Customer Bank Announces Purchase of FDIC Stake in Fintech Investment Fund

Further commitment to Venture Banking and Early-Stage companies

WEST READING, Pennsylvania, May 15, 2024–(COMMERCIAL WIRE)–Customers Bank, the $22 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), is continuing its commitment as a leading partner to the venture banking and startup communities through its sixth overall investment in venture funds.

After submitting a successful bid to the Federal Deposit Insurance Corporation, Customers Bank purchased a minority limited partnership interest for $5 million in the fund at a discount of approximately 70% to the original cost of the investment.

“This investment further solidifies Customers Bank’s position as a leading partner in the venture capital community,” said Sam Sidhu, president and CEO of Customers Bank. “It also provides access to deal flow, partners and clients in the venture tech and startup sectors, both strategic growth areas for the Bank. Investments such as these have increased the size of clients’ venture banking client base and helped source technological partners for the Bank’s operational and technological roadmap.”

Through Customers Bank’s June 2023 purchase of a $631 million Signature Bank legacy loan portfolio from the FDIC and the integration of approximately 30 highly experienced venture bankers with a national presence, it continues to support and resource entrepreneurs and the markets in which they operate around the world. WE

Customers The Bank’s investments for 2023, and the relative stability provided to the venture and technology communities, have enabled the Bank to quadruple its portfolio of customers served in the space.

Institutional context

Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s best-performing banking companies with nearly $22 billion in assets, making it one of the 80 largest bank holding companies in the United States. Customers The Bank’s commercial and consumer customers benefit from a full service suite of technology-driven personalized product experiences delivered by best-in-class customer service characterized by a Single Point of Contact approach. In addition to traditional lines such as C&I loans, commercial real estate loans and multifamily loans, Customer Bank also provides a variety of national business banking services to specialty lending clients. Major awards include:

• No. 5 on American Banker’s 2023 list of top-performing banks with $10 billion to $50 billion in assets

• No. 29 among the 100 largest publicly traded banks on the Forbes Best Banks of 2024 list

• No. 52 in Investor’s Business Daily 100 Best Stocks for 2023

A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: www.customersbank.com.

The story continues

View source version on businesswire.com: https://www.businesswire.com/news/home/20240515395502/en/

Contacts

Davide Patti
Director of Communications
(610) 451-9452
dpatti@customersbank.com

Source