Customers Bancorp up after buying $631 mln loan portfolio from FDIC at discount

Signature Bank

16/06/2023 14:54

** Shares of lender Customers Bancorp  CUBI.N  up 2.2% at
$29.89 in morning trading 
    ** Co says it acquired a $631 mln venture banking loan
portfolio from the Federal Deposit Insurance Corporation (FDIC)
at about 85% of the book value 
    ** CUBI says it has also recruited 30 team members from the
group that originated these loans 
    ** The bank and FDIC did not disclose whose loan portfolio
it was buying but a source familiar with the matter told Reuters
it belonged to Signature Bank, which failed in March 
    ** On March 12, regulators closed New York-based Signature
Bank, and sold some of its loans and all deposits to New York
Community Bancorp  NYCB.N  later that month 
    ** Including session gains, CUBI shares up 5.2% YTD 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))