Customers Bancorp, Inc. Announces Andrew B. Sachs as New General Counsel

Rhea-AI Summary

Customers Bancorp, Inc. (NYSE: CUBI) has appointed Andrew B. Sachs as Executive Vice President, General Counsel, and Corporate Secretary, succeeding Michael A. DeTommaso, who is retiring. Sachs brings 13 years of legal experience, previously serving at Kilpatrick Townsend & Stockton LLP. He played a key role in supporting Customers Bank during its PPP loan initiative. The bank has accelerated its digital transformation during the pandemic, announcing plans for AI-driven consumer lending and a blockchain-based B2B payment system. Customers Bank has also expanded its presence with new offices in Orlando, Dallas, and Chicago.

Positive

• Andrew Sachs brings 13 years of legal expertise, enhancing strategic legal counsel.
• New digital initiatives include AI-powered lending and blockchain-based B2B payments, potentially boosting revenue.
• Expansion of office locations in Orlando, Dallas, and Chicago supports growth ambitions.

Negative

• None.

Customers Bancorp, Inc. (NYSE: CUBI) announced today that Andrew B. Sachs, an attorney with nearly 13 years of experience in the areas of securities and corporate law with a focus on advising companies and their boards on a variety of growth and expansion issues, has joined as Executive Vice President, General Counsel and Corporate Secretary. He replaces Michael A. DeTommaso, who is retiring from these roles. DeTommaso will remain with the bank as a Senior Legal Advisor through year’s end to assist with the transition.

Sachs was a partner with Kilpatrick Townsend & Stockton LLP where he was an Investment Management Attorney focusing his practice on exchange traded funds, mutual funds, investment advisers, mergers and acquisitions, and securities prior to joining Customers Bancorp. Prior to practicing law, Sachs spent more than six years in the information technology industry. Sachs and Kilpatrick Townsend & Stockton supported Customers Bank, the community bank subsidiary of Customers Bancorp, through the initial launch of its community bank-fintech hybrid business model used to ultimately fund about 340,000 CARES Act Paycheck Protection Program (PPP) loans.

“Andrew Sachs is uniquely qualified to join our digital-forward and rapidly growing financial services company,” said Customers Bancorp Chair & CEO Jay Sidhu. “Banking is evolving rapidly, and Customers is at the forefront. We are delivering services throughout the nation with the support of advanced technology platforms. Andrew is the right counsel to help guide the Board and organization through this exciting process.”

Through the COVID-19 pandemic, Customers Bank accelerated the pace of digitization and implemented new tech platforms. In recent weeks, the bank announced plans to increase its consumer lending using an artificial intelligence-powered platform from Upstart while simultaneously launching a real-time, blockchain-based B2B payments system on a platform designed by tech leader Tassat Inc. Additionally, the bank opened new offices in Orlando, FL and Dallas, TX with a reboot of its Chicago, IL office.

Customers Bank President & CEO Sam Sidhu said, “We are designing a bank of the future at the intersection of community banking and fintech and doing so as one of the top 100 largest banks in the country. Andrew Sachs was the perfect choice for General Counsel.”

Jay Sidhu thanked and applauded retiring General Counsel DeTommaso for his service, adding “Mike has been such a valuable and important part of our team. He was a key player in helping us to grow from a regional bank to a national presence in the financial and banking industry. We wish him well in his retirement from Customers.” The Customers Bancorp, Inc. Board of Directors also recognized DeTommaso for his service and many contributions to the firm’s growth.

Sachs graduated Magna Cum Laude from Wake Forest University School of Law, and from the University of Pennsylvania.

Customers Bancorp, Inc. (NYSE:CUBI) is a bank holding company that owns the subsidiary Customers Bank, a full-service super-community bank with assets of approximately $18.8 billion at March 31, 2021. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals, and families. Services and products are available wherever permitted by law through digital-first apps, online portals, and a network of offices and branches. Additional information can be found on the company’s website, www.customersbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210713005360/en/

FAQ

Who is the new General Counsel of Customers Bancorp as of October 2023?

Andrew B. Sachs has been appointed as the new Executive Vice President, General Counsel, and Corporate Secretary.

What are the recent digital initiatives by Customers Bancorp?

Customers Bancorp announced plans for AI-driven consumer lending and a blockchain-based B2B payment system.

What is the significance of Andrew Sachs' appointment for CUBI stockholders?

His extensive legal experience may enhance corporate governance and strategic growth initiatives, potentially benefiting shareholders.

What is the background of Andrew B. Sachs?

Sachs has nearly 13 years of experience in securities and corporate law and previously worked as a partner at Kilpatrick Townsend & Stockton LLP.