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Subsequent Events
 12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
On January 4, 2021, Customers Bancorp completed the previously announced divestiture of BMT, the technology arm of its BankMobile segment, to MFAC Merger Sub Inc., an indirect wholly-owned subsidiary of MFAC, pursuant to an Agreement and Plan of Merger, dated August 6, 2020, by and among Megalith, MFAC Merger Sub Inc., BMT, Customers Bank, the sole stockholder of BMT, and Customers Bancorp, the parent bank holding company for Customers Bank (as amended on November 2, 2020 and December 8, 2020). Following the completion of the divestiture of BMT, BankMobile's serviced deposits and loans and the related net interest income will be combined with Customers financial condition and the results of operations as a single reportable segment. Beginning in the first quarter of 2021, BMT's historical financial results for periods prior to the divestiture will be reflected in Customers Bancorp’s consolidated financial statements as discontinued operations.
The following pro forma balance sheet is based on information currently available, including certain assumptions and estimates. The pro forma balance sheet is intended for informational purposes only, and does not purport to represent what Customers' financial position would have been had the divestiture occurred on the date indicated, or to project Customers' financial position for any future date or period.
The pro forma condensed consolidated balance sheet as of December 31, 2020 is presented as if the divestiture had occurred as of December 31, 2020 and gives effect to the elimination of the historical BMT financial results, as well as other pro forma adjustments due to the divestiture.
Pro Forma Condensed Consolidated Balance Sheet
As of December 31, 2020
(amounts in thousands)Pro Forma
Customers Bancorp
Total assets$18,424,389 
Total liabilities$17,329,059 
Total shareholders’ equity1,095,330 
Total liabilities and shareholders’ equity$18,424,389 
Upon closing of the divestiture, Customers received cash consideration of $23.1 million and holders of Customers common stock who held their Customers shares as of the close of business on December 18, 2020 became entitled to receive an aggregate of 4,876,387 shares of BM Technologies' common stock. Certain employees of BMT also received 1,348,748 shares of BM Technologies' common stock as severance. The total stock consideration from the divestiture that were distributed to holders of Customers common stock and certain BMT employees represented 52% of the outstanding common stock of BM Technologies at the closing date of the divestiture.