Customers Bank Expands Fund Financing Focus With Strategic Hires

Rhea-AI Summary

Customers Bank has appointed Joseph M. Pennini as Managing Director and Head of Fund Finance, aiming to enhance its private equity lending practice and treasury services. With over 30 years in investment banking at firms like J.P. Morgan, Pennini is expected to drive strategic growth in this underserved market. He will lead a team that includes Marya Savola, Vice President and Credit Portfolio Manager, and Oleg Karaman, who focuses on Treasury Services. The bank is also expanding its commercial banking presence nationally, including new offices in Dallas and Orlando.

Positive

• Appointment of Joseph M. Pennini may enhance private equity lending and treasury services.
• Strategic growth opportunity in an underserved market segment.
• Expansion of commercial banking presence with new offices boosts market reach.

Negative

• None.

Customers Bank, a digital forward super-community bank with approximately $18.8 billion in assets, has hired Joseph M. Pennini as Managing Director and Head of Fund Finance. Pennini will expand the bank’s private equity lending practice and grow its treasury services business as part of its continued national expansion effort.

“We are delighted to have Joe lead the bank’s coverage of Private Equity and Hedge Fund clients. Customers Bank is making a targeted effort to expand its Fund Finance business and, at the same time, deepen relationships with existing clients,” said Lyle Cunningham, Executive Vice President and Chief Lending Officer at Customers Bank. “This market is underserved and is an area of strategic growth for the bank. We look forward to leveraging Joe’s extensive experience, knowledge and industry contacts as we continue to expand our portfolio of commercial banking services.”

For over 30 years, Pennini has held various investment banking and corporate banking roles at bulge bracket banks, including J.P.Morgan’s Global Corporate & Bank, where he launched Global Corporate Banking coverage of Alternative Asset Managers. Pennini reports to Cunningham.

Marya Savola is joining Pennini’s Fund Finance team as Vice President and Credit Portfolio Manager. Savola brings more than 20 years of investment and commercial banking experience to the team. Prior to joining Customers Bank, she served as a Relationship Manager within J.P. Morgan’s FIG Funds Group.

Rounding out the team is Oleg Karaman. Karaman, who joined Customers Bank as a Senior Vice President in 2018, has over 15 years of commercial banking and treasury service sales experience. Karaman is responsible for Treasury Services origination and relationship management.

Recently, Customers Bank announced a national expansion of its private and commercial banking teams as the bank continues to build upon its national recognition for providing innovative banking products and services to commercial clients. The national expansion included opening new commercial banking offices in Dallas, TX, Orlando, FL, and an increase of the bank’s Midwest presence, based in Chicago.

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/20210603005715/en/

FAQ

What is the significance of Joseph M. Pennini's appointment at Customers Bank?

Joseph M. Pennini's appointment as Managing Director is crucial for expanding the bank's private equity lending and treasury services.

How does Customers Bank plan to grow its Fund Finance business?

Customers Bank aims to grow its Fund Finance business through strategic hiring and focusing on underserved market segments under Pennini's leadership.

What recent expansions has Customers Bank undertaken?

Customers Bank has opened new commercial banking offices in Dallas, TX, and Orlando, FL, as part of its national expansion strategy.

What experience does Joseph M. Pennini bring to Customers Bank?

Joseph M. Pennini has over 30 years of experience in investment banking, particularly in corporate banking roles at major banks including J.P. Morgan.

What services does Customers Bank offer?

Customers Bank provides a range of banking and lending services to businesses, professionals, individuals, and families, using both digital and traditional platforms.