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A Customers Bancorp inc. branch in Doylestown, Pennsylvania.
Photographer: Hannah Beier/BloombergMax Reyes
Katanga Johnson
Customers Bancorp Inc. purchased $631 million of loans that belonged to Signature Bank, the latest example of a financial firm snapping up at a steep discount assets associated with a failed US lender.
The purchase from the Federal Deposit Insurance Corp. was at 85% of the portfolio’s book value, the West Reading, Pennsylvania-based bank said in a statement on Friday. The portfolio was acquired by the FDIC when it seized Signature Bank in March, according to a person with knowledge of the deal.
