MALVERN, Pa.--(BUSINESS WIRE)--$CUBI #Tech--Customers Bank, the $21 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), announced today it has completed the onboarding of a nearly 30-member venture banking team formerly employed by Signature Bank. Initially, this team will handle the transfer and servicing of about 150 loans in Customers Bank’s recently acquired $631 million venture banking loan portfolio but are expected to gather significant deposits from these clients and grow Customers Bank’s Tech & Venture and Fund Finance lines of business.
The team retains its experienced leadership and will be integrated with Customers Bank’s existing teams.
In connection with the onboarding of the venture banking and treasury management team, Customers Bancorp is awarding restricted stock units to each of the team members, with an aggregate award of up to 23,464 restricted stock units with a fair value equal to the closing price of Customers Bancorp's common stock as of market close on the business day immediately preceding the grant ($32.88). The awards will vest equally over three years, provided the individual remains employed through the vesting date, and are subject to certain accelerated vesting in the event of a change in control. These awards are being made outside of the Customers Bancorp 2019 Stock Incentive Plan as one-time employment inducement awards under Section 303A.08 of the New York Stock Exchange Listed Company Manual, and were approved by Customers Bancorp’s Board of Directors, including all of Customers Bancorp’s independent directors present at the meeting, comprising a majority of the independent directors.
Customers Bank will have more comments during its second quarter earnings webcast.
Institutional Background
Customers Bank is the principal subsidiary of Customers Bancorp, Inc. (NYSE:CUBI) and one of the nation’s top-performing banking companies with over $21 billion in assets, making it one of the 100 largest bank holding companies in the US. Customers Bank’s commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service. A pioneer in Banking-as-a-Service and digital banking products, Customers Bank is one of the very few banks that provides a blockchain-based 24/7/365 digital payment solution. In addition to traditional lines such as C&I lending, commercial real estate lending, and multifamily lending, Customers Bank also provides a number of national corporate banking services to Specialty Lending clients. Major accolades include:
- #5 in top-performing banks with assets between $10 billion and $50 billion in 2022 per American Banker;
- #34 out of the 100 largest publicly traded banks in 2023 per Forbes; and
- #64 on Fortune Magazine’s 2022 list of the 100 fastest growing companies in America.
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.
Contacts
David Patti, Communications Director 610-451-9452