Customers Bank Onboards Former Signature Venture Banking Team
11 Juillet 2023 - 12:28AM
Business Wire
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.
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David Patti, Communications Director 610-451-9452
Customers Bancorp (NYSE:CUBI)
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