Signature Bank Team Joins Customers Bank, Part of $21B Customers Bancorp
Terrill Dicki Jul 11, 2023 18:11
Customers Bank, a subsidiary of Customers Bancorp (NYSE:CUBI), has announced the successful onboarding of nearly 30 team members formerly employed by Signature Bank, once known for its crypto-friendly stance.
Customers Bank, a subsidiary of Customers Bancorp (NYSE:CUBI), has announced the successful onboarding of nearly 30 team members formerly employed by Signature Bank, once known for its crypto-friendly stance. This move follows the closure of Signature Bank by its state chartering authority, as announced in a joint statement by the Treasury, Federal Reserve, and FDIC on March 12, 2023.
The team, which retains its experienced leadership, will initially manage the transfer and servicing of about 150 loans in Customers Bank's recently acquired $631 million venture banking loan portfolio. The bank expects this team to attract significant deposits from these clients, contributing to the growth of Customers Bank's Tech & Venture and Fund Finance lines of business.
As part of the onboarding process, Customers Bancorp is awarding each team member with restricted stock units. The aggregate award amounts to up to 23,464 restricted stock units, with a fair value equivalent to the closing price of Customers Bancorp's common stock as of market close on the business day immediately preceding the grant ($32.88). These awards, which will vest equally over three years provided the individual remains employed through the vesting date, are being made outside of the Customers Bancorp 2019 Stock Incentive Plan as one-time employment inducement awards.
Customers Bank is recognized as 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. The bank is known for its innovative approach to banking, offering a blockchain-based 24/7/365 digital payment solution among its services.
Image source: Shutterstock