More work on venture banking and early stage companies
West Reading, Pennsylvania, May 15, 2024–(BUSINESS WIRE)–Customers Bank, a $22 billion subsidiary of Customers Bancorp (NYSE:CUBI), makes its sixth overall venture fund investment. Through this, we are further strengthening our commitment as a key partner to the venture banking and startup community.
After submitting a winning bid to the Federal Deposit Insurance Corporation, Customers Bank purchased a minority limited partnership interest in the fund for $5 million, at approximately a 70% discount to the original investment cost.
“This investment further solidifies Customers Bank’s position as a key partner in the venture community,” said Sam Sidhu, President and CEO of Customers Bank. “It also provides access to deal, partner and customer flows in the venture technology and start-up space, which is a strategic growth area for the bank. has expanded, making it easier for customers to source technology partners for their venture banking sector.” Bank Operations and Technology Roadmap. ”
Customers Bank purchased the $631 million legacy Signature Bank loan portfolio from the FDIC in June 2023, and through the integration of approximately 30 experienced venture bankers with a national footprint, customers We continue to support and provide resources to the markets in which we operate around the world.we
Customers Bank’s 2023 investment and associated stability provided to the venture and technology community has enabled the bank to quadruple its portfolio of customers served in this space.
institutional background
Customers Bancorp, Inc. (NYSE:CUBI) is one of America’s top performing banking companies with approximately $22 billion in assets and one of the 80 largest bank holding companies in the United States. Customers Bank’s commercial and consumer customers benefit from full service. A suite of customized, technology-enabled product experiences delivered with best-in-class customer service featuring a single-window approach. In addition to traditional services 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 customers. The main awards received are as follows.
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#5 on American Banker 2023 list of blue-chip banks with assets between $10 billion and $50 billion
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#29 of 100 Largest Publicly Traded Banks on 2024 Forbes Best Banks List
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#52 on Investor’s Business Daily’s 100 Best Stocks of 2023
Customer Bank is a member of the Federal Reserve System, its deposits are insured by the Federal Deposit Insurance Corporation, and it is an equal opportunity lender. For more information, please visit www.customersbank.com.
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contact address
David Patti
communication director
(610) 451-9452
dpatti@customersbank.com
