Customers Bank Announces Purchase of FDIC Interest in Fintech Investment Fund

Customers Bank, a $22 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), has purchased a minority partnership interest in a fintech investment fund for $5 million, achieving a 70% discount on the original cost.

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05/15/2024 - 05:23 PM EDT

Furthers Commitment to Venture Banking and Early-Stage Companies

WEST READING, Pa.--(BUSINESS WIRE)-- Customers Bank, the $22 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), is furthering its commitment as a leading partner to the venture banking and startup communities through its sixth overall venture fund investment.

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

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

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

Customers Bank’s 2023 investments, and the related stability provided to venture and tech communities, enabled the Bank to quadruple its portfolio of clients served in the space.

Institutional Background

Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s top-performing banking companies with nearly $22 billion in assets, making it one of the 80 largest bank holding companies in the U.S. 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 distinguished by a Single Point of Contact approach. 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 specialized lending clients. Major accolades include:

No. 5 on American Banker 2023 list of top-performing banks with $10B to $50B in assets
No. 29 out of the 100 largest publicly traded banks in 2024 Forbes Best Banks list
No. 52 on 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.