Customers Bank Launches Financial Institutions Banking Group

Rhea-AI Summary

Customers Bank, a top 100 digital bank with nearly $20 billion in assets, has launched a Financial Institutions Group (FIG) to serve various financial entities, including broker-dealers and insurance companies. Brandon Troster joins as Senior Vice President to lead the Broker Dealer Banking Group. The bank aims to expand its services and deepen relationships with clients ranging from $100 million to $1 billion in size. Recently, Customers Bank introduced additional banking groups and launched a blockchain-based payments system, generating $1.5 billion in deposits.

Positive

• Launch of Financial Institutions Group to serve diverse financial clients.
• Hiring of Brandon Troster, enhancing expertise in broker-dealer banking.
• Expansion of services targeting clients from $100 million to $1 billion.
• Introduction of a blockchain-based payments system generating $1.5 billion in deposits.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Customers Bank, a digital and fintech-forward top 100 bank in the nation with nearly $20 billion in assets, announced it launched a Financial Institutions Group (FIG) serving Securities Broker Dealers, Future Commissions Merchants, Market Makers and Liquidity Providers, Insurance companies, Trust companies and broader Financial Institutions. Brandon Troster was hired as Senior Vice President, Banking Group Head, to lead the Broker Dealer Banking Group within the broader FIG team.

Brandon Troster was hired by Customers Bank as Senior Vice President, Banking Group Head, to lead the Broker Dealer Banking Group within the broader FIG team. (Photo: Business Wire)

Customers Bank has an experienced team with specialized knowledge acquired by serving the depository needs of broker dealers since 2015. The bank, with the addition of Troster, is expanding the services provided to FIG clients and is able to structure financial solutions and products to meet these businesses’ financial responsibilities for day-to-day liquidity driven by regulatory and trading activities. The Broker Dealer Banking Group will focus on clients ranging in size from $100 million to $1 billion.

"Our continued success and growth stem from leaderships’ ability to identify underserved market segments where we can differentiate the bank by developing services and building personal relationships to help clients expand their businesses," stated Sam Sidhu, President and Chief Executive Officer of Customers Bank. "We are pleased to welcome Brandon to our team and look forward to him expanding relationships in this market."

Troster brings over 14 years of experience managing relationships and services for FIG clients to Customers Bank. Most recently, he served as vice president of the Broker Dealer Group at Texas Capital Bank. Troster held senior positions with Apex Clearing Corporation and Penson Financial Services earlier in his career.

“We plan to continue introducing financial products and services that drive value for our new and existing Financial Institutions customers,” stated Lyle Cunningham, EVP, Managing Director at Customers Bank. “We are excited to expand our team to include expertise in bringing that value to market and deepening our customer relationships.”

Customers Bank has recently introduced additional banking groups that serve the financial services sector, including the Funds Finance Group and the Technology and Venture Banking Group that assist clients across the nation. The bank also launched a blockchain-based real-time payments system for cryptocurrency and digital asset institutions utilizing its branded Customers Bank Instant Tokens (CBIT^TM), which drove $1.5 billion in deposits.

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

About Customers Bank

Customers Bank is a full-service bank with $19.6 billion in assets at December 31, 2021, and a wholly owned subsidiary of Customers Bancorp, Inc. (NYSE:CUBI). 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 mobile-first apps, online portals, and a network of offices and branches. Customers Bank provides blockchain-based digital payments via the Customers Bank Instant Token (CBIT^TM) which allows clients to make real-time payments in US dollars, 24 hours a day, 7 days a week, 365 days a year. More at www.customersbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220208005182/en/

David W. Patti

Communications Director

610-451-9452

Source: Customers Bank

FAQ

What is the purpose of the new Financial Institutions Group by Customers Bank?

The Financial Institutions Group (FIG) aims to provide specialized banking services to entities such as broker-dealers, insurance companies, and liquidity providers.

Who is Brandon Troster and what is his role at Customers Bank?

Brandon Troster has been hired as Senior Vice President and will lead the Broker Dealer Banking Group within the Financial Institutions Group.

What is the size of clients targeted by Customers Bank’s new Broker Dealer Banking Group?

The Broker Dealer Banking Group will focus on clients with assets ranging from $100 million to $1 billion.

How much in deposits has Customers Bank generated from its blockchain-based payments system?

The blockchain-based payments system has driven $1.5 billion in deposits.

What are the overall assets of Customers Bank as of the latest report?

Customers Bank has nearly $20 billion in assets.