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Customers Bank Rebrands Signaling Future Opportunities
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Customers Bank, a top 100 digital-forward bank with $20 billion in assets, has undergone a significant rebranding to enhance its fintech identity. The bank has facilitated $10 billion in Paycheck Protection Program loans and launched a new blockchain payment platform, attracting $1.5 billion in deposits. This strategic shift aims to position the bank nationally and appeal to younger, tech-savvy clients. The new branding reflects a modern approach to banking while maintaining its foundational values.
Positive
Completed rebranding to emphasize fintech-forward identity.
Facilitated approximately 347,000 PPP loans totaling $10 billion.
Launched blockchain-based payment platform, attracting $1.5 billion in deposits.
Expanded services nationally beyond the northeast.
Negative
None.
New direction instills customers with the confidence to take on tomorrow
WEST READING, Pa.--(BUSINESS WIRE)--
Customers Bank, a digital-forward top 100 bank in the nation with $20 billion in assets, experienced exponential growth over the last two years as a result of participating in approximately 347,000 Paycheck Protection Program loans with an aggregate value of $10 billion and the launch of its blockchain-based real-time payments platform for cryptocurrency and digital asset institutions that drove $1.5 billion in deposits. As a result of these products and the increased growth, Customers Bank has expanded beyond its northeast geographic footprint to service clients across the nation. As a result, the executive leadership undertook a complete rebranding to reposition the bank as a fintech-forward-focused banking institution that provides commercial and consumer clients the stability, regulatory and trust inherent in working with an established bank. The rebranding encapsulates the new vision, mission, tagline, logo, website and more.
The recent product expansions have put Customers Bank in a very different position today. The bank now has customers and clients located throughout the United States and looks nationally to identify potential product offerings that enable the bank and its clients to continue growing.
"The original Customers Bank brand with a red, white, and blue theme and the American Flag as a centerpiece did very well for us. It clearly represented the American Dream and our emphasis on assisting the challengers, small business owners and entrepreneurs to punch above their weight class to achieve their financial and growth objectives. We will always hold American values, democracy, and heritage closely in our hearts," said Jay Sidhu, Executive Chairman of Customers Bank. "But as an emblem of a fintech-forward financial institution with a national reach, we need to signal markets, investors, and clients that we have a modern look, feel and discipline."
Fueled by a fintech-community bank hybrid business model, and the bank's recent successes, Customers Bank launched other new commercial financial product lines and opened additional offices in key metro markets around the country. New clients attracted to the bank are younger, more diverse, more tech savvy, and looking for a different customer experience. The new brand – from logo to website to apps to social media to office space – is designed to capture this vibe.
"Our name is staying the same. Business clients and customers will continue to rely on our Team Members to combine the best of technology with a deeply human touch," stated Sam Sidhu, President and Chief Executive Officer of Customers Bank. "We're keeping our promise to connect our clients with growth opportunities to achieve their financial goals and provide them with the confidence to take on tomorrow."
Taking on a rebranding initiative for a financial institution with national business lines and clientele is a complex endeavor. Customers Bank examined every part of the brand looking at the logo and colors to external experiences and internal beliefs. The logo features two overlapping blue rings that represent the bank's obsession with connecting to customers and providing highly personalized service. Even if the image is rotated, the connection remains, which perfectly embodies Customers Bank's new brand.
Customers Bank was launched in 2009 by Jay Sidhu and a handful of investors with the acquisition of the struggling New Century Bank that had about $250 million in assets and a few branches in Southeastern Pennsylvania. The bank quickly established a brand based around remarkable customer experiences, agility and innovation.
The bank evolved into a digital-forward financial institution that offers unique lines of business that distinguish it from other banks, including Warehouse Lending, Specialty Lending, Fund Finance and additional products and services. Still "branch lite," Customers Bank continues growing and evolving quickly, with successes that catch the eye of Wall Street investors and boost shareholder value. Now the brand is getting a total makeover.
"Customers Bank has vision, drive, energy, excitement and a leading-edge approach to financial services that we believe is captured by the new brand," added Sam Sidhu. "This is the brand image, not of our legacy, but of our future. This is the brand we live every day and will guide us in the decades to come."
The new direction capitalizes on the banks' nimble, innovative and entrepreneurial spirit to operate like a fintech while providing clients with the regulatory stability of a large bank. This regulatory stability also makes Customers Bank an attractive connector between fintechs that do not have the experience managing oversight or regulatory issues with their clients that desire the established trust inherent in working with a leading banking institution. These relationships position Customers Bank as the great connector that can champion the challengers and provide them with the tools and functions they seek from large issuing banks.
"We're focused on our customers, employees, and investors every day—connecting them to real opportunities, helping them grow, and doing it all with speed and agility so they can get further, faster," stated Sam Sidhu. "We're here to give people the edge they need for today, and the confidence to take on tomorrow."
Customers Bank is a full-service bank with $19.1 billion in assets at September 30, 2021, and a wholly owned 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 (CBITTM) 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.
