Customers Bancorp in West Reading, Pa., bought a minority limited interest in a fintech venture fund.
The $22 billion-asset company said in a press release that it successfully bid $5 million to buy the interest from the Federal Deposit Insurance Corp. at a roughly 70% discount to the investment’s original cost.
The purchase comes about a year after Customers bought a $631 million loan portfolio from the FDIC that had belonged to the failed Signature Bank.
“This investment further solidifies Customers Bank’s position as a leading partner to the venture community,” Sam Sidhu, president and CEO of Customers Bank, said in the release.
“It also provides access to deal, partner and client flow in the venture tech and startup sectors, both areas of strategic growth for the bank,” Sidhu added. “Investments like these have increased the size of Customers’ venture banking client base and helped source technology partners for the bank’s operational and technology roadmap.”