The Bancorp, Inc. and The Bancorp Bank Announce Board Changes
October 20, 2021 at 05:13 pm EDT
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On October 20, 2021, the Boards of Directors (collectively, the ?Board?) of each of The Bancorp, Inc. and its wholly-owned subsidiary, The Bancorp Bank (collectively, the ?Company?), received notification from director Daniel G. Cohen of his plan to simultaneously retire from the Board and the Company effective October 31, 2021, thereby terminating his employment, his directorship and his role as Chairman of the Board. After serving in these positions for over 22 years, Mr. Cohen has indicated his desires to pursue other entrepreneurial interests and business leadership opportunities. The Company?s Board of Directors has appointed director James J. McEntee III to succeed Mr. Cohen as its new Chairman, effective November 1, 2021. On October 20, 2021 the Board named Cheryl Creuzot as a director of the Company, to be effective on November 1, 2021. Mrs. Creuzot is currently President Emerita of Wealth Development Strategies, LLC and Wealth Development Strategies Investment Advisory, Inc., where she served as Principal and Managing Partner of these SEC and FINRA regulated firms from 2000 until 2018 when she stepped down from management. Also on October 20, 2021, the Board received notification from director John C. Chrystal of his plan to resign from his role as a director of the Company, effective February 28, 2022. After serving in this position for over 8 years, Mr. Chrystal has indicated his intent to pursue other entrepreneurial interests and business leadership opportunities.
The Bancorp, Inc. is a financial holding company. The Company's segments include Specialty Finance and Payments. Its primary lines of specialty lending include securities-backed lines of credit (SBLOC) and cash value of insurance-backed lines of credit (IBLOC), leasing (direct lease financing), Small Business Administration (SBA) loans and non-SBA commercial real estate (CRE) loans. Its SBLOCs and IBLOCs are loans which are generated through institutional banking affinity groups and are respectively collateralized by marketable securities and the cash value of insurance policies. It offers investment advisor financing to investment advisors. The Company also offers small business loans (SBL), which are comprised primarily of SBA loans and vehicle fleet and, to a lesser extent, other equipment leasing to small and medium sized businesses. Its SBLOCs and IBLOCs are offered in conjunction with brokerage accounts. The Companyâs subsidiary is The Bancorp Bank, National Association.
THE BANCORP, INC. 
