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 2015.3 - Readers Like This Post