Loading...
Docoh

Customers Bancorp (CUBI)

Filed: 30 Jun 22, 5:46pm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934

Date of Report (date of earliest event reported): June 29, 2022

cubi-20220629_g1.jpg

(Exact name of registrant as specified in its charter)
Customers Bancorp, Inc.
Pennsylvania001-3554227-2290659
(State or other jurisdiction of
incorporation)
(Commission File number)(IRS Employer
Identification No.)
701 Reading Avenue
West Reading PA 19611
(Address of principal executive offices, including zip code)
(610) 933-2000
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
 
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Voting Common Stock, par value $1.00 per shareCUBINew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series E, par value $1.00 per share
CUBI/PENew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series F, par value $1.00 per share
CUBI/PFNew York Stock Exchange
5.375% Subordinated Notes due 2034CUBBNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 1.02         Termination of a Material Definitive Agreement.

On June 29, 2022, Customers Bancorp, Inc. (the “Company”) provided written notice that the Company does not intend to renew the Deposit Processing Services Agreement (the “Agreement”), dated January 4, 2021, between the Company and BM Technologies, Inc. The 180-day notice was given in accordance with the terms of the Agreement, as a result of which the Agreement will terminate effective December 31, 2022. The Agreement was previously described in Item 1.01 of the Company’s Current Report on Form 8-K, dated January 4, 2021, and filed on January 8, 2021, which description is hereby incorporated by reference.


Item 8.01         Other Events.

On June 30, 2022, one of the Company's commercial mortgage warehouse customers filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The Company currently has $25 million of unsecured debt to this customer that is fully guaranteed by an affiliate of the primary shareholder of our customer that has significant net worth and liquidity. The Company expects to be repaid in full.

++++++++++++++++++++++++++++++








SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

CUSTOMERS BANCORP, INC.
By: /s/ Carla A. Leibold
Name: Carla A. Leibold
Title: Executive Vice President - Chief Financial Officer

Date: June 30, 2022