WILMINGTON, Del.--(BUSINESS WIRE)--
The Board of Directors of The Bancorp, Inc. (NASDAQ:TBBK) has
named John C. Chrystal, a member of the board, as Interim Chief
Executive Officer of The Bancorp, Inc., and President of The Bancorp
Bank, subject to regulatory review. Frank M. Mastrangelo, resigning from
his position as President, CEO, and director, will continue to leverage
his expertise in financial technology in the new role of Technologist in
Residence for The Bancorp, Inc.
Chairman of the Board and Executive Vice President Daniel G. Cohen
remarked: “We are excited to welcome John as Interim CEO. A highly
regarded financial services leader, John has chaired both our board’s
Risk Committee and BSA Committee, and was a member of the Audit
Committee. John is coming into the CEO role with great knowledge of the
company and our strategy going forward. We are extremely appreciative of
everything John has done on the board and for stepping in while the
company institutes a search for our next CEO.” The Bancorp is commencing
its search for a permanent chief executive officer immediately.
Mr. Cohen continued: “Frank’s contributions to The Bancorp have been
considerable. As he steps into his new role, we thank him for his
dedication to our organization and welcome his continued contributions
to the company. In his new role, he will have the opportunity to focus
on our payments business, fintech, and various technology initiatives.”
“The strong executive team that we have augmented over the last year
will continue, under John’s leadership and beyond, to move us forward in
the great progress and growth we are experiencing at The Bancorp,” said
Mr. Cohen. “We will have strong strategic and operational continuity
with John succeeding Frank at the helm, and then with our new CEO when
he or she comes aboard.”
Mr. Chrystal has held a number of positions in the financial services
industry, including Chief Risk Officer at DiMaio Ahmad Capital, Managing
Director of Credit Suisse Asset Management, and Managing Director of
Credit Suisse and other Credit Suisse entities. Mr. Chrystal has been a
director of The Bancorp, Inc. and its U.S. subsidiary since 2013. He
currently also serves as director of Javelin Mortgage Investment Corp.,
Morgan Stanley Derivative Products, Inc., and the Trust for Advised
Portfolios.
About The Bancorp, Inc.
With operations in the US and Europe, The Bancorp (NASDAQ:TBBK) is
dedicated to serving the unique needs of non-bank financial service
companies, ranging from entrepreneurial start-ups to those on the
Fortune 500. The Bancorp Bank, one of its financial institutions, has
been repeatedly recognized in the payments industry as the Top Issuer of
Prepaid Cards (US), a top merchant sponsor bank, and a top ACH
originator. Specialized lending distinctions include National Preferred
SBA Lender, a leading provider of securities-backed lines of credit, and
one of the few bank-owned commercial leasing groups in the nation. thebancorp.com
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The Bancorp, Inc.
Davia Temin, 212-588-8788
dt@teminandco.com
Source: The Bancorp, Inc.