Customers Bank Continues National Expansion

Rhea-AI Summary

Customers Bank is expanding its national presence with new branches in Florida and Texas, aiming to enhance its services for commercial and consumer clients. The Florida office will be in Orlando, while the Texas branch will be located in Dallas, complementing its existing Midwest operations in Chicago. This expansion underscores the bank's commitment to providing specialized services in real estate and technology, with a focus on small to medium-sized enterprises. Customers Bank also highlights its success in the SBA Paycheck Protection Program, facilitating over $9.6 billion in loans.

Positive

• Expansion into Florida and Texas to increase market presence.
• Specialized services targeting small and medium-sized businesses with revenues between $5 million and $100 million.
• Success in facilitating over $9.6 billion in SBA PPP loans, enhancing reputation in the lending space.

Negative

• None.

Customers Bank is building upon its national recognition for providing innovative banking products and services to commercial and consumer clients to advance its national expansion. The next phase of the national expansion will include new offices in Florida and Texas, and an expansion of its presence in the Midwest.

The first office in Florida will be located in Orlando. The first office in Texas will be opened in Dallas. The Midwest team is based in Chicago.

Customers Bank’s capabilities are delivered to clients by highly skilled local banking teams. Each office will provide the bank’s full depth of expertise in the real estate, financial services and technology industries to clients and serve companies of all sizes and the principals.

Customers Bank teams provide a unique high-tech, high-touch single point of contact banking model to serve clients’ needs. Teams build long-term relationships as a financial partner with clients understanding the history, vision, mission and plans of client firms. Customers Bank specializes in serving the needs of small and medium business enterprises with revenue ranging between $5 million and $100 million.

Customers Bank products and services include financing for working capital, owner-occupied real estate, and investment real estate. Customers Bank offers sophisticated treasury management solutions to meet cash management needs. The teams’ industry expertise includes financial and investment management; property management and related associations; medical, dentistry and veterinarian practices; private schools and colleges; transportation and logistics; and fintech/specialty finance.

Customers Bank introduced a hybrid fintech banking model to support the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loans. The hybrid model enabled the bank to participate in more than 314,000 SBA-approved PPP loans worth an aggregate of more than $9.6 billion – making Customers Bank one of America’s top PPP lenders.

Customers Bank created a white-label version of its hybrid model that provided a PPP application, servicing and funding solution to more than 300 banks and over two dozen other lenders. In order to drive PPP loans to communities with the greatest need including women- and minority-owned businesses, Customers Bank partnered with community development financial institutions (CDFIs), minority deposit institutions (MDIs), chambers of commerce and other nonprofits to fund loans to their members and constituencies.

Customers Bank provides financial services to businesses, professionals, individuals and families through its network of branch locations, digital platforms and commercial offices. It offers deposit, commercial lending, specialty lending and consumer lending products. The bank also offers wire transfers, electronic bill payment, lockbox, remote deposit capture, courier services, merchant processing, cash vault, controlled disbursements, positive pay services and more. The cash management services include account reconciliation, collections and sweep accounts.

To learn more about Customers Bank and its products and services, visit www.customersbank.com.

About Customers Bank

Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE:CUBI) a bank holding company, is 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/20210511005163/en/