(Not to be confused with U.S. Bancorp/US Bank)
Founded in 1999 by Betsey Z. Cohen, The Bancorp can trace it roots back to 1974, when Cohen founded Jefferson Bank in Philadelphia and served as chairman and CEO of the bank and its holding company, JeffBanks Inc. In 1999, she sold the $1.8 billion asset company for over $370 million.
Later that same year, Cohen founded The Bancorp, a virtual bank providing services to small and mid-size businesses and the Greater Philadelphia market area through its community bank. The bank offered private-label affinity group programs for organizations and institutions, including merchant card servicing. Today, The Bancorp is a bank holding company. The Bank offers services including interest-bearing checking accounts, a full line of loan products, and online bill payment. Bancorp operates in the States of Delaware and Pennsylvania.
Founder Betsey Z. Cohen retired in 2014. The Bancorp has been dealing with regulatory issues, as the FDIC hit it with a consent order in June connected to its anti-money laundering compliance.
In May 2018, the company was fined $2 million by the FDIC for charging excessive prepaid card fees.
Headquarters for The Bancorp remain in Wilmington, Delaware.