The Bank Slate


Customers to let BM Technologies deposit pact end

Customers Bancorp in West Reading, Pa., will let its deposit servicing agreement with BM Technologies lapse at the end of this year.

The $19.6 billion-asset company said in a press release Monday that the agreement, tied to its January 2021 divestiture of BankMobile Technologies, will save it about $60 million a year.

Customers expects about $1.8 billion of deposits serviced by BM Technologies to run off by Dec. 31.

The company is replacing the deposits with accounts gained from the launch of its blockchain-based instant payments token. A soft launch of TassatPay in October ushered in $1.9 billion of deposits. Customers recently hired a crypto team from Silvergate Capital to continue building out its platform.

A full launch took place earlier this month, and Customers said it expects deposits “to grow significantly in 2022.”

Separately, Customers said it bought a $313 million portfolio of Paycheck Protection Program loans in December at a discount in a move that should increase deferred revenue recognition in future quarters.

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