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)




                                       1

© Edgar Online, source Glimpses