Customers Bancorp settles PPP disputes with Kabbage, reduces accrued fees from $65.5M to $58M

Customers Bancorp, Inc.

Settlement reduces fees payable to KServicing from ~$65.5M to $58M, less amounts due from KServicing; subject to court approval.
KServicing will maintain PPP loan servicing through March 31, 2023 or until transferred to alternate servicer.
Each party releases the other from claims related to the PPP disputes and contractual agreements.
Bank states amounts already accrued; final settlement not expected to have material financial impact.

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