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.