Customers Bancorp Sells BankMobile Digital Services
PHOENIXVILLE PA – Customers Bancorp, which operates its Customers Bank subsidiary with branch offices in Phoenixville and Kimberton, said Tuesday (Jan. 5, 2021) it sold its BankMobile digital banking services business to Megalith Financial Acquisition Corp. under an agreement and merger plan. In connection with the merger, Megalith changed its name to BM Technologies Inc.
Customers Bancorp said it received $23.1 million in cash for the deal, and also would offer a conditional special distribution of 4.8 million shares, or about 41 percent, of BM Technologies’ stock to Customers’ shareholders as of Dec. 18 (2020). BM Technologies shares began trading Wednesday (Jan. 6) under the symbol BMTX.
BankMobile “was incubated in Customers Bancorp” as a “fast-growing fintech company that … has and is expected to continue to provide significant shareholder return,” Customers Bancorp’s Chairman and CEO Jay Sidhu said. He described BM Technologies as “one of the largest digital banking platforms in the United States, and very well positioned to take advantage of the positive digital banking trends sweeping the nation.”