Bancorp Changes Status to National Bank Charter, Moves to South Dakota

The Bancorp Bank is dropping its Delaware charter to become a national bank and is now regulated by the Office of the Comptroller of the Currency (OCC) as the financial services firm relocates its headquarters from Wilmington, Delaware to Sioux Falls, South Dakota.

President and CEO Damian Kozlowski said in a press release on Tuesday (Sept. 20) that the bank is looking forward to having a new regulatory partner to “further the development” of the banking and financial services space.

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“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,”  Kozlowski said.

The $7.1 billion-asset bank’s relocation will bring it closer to its payments and other operations, as well as to the OCC’s office in Sioux Falls. The OCC, an independent bureau of the U.S. Department of the Treasury, is headquartered in Washington, D.C. and has offices nationwide, including four district locations that oversee four geographic regions: Northeastern, Southern, Central and Western.

The bank will still maintain a branch in Delaware, according to the company’s 8-K filing with the Security and Exchange Commission earlier this month and plans to relocate its headquarters after the start of the new year.

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With a presence in Sioux Falls for about 16 years, The Bancorp’s FinTech Solutions unit has been located there since 2002, the company said in a press release last year when it announced the new headquarters. The expanded office space is opening this month and the bank will be the anchor office tenant of the Cherapa Place development on the east bank of the Big Sioux River.

The Bancorp Bank provides payments and specialized lending services in the U.S. to nonbank corporate partners of all sizes through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses.