WEST READING, PA — Customers Bancorp, Inc. (NYSE: CUBI) announced this week 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.
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