a percentage of the enterprise-wide workforce

Estimated restructuring charges $5.6 million Total expected charges related to the restructuring

Q3 2026 restructuring charges $4.5 million Portion of restructuring charges expected to be recognized in the third quarter of 2026

Additional positions not backfilled 16 positions Vacated roles since June 2026 not related to the restructuring

Annualized run-rate savings from 80 positions $14 million Expected savings from 64 eliminated and 16 non-backfilled positions

Total expected annualized savings including 2025 actions Over $20 million Combined with prior Institutional Banking reorganization

Unvested RSUs forfeited by departing executive 38,583 units Restricted stock units forfeited upon Jeff Nager’s departure

Key Terms

Small Business Lending, annualized run-rate savings, Institutional Banking, Equity Incentive Plan, +1 more

5 terms

Small Business Lending financial

"restructuring its Small Business Lending business line (“SBL”) and intends"

Small business lending is the provision of loans, lines of credit and other financing to privately owned companies below a certain size — essentially the cash these firms borrow to pay workers, buy equipment, manage cash flow or expand, like fuel for a small car. It matters to investors because the volume of lending, repayment performance and interest margins influence banks’ and fintechs’ profits and signal the health of local economies; rising lending and strong repayments suggest businesses can grow and hire, while defaults or tighter credit can warn of slowdown.

annualized run-rate savings financial

"expected to generate approximately $14 million in annualized run-rate savings"

Institutional Banking financial

"reorganize the Institutional Banking business in the fourth quarter of 2025"

Institutional banking provides financial services to large organizations—such as pension funds, corporations, governments and investment managers—rather than individual consumers. It handles big loans, cash management, helping raise capital, trade financing and support for large transactions. Investors should care because institutional banks move and coordinate large amounts of money, like a major highway directing traffic: their lending, fees and deal-making influence borrowing costs, market behavior and the success of major corporate financings.

Equity Incentive Plan financial

"awards granted under the Company’s 2020 Equity Incentive Plan and 2024 Equity"

An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.

forward-looking statements regulatory

"may contain “forward-looking” statements within the meaning of Section 21E"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

What restructuring did The Bancorp, Inc. (TBBK) announce in this 8-K?

The Bancorp is restructuring its Small Business Lending business, discontinuing new retail and wholesale SBL originations by the end of 2026 and focusing on the existing loan portfolio, while also implementing staffing reductions and broader organizational alignment with its Apex 2030 strategic plan.

How many positions are being eliminated in TBBK’s restructuring and what share of the workforce is that?

The restructuring eliminates 64 currently filled positions, representing approximately 9% of the enterprise-wide workforce. An additional 16 positions have been or are expected to be vacated and not backfilled, for a total of 80 positions discontinued.

What restructuring charges and cost savings does TBBK expect from these actions?

The company estimates about $5.6 million in restructuring charges, primarily severance and related costs, with $4.5 million recognized in Q3 2026. Discontinuing 80 positions is expected to generate about $14 million in annualized run-rate savings, and over $20 million including prior Institutional Banking changes.

When will The Bancorp (TBBK) stop originating new Small Business Lending loans?

The Bancorp Bank, N.A. intends to discontinue the origination of retail and wholesale Small Business Lending loans by the end of 2026, while continuing to manage and serve its existing SBL customers and loan portfolio.

Which executive is departing TBBK due to the restructuring and what happens to his equity awards?

Jeff Nager, the Bank’s Head of Commercial Lending, is expected to depart on October 1, 2026. Upon his departure, 38,583 unvested restricted stock units granted under the company’s equity incentive plans will expire and be forfeited; his severance terms are not yet finalized.

When does TBBK expect to complete the restructuring tied to Apex 2030?

The company expects to recognize $4.5 million of the estimated restructuring charges in the third quarter of 2026 and to substantially complete the restructuring by the end of the fourth quarter of 2026, subject to normal execution risks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/04/2026 - 04:16 PM Accepted by SEC EDGAR 09/04/2026 - 04:15 PM Learn about SEC filing dates

false 0001295401 0001295401 2026-09-01 2026-09-01 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 1, 2026 

The Bancorp, Inc. 

(Exact name of registrant as specified in its charter)

Commission File Number: 000-51018

Delaware		23-3016517
(State or other jurisdiction of		(IRS Employer
incorporation)		Identification No.)

409 Silverside Road

Wilmington, DE 19809

(Address of principal executive offices, including zip code)

302-385-5000 

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $1.00 per share		TBBK		Nasdaq Global Select

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

[_] Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]  

Item 2.05. Costs Associated with Exit or Disposal Activities.

On September 1, 2026, The Bancorp Bank, N.A. (the “Bank”), a wholly owned subsidiary of The Bancorp, Inc. (the “Company”), implemented an organizational restructuring to further align its resources and business with the Company’s strategic priorities (the “Restructuring”). As part of the Restructuring, the Bank intends to discontinue the origination of retail and wholesale Small Business Lending (“SBL”) loans by the end of 2026, and focus on managing its existing SBL loan portfolio. In connection with these changes to the SBL business and broader business needs across other departments, the Bank is also implementing staffing reductions. The Restructuring will eliminate 64 currently filled positions across the organization, representing approximately 9% of the Bank’s workforce.

The Company currently estimates that it will incur approximately $5.6 million in charges in connection with the Restructuring, consisting primarily of cash expenditures for severance payments, employee benefits, outplacement services, retention payments, and other related costs. The Company expects to recognize $4.5 million of these charges in the third quarter of 2026 and to substantially complete the Restructuring by the end of the fourth quarter of 2026. The Restructuring, together with 16 additional positions unrelated to the Restructuring that, since June 2026, have been, or are expected to be, vacated and not backfilled, is expected to generate approximately $14 million in annualized run-rate savings. Combined with the Bank’s previously disclosed efforts to reorganize the Institutional Banking business in the fourth quarter of 2025, the Company expects it will generate over $20 million in annualized run-rate savings.

