Customers 1st Bank has signed an agreement with the Federal Deposit Insurance Corporation to acquire all of the deposits and assets of USA Bank, a full-service bank based in Port Chester, New York.

As a result of the acquisition, Customers 1st will acquire deposits of the failed institution amounting to around $190 million as of 31 March 2010 and will be led by USA Bank division president and chief operating officer.

In addition to that, it will also take over all of the bank's failed assets. USA Bank recorded about $193 million in total assets in 31 March.

"With the acquisition, USA Bank becomes part of a safe, secure and successful bank," said Jay Sidhu, the chairman and chief executive officer of Customers 1st Bank, in a statement.

"Over the last few months, we tripled the bank's assets to more than $800 million, increasing both deposits and loans, and raised about $70 million in new capital. Over the next few years, we hope to become a multi-billion dollar asset community bank by focusing on providing exceptional value, service and convenience to all our customers," he added.

Customers 1st Bank will be opening four new banking branches in Pennsylvania this year.