ACROFAN

Customers Bank Now Offers Banking Services to Hemp Permit Holders in Pennsylvania and New York

Published : Tuesday, September 17, 2019, 5:30 am
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WYOMISSING, Pa.--(BUSINESS WIRE)--$CUBI--Customers Bank, a leading super-community bank with operations in Pennsylvania, District of Columbia, Illinois, New Jersey, New York and New England, announced today the Bank will start providing commercial banking services to hemp and hemp-derived cannabidiol (CBD) companies that are permit holders in Pennsylvania and New York.


Customers Bank will provide legal hemp-related businesses and hemp-derived CBD companies with access to commercial checking, online and mobile banking, fraud protection, ACH payment, online wire transfer services, business bill pay and more.

With the launch of these services, Customers Bank can now provide growers, testing labs, processors and other legal hemp-related businesses with access to a full suite of business banking services. Customers Bank also provides the business banking expertise required to help grow and support these important companies.

“The hemp and hemp-derived CBD industry is in the early stages of development and having access to the same business banking products available to other market segments is critical to the long-term growth of this sector,” stated Richard Ehst, President and Chief Operating Officer of Customers Bank. “Hemp-related businesses will become an economic driver across the country, especially as the demand for additional ancillary services increases. We are following public policy developments, and have created internal procedures and controls that enable us to provide the needed banking services to legal hemp businesses while remaining in conformity with laws and regulations. Now is the right time to engage with these important businesses.”

“Having trust and a relationship with your banking partner is an important part of growing any business,” stated Larry Snow, Senior Vice President, Commercial Deposit Services. “We understand the banking challenges facing hemp companies and have the expertise to provide these enterprises with a broad range of financial services to meet their growing business needs, today, tomorrow, and in the future.”

Customers Bank is an Emerging Partner Sponsor of the upcoming 2019 Pennsylvania Hemp Summit, taking place on Oct. 7-8, at the Lancaster Convention Center. To learn more about Customers Bank or its financial products and services, please visit https://www.customersbank.com/hemp.

About Customers Bank
Customers Bank is a super-community bank with $11.2 billion in assets as of June 30, 2019, offering commercial and consumer banking services along the I-95 corridor from Washington, DC to Boston; and in Chicago. Commercial products include cash management; commercial and industrial loans; small business loans; SBA government-guaranteed loans; commercial and multi-family real estate loans; and financing for leasing businesses and residential developers.

Customers Bank provides consumer banking services including savings, checking, and money market accounts; certificates of deposit; residential mortgages; and consumer loans. Additional consumer products include “BankMobile Vibe online banking,” marketed by the BankMobile Division and “Ascent Money Market Savings,” marketed by the Customers Bank Digital Banking Division.

Customers Bank is a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation. Customers Bank is an equal opportunity lender. Customers Bank takes pride in delivering extremely high levels of customer service while charging comparatively very low fees; service that makes our clients say, “Wow.”

Commercial clients enjoy Single Point of Contact service with one team to handle all banking needs. Retail bank clients are afforded Concierge Banking® Services that brings banking to them, when and where they need it.

Customers Bank, with its headquarters located in Phoenixville, Pennsylvania, is a subsidiary of Customers Bancorp, Inc., a bank holding company. The voting common shares of Customers Bancorp, Inc. are listed on the New York Stock Exchange under the symbol CUBI.


Contacts

David W. Patti
Communications & Marketing Director
484-926-7109



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