The Company may incur additional expenses not currently contemplated as a result of events associated with the Restructuring.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In connection with the Restructuring, Jeff Nager, the Bank’s Head of Commercial Lending, is expected to depart the Bank on October 1, 2026. The Company thanks Mr. Nager for his years of service.

Pursuant to the terms of restricted stock unit awards granted under the Company’s 2020 Equity Incentive Plan and 2024 Equity Incentive Plan, Mr. Nager’s 38,583 unvested restricted stock units in the Company will expire and be forfeited upon his departure. Under the Restructuring, Mr. Nager may be eligible to receive severance in connection with his departure. As of the date of this Current Report on Form 8-K, the Company and Mr. Nager have not yet finalized the terms of Mr. Nager’s severance arrangement in connection with his expected departure from the Bank.

Item 7.01. Regulation FD Disclosure.

On September 4, 2026, the Company issued a press release announcing the Restructuring. A copy of this press release is furnished with this report as Exhibit 99.1.

The information included in this Item 7.01, including the exhibit hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Item 7.01, including the exhibit hereto, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits
99.1	Press Release
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K may contain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements provide management’s current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Forward-looking statements in this Current Report, such as statements relating to the amount of charges and savings from the Restructuring, including the anticipated annualized run-rate savings, and the timing of employee departures and completion of the Restructuring, are based on management’s current expectations and assumptions about future events that involve inherent risks and uncertainties. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Actual results may differ materially from such expectations and estimates. The Company undertakes no obligation to review or update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 4, 2026	THE BANCORP, INC.
	By:	/s/ Dominic C. Canuso
	Name:	Dominic C. Canuso
	Title:	EVP, Chief Financial Officer

Exhibit 99.1

The Bancorp Advances Apex 2030

Through Continued Organizational Alignment

WILMINGTON, Delaware, September 4, 2026 – The Bancorp Bank, N.A., a wholly owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK), today announced the next phase of its ongoing efforts to align its business priorities, operating model, and resources with Apex 2030, its long-term strategic plan.

The Bancorp is restructuring its Small Business Lending business line (“SBL”) and intends to discontinue retail and wholesale new originations by the end of 2026, while continuing to responsibly manage and serve existing SBL customers and the loan portfolio. In addition, staffing adjustments were made across several other areas of the organization as it continues to refine workflows, expand automation and artificial intelligence, optimize costs and allocate capital with discipline and invest in its highest-value strategic priorities.

In connection with these changes, the restructuring will eliminate 64 currently filled positions across the organization, or 9% of the enterprise-wide workforce, and the Company currently estimates that it will incur approximately $5.6 million in charges in connection with the restructuring, consisting primarily of cash expenditures for severance payments, employee benefits, outplacement services, retention payments, and other related costs. The Company expects to recognize $4.5 million of these charges in the third quarter. Separate from the 64 positions eliminated in the restructuring, 16 additional positions have been, or are expected to be, vacated and not backfilled. The discontinuance of these 80 positions is expected to generate approximately $14 million in annualized run-rate savings. Combined with the efforts to reorganize the Institutional Banking business in the fourth quarter of 2025, the Company expects it will generate over $20 million in annualized run-rate savings.

“We have a clear strategic map of where The Bancorp is headed and are making these changes consistent with our fintech pipeline and growth expectations,” said Damian Kozlowski, Chief Executive Officer for The Bancorp. “Advancing Apex 2030 requires us to align our people, capital and technology with the opportunities that offer the greatest potential to create durable value. By simplifying how we operate and building a more focused, technology-enabled organization, we can move faster, serve our partners more effectively and sustain strong performance over the long term. We recognize that these changes affect valued colleagues, and we are grateful for their contributions to The Bancorp.”

About The Bancorp

The Bancorp, Inc. (NASDAQ: TBBK), through its subsidiary, The Bancorp Bank, N.A., is defining the future of banking. As one of the first banks to embrace fintech, The Bancorp has been a driving force behind the industry’s evolution, serving as an essential financial enabler of fintech innovation for more than 25 years. Led by its Fintech Solutions business, the company delivers a dynamic portfolio of payment and lending solutions that empowers its clients to turn bold ideas into real-world success.

Ranked by the Nilson Report as the No. 1 issuer of prepaid cards in the U.S. and among the top 10 commercial card issuers, The Bancorp also provides credit solutions through its Institutional Banking, Fleet Management Services, and Real Estate Bridge Lending businesses. Across every line of business, The Bancorp fosters prosperity through the perpetual transformation of banking and aims to drive growth for its clients, investors, employees, and the communities it serves.

For more information, visit thebancorp.com.

Forward-Looking Statements
Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements provide management’s current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Forward-looking statements in this press release, such as statements relating to the amount of charges and savings from the restructuring, including the anticipated annualized run-rate savings, and the timing of employee departures and completion of the restructuring, are based on management’s current expectations and assumptions about future events that involve inherent risks and uncertainties. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. The Company undertakes no obligation to review or update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

###

Media Relations
Rachel Brick
Director of Strategic Communications
(302) 385-5410
rbrick@thebancorp.com

 
Investor Relations
Dominic C. Canuso, EVP, Chief Financial Officer
The Bancorp
(302) 385-5220
dcanuso@thebancorp.com

Source: The Bancorp, Inc.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99 THE BANCORP ADVANCES APEX 2030 9.9 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 2.9 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.8 KB