Customers Bank, a subsidiary of Customers Bancorp (NYSE:CUBI), has announced the successful addition 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 Treasury statement, Federal Reserveand FDIC on March 12, 2023.

Retaining his experienced leadership, the team will initially manage the transfer and servicing of approximately 150 loans in Customers Bank’s recently acquired $631 million venture bank 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 business lines.

As part of the onboarding process, Customers Bancorp awards each team member restricted stock units. The total award amounts to up to 23,464 restricted share units, with a fair value equal to the closing price of Customers Bancorp common shares at the close of the market on the business day immediately prior to the grant ($32.88). These awards, which will vest equally for three years as long as the individual remains employed until the vest date, are awarded outside of the 2019 Customers Bancorp Stock Incentive Plan as one-time employment incentive awards.

Customers Bank is recognized as one of the best performing banking companies in the country, with more than $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 24/7/365 blockchain-based digital payment solution among its services.

Image Source: Shutterstock