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The Bancorp Bank completes HQ move to Sioux Falls

Feb. 3, 2023

The Bancorp Bank NA, a wholly owned subsidiary of The Bancorp Inc., has moved its headquarters to Sioux Falls.

The move became effective Feb. 1 and makes The Bancorp Bank the third-largest bank by asset size with headquarters in South Dakota. Citibank is No. 1, followed by Wells Fargo.

The holding company, The Bancorp Inc., will retain its Wilmington, Delaware, location, which will continue to serve as the company’s headquarters and an operations center for the bank, in addition to its other corporate locations throughout the country.

“The decision to move the bank’s headquarters to Sioux Falls aligns with the company’s long-term growth plan for its fintech solutions business and reinforces our commitment to investing in the local community,” Greg Garry, chief operating officer, said in a statement.

The Bancorp is moving its Sioux Falls office from 69th and Western to The Bancorp Building, which will be the largest building at the expanded Cherapa Place downtown. When construction is done later this year, the bank will occupy 50,000 square feet on three stories of the 10-story, mixed-use building. It’s designed to accommodate up to 250 employees.

“The Bancorp’s fintech solutions team has called Sioux Falls home since 2002. The relocation of the bank headquarters and our move into The Bancorp Building at Cherapa Place later this year will help exhibit the growth the company has experienced throughout that time,” said Ryan Harris, executive vice president, head of fintech solutions. “This significant investment reflects our focus on becoming a premier employer in greater Sioux Falls and attracting top talent that will help us continue to innovate.”

The Bancorp Bank partners to provide banking technology solutions through its fintech solutions, institutional banking, commercial lending and real estate bridge lending businesses. According to the bank, it is recognized as the largest issuer of Visa and MasterCard-branded prepaid cards in the U.S., the eighth-largest debit card issuer by purchase volume and a top ACH originator.

“We are excited about the future of The Bancorp, and this transition highlights where we see our growth for the next decade,” said Damian Kozlowski, president and CEO.

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