CEO Out at The Bancorp

  • JJ Hornblass
  • December 14, 2015
  • 0
John C. Chrystal, The Bancorp's new interim CEO

John C. Chrystal, The Bancorp’s new interim CEO

Frank M. Mastrangelo has been abruptly replaced today as chief executive officer of The Bancorp, a key player in the fintech sector.

Mastrangelo first joined The Bancorp [ticker: TBBK] in September 1999, coming on board as its president after a stint as chief technology officer at Jefferson Bank based in San Antonio. He remains “Technologist in Residence” at The Bancorp.

Mastrangelo was replaced on an interim basis by John C. Chrystal, a board member. The company said it was “extremely appreciative of everything John has done on the board and for stepping in while the company institutes a search for our next CEO.” Chrystal is a former Credit Suisse executive.

The Bancorp whiffed badly on its third quarter earnings (Mastrangelo said the bank had faced “headwinds”), and has had trouble releasing its financial disclosures on time, even skirting with a delisting from Nasdaq. Last year, The Bancorp was slapped with a consent order by the FDIC that barred it temporarily from issuing prepaid cards.

Most famously, The Bancorp was the bank charter behind Simple when the startup launched.

The Bancorp’s stock has fallen about 34% in 2015.

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at hornblass@gmail.com or 212-564-8972.

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