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.
The Customers Bancorp, Inc. (NYSE: CUBI) news page on Stock Titan aggregates company announcements, earnings releases, capital markets activity, and other material updates disclosed by the bank holding company and its subsidiary, Customers Bank. As one of the 80 largest bank holding companies in the United States by assets, Customers Bancorp regularly issues news that sheds light on its commercial and consumer banking activities, capital structure decisions, and strategic initiatives.
Readers can find detailed earnings press releases that discuss net interest income, net interest margin, loan and lease growth, deposit trends, credit quality metrics, and non-interest income and expense. These releases often include management commentary on strategic priorities, capital raises, and operational efficiency, as well as non-GAAP measures and their reconciliations.
The news feed also covers announcements about common stock offerings, subordinated note issuances, and preferred stock actions, such as the redemption of the company’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F. In addition, Customers Bancorp publishes updates on its geographic expansion, including the opening of new offices in markets such as Irvine, Sherman Oaks, Sacramento, Reno, and Las Vegas, which it links to serving entrepreneurs, privately held businesses, commercial real estate developers, and investors.
Leadership and governance developments, including executive appointments, board changes, and new employment agreements, are disclosed through press releases and related SEC filings and are reflected in the news stream. The company also highlights external recognitions, such as rankings from American Banker, Forbes, and Inc. Magazine, and reports Net Promoter Scores that it compares to industry averages.
By following the CUBI news page, users can review a chronological record of Customers Bancorp’s public communications, from financial performance updates to capital markets transactions and service model milestones, all sourced from official press releases and filings.
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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Customers Bancorp (NYSE: CUBI) announced that the stockholders of Megalith Financial Acquisition Corp. have approved the proposed merger with BankMobile Technologies. The merger, scheduled to close on January 4, 2021, will result in BankMobile merging into Megalith's subsidiary, with the latter expected to be rebranded as BM Technologies, Inc. This deal aims to facilitate tax planning for Customers' shareholders. The merger is contingent upon customary conditions being met.
Customers Bancorp (NYSE: CUBI) hosted a webcast on December 11, 2020, discussing the divestiture of BankMobile Technologies and its mid-quarter financial performance. Despite economic challenges, the company reported stable asset quality, with nonperforming assets rising slightly to $69.3 million (0.38% of total assets). Notably, net charge-offs slowed to $5.3 million, primarily impacting consumer loans. The company recognized $11.8 million in PPP deferred origination fees, anticipating a net interest margin increase to 3.00% in Q4 2020.
Customers Bancorp (NYSE: CUBI) announced a conditional special distribution for its shareholders in connection with the merger with Megalith Financial Acquisition Corp. The record date for this distribution is December 18, 2020. The merger will involve BankMobile merging into a subsidiary of Megalith, which will subsequently be renamed BM Technologies, Inc. Shareholders are expected to receive between 0.11 and 0.14 shares of Megalith common stock per share they hold, contingent on the merger's closing, which depends on stockholder and regulatory approvals. The distribution is taxable as a qualified dividend.
Customers Bancorp, Inc. declared quarterly cash dividends for its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stocks: Series C ($0.350753), Series D ($0.40625), Series E ($0.403125), and Series F ($0.375). All dividends are payable on December 15, 2020, to shareholders of record as of November 30, 2020. The company, based in West Reading, Pennsylvania, operates through its subsidiary, Customers Bank, which has $18.8 billion in assets. Customers Bancorp's common shares trade on the NYSE under the symbol CUBI.
Megalith Financial Acquisition Corp., BankMobile Technologies, and Customers Bank have amended their merger agreement, allowing stock consideration to be paid directly to Customers Bancorp's shareholders. This strategic shift aims to enhance the intrinsic value of BankMobile, particularly in light of high fintech multiples. The merger is expected to close by year-end 2020, with the newly independent BM Technologies, Inc. trading under the symbol BMTX. Customers Bancorp holds $18.8 billion in assets as of September 30, 2020, and operates as a full-service bank.
Customers Bancorp, Inc. (NYSE: CUBI) reported a net income of $47.1 million for Q3 2020, equating to $1.48 per diluted share. Core earnings stood at $38.2 million, or $1.20 per diluted share. Revenue surged 42% year-over-year, while expenses increased by only 10%. Asset quality improved with non-performing assets reduced to 0.34% of total assets. Despite a $2.4 million decline in card interchange income due to regulatory changes, the company successfully facilitated access to Paycheck Protection Program loans for around 100,000 small businesses. The focus remains on robust asset quality management amid economic challenges.
Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast on October 29, 2020, at 9:00 AM EDT to discuss its Q3 2020 earnings results, covering the period ending September 30, 2020. Key executives, including Chair & CEO Jay Sidhu and CFO Carla Leibold, will present insights. The earnings release will be issued after market close on October 28, 2020. Customers Bancorp operates with approximately $17.9 billion in assets as of June 30, 2020, offering a range of banking services to small and medium-sized businesses and individuals.
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