The growth behind The Bancorp’s move to new Cherapa development

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SIOUX FALLS, S.D. (KELO) — The $160-million expansion of Cherapa Place was just announced, but nearly half of the office space in the new 9-story Cherapa 2 is already spoken for. The largest key tenant is taking 50,000 square feet to move their company from southern Sioux Falls to this brand-new downtown development.

“If you open your checking account through one of the many FinTech’s emerging, there’s a good chance you’re working with us,” The Bancorp Chief Operating Officer Greg Garry said. 

The Bancorp has been in Sioux falls for about 16 years, but it’s not the kind of financial firm people visit.

“While you can’t come to us to get a loan for a house or a car, if you have a Venmo account or a PayPal account, you’re working with The Bancorp,” Garry said. 

The Bancorp is a bank/technology company that serves the unique needs of Financial Technology companies (FinTech’s), ranging from entrepreneurial start-ups to Fortune 500 companies

“The organization as a whole is growing at about 30 percent a year,” Garry said. “The big challenge now is we need the right people to make sure that we can continue to keep up with that pace of growth.”

The Bancorp has locations all over the country, but its Sioux Falls office is the company’s second largest branch.

“We’ve pretty much outgrown the space here; we have 175 people here in Sioux Falls and what we’re really thinking about here, is how do we grow in Sioux Falls so that those jobs are brought to Sioux falls as opposed to being brought to one of our offices on the east coast,” Garry said. 

The company hopes the move to the new Cherapa Place development will not only bring more brand exposure, but also help attract and retain top talent.

“What’s great about the building is it allows us to not only expand and add more people to the staff here, but really provide some top-of-the-line workspace. The world has obviously changed as a result of the pandemic; we’re going to make a counterculture move here and say that office space is still important,” Garry said. “We need to create a workspace that attracts and really retains the workforce that will grow us for the next 10 years.

When The Bancorp moves into the new Cherapa 2 roughly two years from now, the company hopes to add another 50 to 75 staff, bringing more highly skilled, higher paying positions to Sioux Falls.

“Almost all of the jobs that we hire are 4-year degree jobs,” Garry said. “It’s important for the community that we have a balance of jobs coming in. The more industrial, labor-focused jobs have definitely accelerated recently. We feel it’s a good balance if we can keep growing some of the white collar, higher compensation jobs here in Sioux Falls as well.”

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