On March 12, state regulators closed New York-based Signature Bank, marking this year's second high-profile bank collapse sparked by an exodus of depositors seeking higher returns and safer institutions. The 15% discount on the acquired loans provides a cushion to absorb some losses, particularly for capital call loans, or revolving lines of credit, to private equity and venture capital firms, Perito said.Ī unit based in New York and Chicago will manage the capital call loans. "We view this deal and team addition as a fairly low-risk transaction to accelerate CUBI's (Customer Bancorp's) presence in a high-growth" market and it has the potential to improve deposit funding, said Michael Perito, banking analyst at Keefe Bruyette & Woods, in a note. Loans to the technology and life sciences sector will be combined with Customer Bancorp's technology and venture capital business based in Boston, the bank said. The FDIC did not immediately respond to a request for comment.Ĭustomers Bancorp has also recruited 30 team members from the group that originated these loans, who will help expand the bank's venture capital coverage in major cities including Austin, Boston, Southern California and Chicago. The portfolio belonged to failed lender Signature Bank, which was put under FDIC receivership in March, a source familiar with the matter told Reuters.Ĭustomers Bancorp shares rose on the news to their highest level since early March, and were up 3.3% at $30.23 at midday. regulator Federal Deposit Insurance Corporation (FDIC) at about 85% of the book value. If you will spend more than 48 hours of your trip in the continents of North America, South America, then you should select the Worldwide Including Travel Plan.June 16 (Reuters) - Customers Bancorp (CUBI.N) said on Friday it acquired a $631 million venture banking loan portfolio from U.S.If you have a multiple destination itinerary, you should select the travel plan for the destination where you will spend the majority of your trip overseas except where you will spend more than 48 hours of your trip in the continents of North America, South America.South East Asia: Birmania, Brunei, Cambodia, Philippines, Indonesia (Including Bali and Lombok), Laos, Malaysia, Singapore, Thailand, VietnamĮast Asia: China, South Korea, Hong Kong, Japan, Taiwan South Asia: Sri Lanka, Bangladesh, India, Nepal, Maldivas If your destination is "Worldwide inc USA" you are covered Worldwide including USA, Canada, Mexico, Central & South America. If your destination is "Worldwide exc USA" you are covered Worldwide excluding USA, Canada, Mexico, Central & South America and Antarctica. ![]() ![]() The South Pacific: Papua New Guinea, American Samoa, Cook Islands, Fiji Islands, French Polynesia (including Tahiti), Kiribati, New Caledonia, Niue, Samoa, Solomon Islands, Tonga, Tuvalu, Vanuatu, Norfolk Island, New Zealand) Excluded destinations: TICK Travel Insurance will NOT cover any loss, injury, damage or legal liability arising directly or indirectly from travel in, to or through Afghanistan, Belarus, Crimea, Democratic Republic of Congo, Iran, Iraq, Liberia, Sudan, Syria, Chad, East Timor, Haiti, Lebanon, Liberia, North Korea, Pakistan, Russia, Somalia, Uganda, Ukraine, Venezuela, Yemen and Zimbabwe.
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