BUZZ-The Bancorp slides as partner Chime set to buy Stride Bank
TBBK•Shares fall after Chime announces Stride Bank purchase
U.S. bank The Bancorp's TBBK.O shares slide 14.6% to $55 premarket
TBBK banking partner Chime CHYM.O late Tuesday unveiled move to buy Stride Bank, gaining a bank charter that would allow it to expand its lending business
CHYM and TBBK have a multi-year partnership on banking sponsorship services
Piper Sandler analyst Manuel Navas says CHYM's strategy would ultimately necessitate a move away from TBBK
"We expect weakness in shares today and look for management to clarify the impact of this transaction," Navas says
Says Block's XYZ.N move to file for bank charter adds another headwind for TBBK
All three brokerages covering the stock rate "buy" or higher; median PT $86 - data compiled by LSEG
As of last close, TBBK shares down 4.6% YTD
