INFORMATION REGARDING COVID-19 PREPAREDNESS

Thank you for contacting The Bancorp regarding our preparations concerning the COVID-19. We take this and all emerging risks seriously and are continuing to review our plans with the intent to maintain business as usual.

Specific to COVID-19, we are monitoring the information and recommendations from global authorities to ensure that we fully understand the risk as it evolves. We have an executive task force supported by several working groups to address any event-specific considerations including colleague awareness, travel recommendations, operations strategies, technology responses, etc.

 

Operational Preparedness

The Bancorp has implemented a robust business continuity program which seeks to comprehensively address impacts to employees, partners, and communities. These strategies are documented, validated and regularly monitored as our continuity program is implemented. Additionally, we are in ongoing contact with federal, state and local agencies such as the Center for Disease Controls and Prevention (CDC) and the World Health Organization (WHO).

The Bancorp maintains geographic diversity for key functions and maintains an enterprise-wide remote access strategy. We’ve taken proactive steps by having all workspaces and common areas undergo continual deep cleanings and encouraging employees to practice social distancing. We are working with our Third-Party Risk Management group to establish the readiness of our partners and providers, ensuring that they are addressing this risk as well.

The Bancorp values the relationships with our partners and clients and takes our responsibility seriously. We will continue to monitor the situation and make updates as necessary.

We are proud to continue to serve our partners and clients and thank you for your continued support.

Financial Preparedness

Despite the disruption in the stock market, The Bancorp remains fiscally strong, and a leading provider of solutions to our partners and clients. Some notable highlights include:

  • Over one-half billion of capital reserves to protect against contingencies; due to the Bank’s funding, its strategy has been to invest in lower-risk assets.
  • The Bank continues to build its reserves this year and is still projecting net income in the $75 million range, providing further capital reserves.
  • The Bancorp capital levels are as much as twice as high as the percentages to earn the highest “well-capitalized” designation by its regulators.
  • In addition to the lower risk asset strategies, The Bancorp’s income is diversified to a greater extent than other banks, because over 40% of its revenues are generated by fees from debit and prepaid cards, and other payments.

Mission to Serve

The Bancorp is operating under our normal business schedule and remains ready to help you meet your business needs. We value our working relationships, and we are committed to providing you with value-driven solutions and services delivered by our industry experts.

Our customer support representatives are here to assist you, and we apologize in advance for any delays before a representative can take your call. We appreciate your patience during this time.

We will continue to monitor further developments of COVID-19 and make adjustments as necessary. We are committed to the well-being of our employees, partners and clients, and our communities.

Additional Resources

Continued Support

If you need additional support, please click here to view contact methods.