2023-06-16 11:35:59 ET
- Customers Bancorp ( NYSE: CUBI ) said on Friday that through its unit, Customers Bank, it had bought a $631M venture banking loan portfolio from the FDIC at about 85% of book value.
- Separately from the deal, Customers Bank also hired 30 team members from the group that originated these loans.
- The technology and life sciences portfolio will be combined with Customers’ existing Technology and Venture Capital Banking vertical based in Boston.
- The portfolio of capital call loans to venture capital firms will be combined with Customers’ existing capital call line portfolio in its Fund Finance group based in New York and Chicago.
- Press Release
For further details see:
Customers Bancorp buys $631M loan portfolio