Customers Bancorp, Inc. Announces Andrew B. Sachs as New General Counsel
July 13 2021 - 8:00AM
Business Wire
Customers Bancorp, Inc. (NYSE: CUBI) announced today that Andrew
B. Sachs, an attorney with nearly 13 years of experience in the
areas of securities and corporate law with a focus on advising
companies and their boards on a variety of growth and expansion
issues, has joined as Executive Vice President, General Counsel and
Corporate Secretary. He replaces Michael A. DeTommaso, who is
retiring from these roles. DeTommaso will remain with the bank as a
Senior Legal Advisor through year’s end to assist with the
transition.
Sachs was a partner with Kilpatrick Townsend & Stockton LLP
where he was an Investment Management Attorney focusing his
practice on exchange traded funds, mutual funds, investment
advisers, mergers and acquisitions, and securities prior to joining
Customers Bancorp. Prior to practicing law, Sachs spent more than
six years in the information technology industry. Sachs and
Kilpatrick Townsend & Stockton supported Customers Bank, the
community bank subsidiary of Customers Bancorp, through the initial
launch of its community bank-fintech hybrid business model used to
ultimately fund about 340,000 CARES Act Paycheck Protection Program
(PPP) loans.
“Andrew Sachs is uniquely qualified to join our digital-forward
and rapidly growing financial services company,” said Customers
Bancorp Chair & CEO Jay Sidhu. “Banking is evolving rapidly,
and Customers is at the forefront. We are delivering services
throughout the nation with the support of advanced technology
platforms. Andrew is the right counsel to help guide the Board and
organization through this exciting process.”
Through the COVID-19 pandemic, Customers Bank accelerated the
pace of digitization and implemented new tech platforms. In recent
weeks, the bank announced plans to increase its consumer lending
using an artificial intelligence-powered platform from Upstart
while simultaneously launching a real-time, blockchain-based B2B
payments system on a platform designed by tech leader Tassat Inc.
Additionally, the bank opened new offices in Orlando, FL and
Dallas, TX with a reboot of its Chicago, IL office.
Customers Bank President & CEO Sam Sidhu said, “We are
designing a bank of the future at the intersection of community
banking and fintech and doing so as one of the top 100 largest
banks in the country. Andrew Sachs was the perfect choice for
General Counsel.”
Jay Sidhu thanked and applauded retiring General Counsel
DeTommaso for his service, adding “Mike has been such a valuable
and important part of our team. He was a key player in helping us
to grow from a regional bank to a national presence in the
financial and banking industry. We wish him well in his retirement
from Customers.” The Customers Bancorp, Inc. Board of Directors
also recognized DeTommaso for his service and many contributions to
the firm’s growth.
Sachs graduated Magna Cum Laude from Wake Forest University
School of Law, and from the University of Pennsylvania.
Customers Bancorp, Inc. (NYSE:CUBI) is a bank holding company
that owns the subsidiary Customers Bank, a full-service
super-community bank with assets of approximately $18.8 billion at
March 31, 2021. A member of the Federal Reserve System with
deposits insured by the Federal Deposit Insurance Corporation,
Customers Bank is an equal opportunity lender that provides a range
of banking and lending services to small and medium-sized
businesses, professionals, individuals, and families. Services and
products are available wherever permitted by law through
digital-first apps, online portals, and a network of offices and
branches. Additional information can be found on the company’s
website, www.customersbank.com.
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David Patti, Director, Communications 610-451-9452
Customers Bancorp (NYSE:CUBI)
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