Customers Bank completed the onboarding of a nearly 30-member venture banking team formerly employed by Signature Bank. Initially, this team will handle the transfer and servicing of about 150 loans in Customers Bank’s recently acquired $631 million venture banking loan portfolio, but the team is expected to gather significant deposits from these clients and grow Customers Bank’s tech and venture and fund finance lines of business. The team will retain its leadership and be integrated with Customers Bank’s existing teams.

In connection with the onboarding of the venture banking and treasury management team, Customers Bancorp is awarding restricted stock units to each of the team members, with an aggregate award of up to 23,464 restricted stock units with a fair value equal to the closing price of Customers Bancorp’s common stock as of market close on the business day immediately preceding the grant ($32.88). The awards will vest equally over three years, provided the individual remains employed through the vesting date, and are subject to certain accelerated vesting in the event of a change in control. These awards are being made outside of the Customers Bancorp 2019 Stock Incentive Plan as one-time employment inducement awards under Section 303A.08 of the New York Stock Exchange Listed Company Manual, and were approved by Customers Bancorp’s board of directors, including all of Customers Bancorp’s independent directors present at the meeting, comprising most of the independent directors.

Customers Bank will have more comments during its second quarter earnings webcast.