Customers Bancorp in West Reading, Pa., has given formal notice to end its deposit servicing agreement with BM Technologies.
The agreement, which has been in place since January 2021, is set to end on Dec. 31.
The $19.6 billion-asset Customers announced in January that it planned to end the relationship, noting that the move should save it $60 million a year. The company said at the time that it expected about $1.8 billion of deposits serviced by BM Technologies to run off when the agreement ends.