Customers Bancorp, Inc. Provides Digital Asset Banking Update

Rhea-AI Summary

Customers Bancorp, Inc. (NYSE: CUBI) announced that the bankruptcy of FTX and its affiliates has no significant impact on its banking subsidiary, Customers Bank (OTC-PINK: USBK). The Bank does not maintain a deposit relationship with FTX or engage in lending within the digital asset sector. As of November 15, 2022, deposit balances related to its CBIT service remained stable at $1.85 billion. Customers Bank ranks among the top-performing banks in the U.S., with over $20 billion in assets, and offers a comprehensive range of banking services, including blockchain-based payment solutions.

Positive

• No exposure to FTX reduces risk for Customers Bank.
• Stable CBIT-related deposit balances of $1.85 billion as of November 15, 2022.
• Recognized as a top-performing bank with over $20 billion in assets.

Negative

• None.

WEST READING, Pa.--(BUSINESS WIRE)-- Customers Bancorp, Inc. (NYSE: CUBI) the holding company which owns banking subsidiary Customers Bank (the "Bank") with assets over $20 billion and a leading provider of banking services to technology companies, announced today that the bankruptcy of FTX and its related companies has no material impact on the Bank.

Customers Bank does not have a deposit relationship with FTX or any related companies and has no loans to any customers in the Digital Asset Banking space.

Further, as of November 15, 2022, the Bank’s CBIT related deposit balances were stable at $1.85 billion.

Institutional Background
Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s top-performing banking companies with over $20 billion in assets, making it one of the 100 largest bank holding companies in the US. Through its primary subsidiary, Customers Bank, commercial and consumer clients benefit from a full suite of technology-enabled tailored product experience delivered by best-in-class customer service. A pioneer in Banking-as-a-Service and digital banking products, Customers Bank is one of the only banks that provides a blockchain-based 24/7/365 digital payment solution to its customers. In addition to traditional lines such as C&I lending, commercial real estate lending, and multi-family lending, Customers Bank also provides a number of national corporate banking services for Lender Finance, Fund Finance, Financial Institutions, Technology and Venture, and Healthcare clients. Major accolades include:

• #3 top-performing bank with over $10 billion in assets at year-end 2021 per S&P Global S&P Global Market Intelligence,
• #6 in top-performing banks with assets between $10 billion and 50 billion in 2021 per American Banker, and
• #21 out of the 100 largest publicly traded banks in 2022 per Forbes.

A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: www.customersbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221115006594/en/

David Patti, Communications Director

610-451-9452

Source: Customers Bancorp, Inc.

FAQ

What impact did FTX's bankruptcy have on Customers Bancorp, Inc. (CUBI)?

The bankruptcy of FTX and its related companies had no material impact on Customers Bancorp, Inc. (CUBI).

Does Customers Bank have any loans to digital asset companies?

No, Customers Bank does not have any loans to customers in the Digital Asset Banking space.

What are the current CBIT-related deposit balances for Customers Bank?

As of November 15, 2022, Customers Bank's CBIT-related deposit balances were stable at $1.85 billion.

How does Customers Bancorp rank among U.S. banking companies?

Customers Bancorp is recognized as one of the top-performing banks in the U.S., with over $20 billion in assets.