Item. 1.01. Entry Into A Material Definitive Agreement.
As previously announced, on January 4, 2021, BM Technologies, Inc. ('the
"Company") entered into a Deposit Processing Services Agreement (the "Deposit
Processing Services Agreement") with Customers Bank. On November 8, 2022, the
Company and Customers Bank entered into the First Amendment to Deposit
Processing Services Agreement (the "Amendment"). The Amendment, among other
things, will facilitate the transfer of the Company's serviced deposits to a new
sponsor bank and extends the termination date of the Deposit Processing Services
Agreement until the earlier of: (i) entry into a definitive agreement with a new
sponsor bank to transfer the Company's serviced deposits to such sponsor bank
and the successful completion of such transfer; or (ii) six months from December
31, 2022. The Amendment also removes Customers Bank's obligation to pay the
Company the difference between the Durbin-exempt and Durbin-recalculated
interchange revenues. The other terms of the Deposit Processing Services
Agreement remain in effect through the new termination date.
The foregoing summary of the Amendment does not purport to be complete and is
qualified in its entirety by reference to the Amendment, a copy of which is
filed as Exhibit 10.1 and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
10.1 First Amendment to Deposit Processing Services Agreement, dated as of
November 7, 2022, by and between BM Technologies, Inc. and Customers
Bank.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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