The newly recruited team will give clients access to the capital to grow from innovation to maturity and leverage a customized, best-in-class tech platform to support their growth.

The technology and life sciences portfolio will be combined with CUBI's existing Technology and Venture Capital Banking vertical based in Boston. 

The portfolio of capital call loans to venture capital firms will be combined with CUBI's existing capital call line portfolio in CUBI's Fund Finance group based in New York and Chicago.

"This loan pool purchase was extremely attractive to us considering the historical customer deposit to loan ratio in this vertical of over 2 to 1. With the recruitment of this highly experienced team, we are extremely confident in our ability to build primacy of relationships with these new clients and further improve our liquidity profile with the addition of low-cost, core deposits," said Customers Bank President and CEO Sam Sidhu.

Price Action: CUBI shares are trading higher by 2.15% at $29.89 on the last check Friday.