Welcome to our dedicated page for Customers Bancorp news (Ticker: CUBI), a resource for investors and traders seeking the latest updates and insights on Customers Bancorp stock.
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 Bancorp, Inc. (NYSE: CUBI) announced that on September 15, 2021, it will redeem all 2,300,000 shares of its Series C Preferred Stock and 1,000,000 shares of its Series D Preferred Stock, at a redemption price of $25 per share. Following this action, no shares of either series will remain outstanding. This redemption coincides with the dividend payment date, and the redemption prices do not include any declared and unpaid dividends. The planned redemption is part of a strategy to enhance shareholder value, according to CEO Jay Sidhu.
Customers Bancorp (NYSE: CUBI) has successfully closed a public offering of $100 million in Fixed-to-Floating Rate Senior Notes due 2031, with an initial fixed interest rate of 2.875%. The investment-grade rated Notes will shift to a floating rate from August 2026. Net proceeds of approximately $98.65 million will be used to redeem outstanding Preferred Stock Series C and D, with any remaining funds allocated for general corporate purposes. Keefe, Bruyette & Woods led the offering, underlining the company’s strong position in the market.
Customers Bancorp, Inc. (NYSE: CUBI) reported a strong Q2 2021, posting a net income of $58 million, or $1.72 per diluted share, a notable increase from $33.2 million in Q1 2021. Core earnings fell to $59.3 million compared to $70.3 million in Q1, but adjusted pre-tax net income remained stable at $86.5 million. Total loans grew by 11% year-over-year, driven by a $1.5 billion increase in PPP loans. Total deposits rose 26.5% to $13.9 billion. The company anticipates strong future growth, projecting core EPS to reach $6.00 by 2025.
Customers Bank (NYSE:CUBI), a leading SBA Paycheck Protection Program (PPP) lender, announced its partnership with the SBA for a digital loan forgiveness service aimed at small business borrowers. Having issued over 320,000 PPP loans totaling $9.6 billion, Customers Bank is the largest PPP lender to join this initiative. The bank's average PPP loan was under $30,000, focusing on quick processing for smaller loans. CEO Sam Sidhu emphasized that the new portal will facilitate economic growth post-pandemic by streamlining the loan forgiveness process.
Customers Bancorp, Inc. (NYSE: CUBI) has appointed Andrew B. Sachs as Executive Vice President, General Counsel, and Corporate Secretary, succeeding Michael A. DeTommaso, who is retiring. Sachs brings 13 years of legal experience, previously serving at Kilpatrick Townsend & Stockton LLP. He played a key role in supporting Customers Bank during its PPP loan initiative. The bank has accelerated its digital transformation during the pandemic, announcing plans for AI-driven consumer lending and a blockchain-based B2B payment system. Customers Bank has also expanded its presence with new offices in Orlando, Dallas, and Chicago.
Customers Bancorp, Inc. (NYSE: CUBI) will hold a webcast on July 29, 2021, at 9:00 AM EDT to report Q2 earnings results for the period ending June 30, 2021. Key executives, including Chair & CEO Jay Sidhu and CFO Carla Leibold, will lead the call. The earnings press release will be available after market close on July 28, 2021. Customers Bancorp operates Customers Bank, which had $18.8 billion in assets as of March 31, 2021, providing banking services through digital and physical channels.
Customers Bank, a subsidiary of Customers Bancorp (NYSE: CUBI), announced key promotions and hires in its accounting department. Jessie John Velasquez has been promoted to Executive Vice President, Chief Accounting Officer, bringing over 19 years of experience. Lisa L. Schmoke joins as Senior Vice President, Corporate Controller, with 25 years in accounting and regulatory reporting. ThanhNga (Julia) Hoang is now Vice President, SEC Reporting Manager, with a strong background in financial reporting. These appointments aim to enhance financial oversight and compliance as Customers Bank continues to grow.
Customers Bank has promoted Jennifer Frost to Executive Vice President and Chief Administrative Officer, as well as a member of the Management Board. Frost, who has over 20 years of management experience in leading financial institutions, previously served as senior vice president at Customers Bank. She played a key role in digitizing the bank's operations to enhance customer convenience. The bank, with assets around $18.8 billion, aims to continue its growth and franchise value under Frost's leadership.
Customers Bank has appointed Joseph M. Pennini as Managing Director and Head of Fund Finance, aiming to enhance its private equity lending practice and treasury services. With over 30 years in investment banking at firms like J.P. Morgan, Pennini is expected to drive strategic growth in this underserved market. He will lead a team that includes Marya Savola, Vice President and Credit Portfolio Manager, and Oleg Karaman, who focuses on Treasury Services. The bank is also expanding its commercial banking presence nationally, including new offices in Dallas and Orlando.
Customers Bank has been acknowledged as a top-10 lending partner by the Pennsylvania Housing Finance Agency (PHFA) for the fourth consecutive year, ranking 6th overall, up from 7th last year. Additionally, the bank secured the top position in the Loans to Minority First-time Homebuyers category. Three CRA loan officers were recognized for their contributions, with Vice President Elsie Maduro being highlighted as PHFA's third top producer. The rankings reflect the total volume of PHFA home loan closings from over 80 lending partners in Pennsylvania.