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 Bank, a prominent PPP lender, has highlighted new changes to the Paycheck Protection Program aimed at improving access for sole proprietors and small businesses, especially minority-owned and ITIN holders. Effective from March 3, 2021, the SBA now allows applicants to base their loan amounts on gross income instead of net profits, potentially increasing eligibility from $3,300 to $20,833 for sole proprietors. Moreover, the program introduces a 14-day exclusive application period for businesses with 20 or fewer employees. These changes aim to make federal aid more equitable and accessible.
Customers Bank, a leading PPP lender, announced the launch of its ReStart America Biz Checking account, aimed at aiding small businesses in recovery with a 1.00% APY for 28 weeks. This initiative follows its involvement in over 100,000 SBA-approved PPP loans worth more than $5 billion. The account is designed for businesses with 20 or fewer employees, facilitating better management of PPP funds and supporting those without traditional banking access. The bank aims to be a long-term financial partner in business recovery and growth.
Customers Bancorp (CUBI) reported Q4 2020 net income of $52.8 million ($1.65/share), an increase from Q3 2020's $47.1 million ($1.48/share). Full-year 2020 net income was $118.5 million, up from $64.9 million in 2019. The net interest margin (NIM) rose to 2.78% from 2.50% in Q3 2020. Total loans increased by 57.5% to $15.8 billion. Notably, the bank successfully divested BankMobile, providing shareholders with a special distribution valued at $75 million. Looking ahead, tangible common equity is expected to grow sharply in 2021 with projected core EPS of at least $4.00.
Customers Bank, a $19 billion super community bank, has processed over 50,000 Paycheck Protection Program (PPP) loans and is preparing to handle tens of thousands more applications. With the SBA reopening the PPP loan application process, Customers Bank was among the first to stage applications. Notably recognized by Bankrate.com as one of the best digital banks, the bank has developed an efficient platform for loan origination and forgiveness, collaborating with fintechs. Their 'white label' program allows other financial institutions to utilize this platform.
Customers Bank has been recognized as one of the “Best Online Banks of 2021” by Bankrate, ranking among the top six in the nation. This accolade reflects the bank's dedication to a digital-first approach, emphasizing competitive savings rates and low-cost checking services. Key factors contributing to this recognition include low overdraft fees and no monthly service fees on the High-Yield Savings Account. The bank also maintains customer service access seven days a week. This follows a recent ranking by Kiplinger’s, naming Customers Bancorp as one of the “6 Best Financial Stocks to Buy” in 2021.
Customers Bancorp, Inc. (CUBI) will host a webcast at 9:00 AM EDT on January 28, 2021, to discuss its fourth-quarter earnings for the period ending December 31, 2020. The call will feature key executives including Chair & CEO Jay Sidhu, President & COO Dick Ehst, and CFO Carla Leibold. The earnings press release will be published after market close on January 27, 2021. Customers Bancorp, with $18.8 billion in assets, provides a variety of banking services to small and medium-sized businesses through digital and traditional platforms.
Customers Bank (NYSE: CUBI) has commenced accepting applications for a new round of government-backed Paycheck Protection Program (PPP) loans aimed at supporting small businesses through wage and health benefit maintenance. The bank previously issued over $5 billion in more than 100,000 PPP loans in 2020 and anticipates a significant throughput for 2021. Customers Bank employs a tech-driven platform that facilitates a streamlined loan process, and is cooperating with several fintech partners to enhance accessibility for businesses nationwide.
Customers Bancorp (NYSE: CUBI) has successfully divested its BankMobile business, completing the merger with Megalith Financial Acquisition Corp. on January 4, 2021. As a result, Customers received $23.1 million in cash and shareholders are entitled to approximately 4,876,387 shares of the newly formed BM Technologies, Inc. (BMT), representing about 41% of its outstanding shares. The shares will be subject to a lock-up period and are not immediately tradeable. Customers Bancorp aims for significant shareholder returns from this fast-growing fintech company.
Customers Bancorp (NYSE:CUBI) has been recognized by Kiplinger as one of the "best financial stocks to buy" in 2021. This comes after the Federal Reserve's approval of big banks to resume share buybacks. Despite the focus on the divestiture of BankMobile and the formation of BM Technologies Inc. (BMTX), Customers Bancorp's Vice Chairman emphasized ongoing growth opportunities, noting the bank's rise to $18.8 billion in assets from $250 million in ten years. Key initiatives include a digital bank launched in 2018 and significant involvement in SBA lending, positioning it for increased loan volume in 2021.
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