The Bancorp set for worst day since 2020 as partner Chime set to buy Stride Bank
BUZZ-The Bancorp set for worst day since 2020 as partner Chime set to buy Stride Bank Updates
** U.S. bank The Bancorp's TBBK.O shares slide 22.7% to $49.77, on track for worst day since March 2020
** TBBK banking partner Chime CHYM.O late Tuesday unveiled move to buy Stride Bank, gaining a bank charter that would allow it to expand its lending business
** CHYM and TBBK have a multi-year partnership on banking sponsorship services
** Piper Sandler analyst Manuel Navas says CHYM's strategy would ultimately necessitate a move away from TBBK
** "We expect weakness in shares today and look for management to clarify the impact of this transaction," Navas says
** Says Block's XYZ.N move to file for bank charter adds another headwind for TBBK
** All three brokerages covering the stock rate "buy" or higher; median PT $86 - data compiled by LSEG
** As of last close, TBBK shares down 4.6% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)