UNITED STATES
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FORM
CURRENT REPORT
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SECURITIES EXCHANGE ACT OF 1934
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Item 1.02 Termination of a Material Definitive Agreement.
On June 29, 2022, BM Technologies, Inc. (the “Company”) received written notice that Customers Bank does not intend to renew the Deposit Processing Services Agreement (the “Agreement”), dated January 4, 2021, between the Company and Customers Bank.. The 180-day notice was given in accordance with the terms of the Agreement, as a result of which the Agreement will terminate effective December 31, 2022. The Agreement was previously described in Item 1.01 of the Company’s Current Report on Form 8-K, dated January 4, 2021, and filed on January 8, 2021, which description is hereby incorporated by reference.
This formal notification is consistent with management’s expectations; as discussed in the Company’s Annual Report on Form 10-K, dated December 31, 2021, and filed on May 10, 2022, the Company is considering multiple strategic alternatives including internalizing services upon closing of the previously announced merger with First Sound Bank or negotiating a new deposit servicing agreement with new or existing bank partners after December 31, 2022 at then current market rates and conditions.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BM Technologies, Inc. | ||
| Dated: June 30, 2022 | By: | /s/ Luvleen Sidhu |
| Luvleen Sidhu | ||
| Chief Executive Officer | ||
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