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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