READING WEST, PA – (COMMERCIAL THREAD) – Customers Bank offers banks, credit unions, community development finance institutions, minority depositories, microfinance institutions and other lenders and non-profit organizations end-to-end PPP creation turnkey tip, financing and loan remission Solution.

There are many reports of PPP weariness – lenders who just don’t have the ability or desire to offer new PPP loans or second draft PPP loans to previous borrowers, but want to be in the loop. listening to their customers. Customers Bank will help the customers of these banks with a transparent and almost invisible process that leverages the bank’s experience and technological prowess.

Customers Bank was one of a handful of traditional financial institutions that created a hybrid fintech model to support the first round of SBA Paycheck Protection Program loans to quickly achieve economic relief for small businesses. Across the country. By working with selected fintech partners, the bank was able to participate in more than 100,000 SBA-approved loans – the fifth highest of all lenders in the country – and deliver an aggregate value of over $ 5 billion to small businesses. .

“We are part of an industry group where we have heard institutions large and small express their concern about the reputational risk of not participating in PPP Second Draw loans,” said Sam Sidhu, vice president and general manager of the operation of Customers Bank. “At the same time, their management teams are struggling to justify their participation in the new round table. It got us thinking about producing our model. We’re already using it for ourselves, so we can help more small businesses by offering our solution to other lenders so that thousands of banks don’t need to reinvent the wheel.

Customers Bank made the decision to help other lenders in an effort to support more small businesses across the country. The bank created the white label product to allow lenders to direct their clients to an online loan application for the second PPP loan project. The online application will carry the lender’s brand, but as a service to its long-standing clients, Customers Bank will close and fund loans to clients’ deposit accounts at its existing institution. Customers Bank will service the second draw loans and support customers through the loan forgiveness process. The partner lender will maintain its relationship with its customers.

Already, a $ 50 billion bank has subscribed to this service. One of the top five banks in the country is participating in the second PPP loan project, but has entered into a reference relationship with Customers Bank for some of its customers for this service.

The characteristics of the white label program are:

• The solution covers the end-to-end customer journey, from funding to service and forgiveness;

• The financial institution maintains the customer relationship with a brand portal that strengthens its customer experience;

• No technological integration required by financial institutions;

• Financial institutions retain the “property” of customers – the bank of customers will not make a deal to them; and

• There are no fees for financial institutions – Customers’ bank will be paid directly by the SBA and pay the lenders for the referral.

Financial institutions wishing to learn more about the White Label PPP program should contact: Marc J. Rehberger, SVP / Managing Director, Fintech 7 (a) Lending at 925-877-0973 or [email protected]

To learn more about Customers Bank or its products and services, visit www.banqueclients.com.

About the customer bank

Customers Bank, a subsidiary of Customers Bancorp, Inc., a banking holding company, is a full-service community super bank with assets of approximately $ 18.8 billion as of September 30, 2020. A member of the Reserve System Federal with Federally Insured Deposits A Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium businesses, professionals, individuals and individuals. families. Services and products are available wherever permitted by law through digital applications, online portals, and a network of offices and branches. Clients The common voting shares of Bancorp, Inc. are listed on the New York Stock Exchange under the symbol CUBI. Additional information is available on the company’s website, www.banqueclients.com.