The Bancorp in Wilmington, Del., is set to convert to a national bank charter.
The $7.1 billion-asset company disclosed in a regulatory filing Wednesday that its bank will begin operating as a national bank tomorrow.
The Bancorp plans to move its bank’s headquarters from Wilmington to Sioux Falls, S.D., early next year. The company’s payments operations and other core businesses are already in South Dakota.
The Office of the Comptroller of the Currency, as part of the approval process, required the company to receive non-objection from the agency before significantly deviating or changing its business plan or operations.