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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) held its virtual annual meeting on May 26, where shareholders elected two directors and ratified Deloitte & Touche LLP as the independent auditor. The bank highlighted its leadership in the Paycheck Protection Program with nearly $10 billion in loans. Notable developments included a new blockchain-based payment system, expansion of consumer lending, and the opening of new offices. Additionally, Richard A. Ehst retired, and Sam Sidhu will succeed him as CEO on July 1, 2021. The bank emphasized strong financial performance and commitment to ESG initiatives.
Customers Bank, a subsidiary of Customers Bancorp (NYSE:CUBI), has partnered with Tassat to use its proprietary TassatPay® Network, aiming to enhance B2B payments for business clients and drive low-cost deposit growth. This innovative platform leverages blockchain technology to enable secure, instant transactions, overcoming common payment challenges. Customers Bank, a top PPP lender, is set to transform its payment services by collaborating with clients to address specific needs, marking a significant step in its digital evolution.
Customers Bank, with approximately $18.8 billion in assets, is expanding its operations by opening new offices in Orlando, Florida, and Dallas, Texas, while enhancing its presence in the Midwest. Joseph Nowland will lead the local banking team to implement a high-tech, high-touch banking model. New vice presidents Brian Buck, Dr. Shalonda Warren, and Robert Frederick will focus on building client relationships in targeted industries. This expansion aims to support businesses with revenues between $10 million and $100 million, providing various financial services to help them thrive.
Customers Bank, with approximately $18.8 billion in assets, is expanding nationally by opening new commercial offices in Dallas-Fort Worth and Orlando while enhancing its presence in the Midwest. Jake Danielski will lead the Texas team, which includes experienced professionals like David Stout and Matthew Chrastka. They aim to offer tailored banking services to privately owned businesses generating $5 million to $100 million in revenue, focusing on personalized relationships rather than business size. The bank offers a comprehensive suite of financial services, including commercial lending and cash management.
Customers Bank is expanding its presence in the Midwest by opening new commercial banking offices in Chicago, Dallas, and Orlando, as part of its national growth strategy. With approximately $18.8 billion in assets, the bank aims to enhance customer service through its single-point-of-contact banking model, emphasizing strong client relationships. Ian Kay will lead the Chicago team, backed by industry veteran Mary Haley, to offer comprehensive banking solutions tailored to privately owned businesses with revenue between $5 million and $100 million.
Customers Bank is expanding its national presence with new branches in Florida and Texas, aiming to enhance its services for commercial and consumer clients. The Florida office will be in Orlando, while the Texas branch will be located in Dallas, complementing its existing Midwest operations in Chicago. This expansion underscores the bank's commitment to providing specialized services in real estate and technology, with a focus on small to medium-sized enterprises. Customers Bank also highlights its success in the SBA Paycheck Protection Program, facilitating over $9.6 billion in loans.
Customers Bancorp, Inc. (NYSE:CUBI) announced quarterly dividends for its Preferred Stocks. Series C will pay $0.350359 per share, Series D will pay $0.33694233 per share, Series E will pay $0.403125 per share, and Series F will pay $0.375 per share. All dividends are payable on June 15, 2021, to shareholders of record as of May 31, 2021. The bank, with approximately $18.8 billion in assets as of March 31, 2021, offers a range of banking services to small and medium-sized businesses, families, and individuals.
Customers Bancorp, Inc. (NYSE: CUBI) reported Q1 2021 net income of $33.2 million ($1.01/share), reflecting a decline from Q4 2020's $52.8 million ($1.65/share). The quarter included a $38 million loss from discontinued operations, reducing GAAP earnings by $1.16/share. Core earnings rose to $70.3 million ($2.14/share). The net interest margin expanded to 3.00%. Total loans surged by 56.6% year-over-year to $16.2 billion, driven by significant PPP approvals. Total deposits increased by 48.2% to $12.5 billion, with a notable rise in demand deposits. Capital ratios improved significantly.
Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast on April 29, 2021, at 9:00 AM EDT to discuss its earnings for Q1 2021, concluding on March 31, 2021. Key executives, including Chair & CEO Jay Sidhu and CFO Carla Leibold, will present. The earnings press release will be available after market close on April 28. Customers Bank, a full-service bank with $18.4 billion in assets, offers various banking services to small and medium-sized businesses and individuals through digital channels and branches.
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