Bancorp plans to eliminate 64 jobs in restructuring, takes USD 5.6 million charge
TBBK•Bancorp launches corporate reorganization tied to Apex 2030 plan
The Bancorp launched a corporate reorganization tied to its Apex 2030 plan, reshaping priorities, resources, and operating model.
- Small Business Lending will be restructured, with retail and wholesale new originations set to end by late 2026.
- The restructuring cuts 64 filled roles, or 9% of the workforce; 16 additional roles will be vacated without backfill.
- Charges are estimated at USD 5.6 million, with USD 4.5 million expected in Q3.
- Annualized run-rate savings are projected at about USD 14 million, rising above USD 20 million including a 2025 Institutional Banking reorganization.
