Customers Bancorp, Inc. reports developments tied to its role as the bank holding company for Customers Bank, a regulated banking subsidiary serving commercial, corporate and consumer clients. Recurring updates include quarterly earnings, deposit growth, credit quality, capital ratios, securities portfolio positioning and common stock repurchase activity.
Company news also covers Customers Bank's lending and banking services, including C&I, commercial real estate, residential and personal lending, fund finance, venture banking, healthcare, mortgage finance, equipment finance, payments, treasury, title and escrow services. Other recurring themes include technology-enabled banking partnerships, customer-service operating initiatives, executive appointments, governance matters and industry recognition.
Customers Bank, with nearly $20 billion in assets, has appointed John Donohue as the Executive Vice President, Managing Director of its new Small Ticket Business within Customers Commercial Finance (CCF). Donohue, a veteran with 30 years of experience, will lead the development of this new product offering. CCF, recognized in the Monitor 100 for equipment financing, serves diverse sectors including Transportation and Food Processing. Customers Bank offers a range of services, including blockchain-based digital payments.
Customers Bank, a top 100 digital bank with nearly $20 billion in assets, has appointed Bernard Garrigues as its new Chief People Officer. This strategic move aims to bolster the leadership team and support the bank's national growth. Garrigues brings extensive HR leadership experience from companies like Webster Bank and GE Healthcare. He will oversee initiatives in human resources and cultural strategy, focusing on diversity and inclusion to enhance team engagement. In 2021, Customers Bank reported a 153% increase in net income compared to 2020, highlighting its rapid growth.
Customers Bank, a top 100 digital bank with nearly $20 billion in assets, has launched a Financial Institutions Group (FIG) to serve various financial entities, including broker-dealers and insurance companies. Brandon Troster joins as Senior Vice President to lead the Broker Dealer Banking Group. The bank aims to expand its services and deepen relationships with clients ranging from $100 million to $1 billion in size. Recently, Customers Bank introduced additional banking groups and launched a blockchain-based payments system, generating $1.5 billion in deposits.
Customers Bancorp, Inc. (NYSE: CUBI) has declared a quarterly cash dividend of $0.333922 per share on its Series E Preferred Stock and $0.310297 on Series F Preferred Stock. Both dividends are set for payment on March 15, 2022, to shareholders recorded by February 28, 2022. The bank, with assets of approximately $19.6 billion as of December 31, 2021, offers a range of financial services through its subsidiary, Customers Bank.
Customers Bancorp, Inc. (NYSE: CUBI) has expanded its Board of Directors by appointing retired Brigadier General Bernard B. Banks and Robert N. Mackay, CEO of Regnology. This move is part of the company's strategy to enhance leadership in technology, diversity, and financial services. Banks brings extensive military leadership experience and a focus on talent development, while Mackay contributes his expertise in financial technology. Both will also serve on the ESG and Risk Committees.
Customers Bancorp reported a record net income of $300.1 million for 2021, representing an increase of 153% from 2020, with diluted earnings per share at $8.91. Q4 2021 net income was $98.6 million, up 87% year over year. Key metrics include a 48% rise in deposits to $16.8 billion and a 33% increase in tangible book value per share to $37.21. The company expects core earnings of $4.75 - $5.00 for 2022 and over $6.00 in 2023, driven by robust loan growth and a successful launch of its blockchain payment system.
Customers Bancorp, Inc. (NYSE: CUBI) will conduct a webcast on January 25, 2022, at 9:00 AM EST to discuss its earnings for Q4 and the full year 2021. The earnings press release will be available after market close on January 24, 2022. Key executives including CEO Jay Sidhu will participate in the call. Customers Bancorp operates Customers Bank, a full-service bank with $19.1 billion in assets as of September 30, 2021, providing various banking services and blockchain-based digital payments to clients.
Customers Bank, a leading digital bank with $19.1 billion in assets, has enhanced its Digital Asset Banking Team by hiring seven industry experts from Silvergate Capital. This strategic move aims to bolster its services for commercial cryptocurrency clients. CEO Sam Sidhu highlighted the bank's commitment to becoming a premier financial partner in the digital asset space. Following the soft launch of the Customers Bank Instant Token (CBITTM), the bank reported $1.5 billion in non-interest bearing deposits and plans to further expand its crypto client base in 2022.
Customers Bank, a top 100 digital-forward bank with $20 billion in assets, has undergone a significant rebranding to enhance its fintech identity. The bank has facilitated $10 billion in Paycheck Protection Program loans and launched a new blockchain payment platform, attracting $1.5 billion in deposits. This strategic shift aims to position the bank nationally and appeal to younger, tech-savvy clients. The new branding reflects a modern approach to banking while maintaining its foundational values.
Customers Bancorp, Inc. (NYSE: CUBI) has declared a quarterly cash dividend of $0.33215 per share on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, payable on December 15, 2021, to shareholders of record on November 30, 2021. Additionally, a dividend of $0.375 per share has been announced for Series F, also payable on December 15, 2021. Customers Bank, a subsidiary, has assets of approximately $19.1 billion as of September 30, 2021.