Customer Bancorp buys a Signature Bank loan portfolio from the FDIC

Customers Bancorp (CUBI) stock is up 0.5% in premarket trades Friday after the firm said it acquired a $631 million venture banking loan portfolio from the FDIC at approximately 85% of book value, or about $536 million. The portfolio was a result of the FDIC's takeover of Signature Bank on March 12, a bank spokesperson told MarketWatch. Separately, the bank said it has recruited 30 team members from the group that originated the venture banking loans in a move that creates venture banking client coverage in Austin, Texas, the San Francisco Bay Area, Boston, southern California, Chicago, Denver, Raleigh/Durham, and Washington, D.C. Customers said the technology and life sciences portfolio from Signature Bank will be combined with its existing technology and venture capital banking unit in Boston.

-Steve Gelsi

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06-16-23 0851ET

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