Customers Bancorp Acquires $631M Loan Portfolio From FDIC At Significant Discount And Recruits Venture Banking Team
Portfolio Pulse from Benzinga Newsdesk
Customers Bancorp (NYSE:CUBI) has acquired a $631 million venture banking loan portfolio from the FDIC at approximately 85% of book value. The company has also recruited 30 team members from the group that originated these loans to service the venture-backed growth industry.
June 16, 2023 | 12:31 pm
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Customers Bancorp acquires a $631M loan portfolio from FDIC at a discount and recruits a venture banking team, expanding its business serving innovation and technology companies.
The acquisition of the loan portfolio at a discount and the recruitment of a venture banking team will expand Customers Bancorp's business in the innovation and technology sector. This is likely to have a positive impact on the company's stock price in the short term as it demonstrates growth and diversification of its business model.
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