The Bancorp in Wilmington, Del., has hired a payments expert as its new chief operating officer.

The $5 billion-asset company said in a press release Tuesday that Gail Ball recently served as head of the payment studies group at the Federal Reserve Bank of Richmond. She succeeded Frank Mastrangelo, who will remain the company's president and chief executive.

The hiring comes in the wake of significant turbulence at the company, which was hit with a surcharge in January tied to its prepaid cards. Last year, the company agreed to a consent order tied to compliance with the Bank Secrecy Act, and it also exited commercial lending. Former CEO Betsy Cohen retired at the end last year; she was replaced with Mastrangelo.

In addition to her Fed experience, Ball has served in senior management posts at financial institutions that include Capital One, NCO Financial Services, First USA, PNC Bank and Mellon Bank.

Ball's "many years of experience in different banking disciplines have made her uniquely qualified to help us meet the challenges The Bancorp faces in the ever-changing worlds of financial services and payment technologies," Mastrangelo said in the release.

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