Customers Bancorp acquires $631M venture banking loan portfolio from FDIC

Customers Bancorp has acquired a $631M venture banking loan portfolio from the FDIC at approximately 85% of book value. Separate from the loan pool purchase, Customers has recruited 30 team members from the group that originated these loans to service the venture-backed growth industry from seed-stage through late-stage. The newly recruited team will give clients access to the capital to grow from innovation to maturity and leverage a customized, best-in-class tech platform to support their growth. The team has long-standing relationships with these clients offering them premier end-to-end financial services meeting all of their needs. The addition of these team members creates venture banking client coverage in Austin, the Bay Area, Boston, Southern California, Chicago, Denver, Raleigh/Durham, and Washington, D.C. The new team is expected to be fully onboarded within the next few weeks.