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 $21 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), is strengthening its executive team to drive continued deposit growth. Lyle Cunningham has been promoted to the new role of Chief Banking Officer, expanding his responsibilities to oversee both lending and deposits functions. Nick Robinson, formerly of Capital One, joins as Chief Risk Officer, partnering with Joan Cheney, who transitions to Deputy Chief Risk Officer.
These appointments aim to enhance the bank's risk management capabilities and drive strategic growth. Customers Bank, ranked No. 1 on American Banker's 2024 list of top-performing banks with $10B to $50B in assets, continues to focus on delivering exceptional customer service and innovative technological solutions while maintaining prudent risk management practices.
Customers Bank (NYSE: CUBI), a leading tech-forward bank with nearly $21 billion in assets, announced its participation in the Barclays Global Financial Services Conference on Sept. 11, 2024. Sam Sidhu, president and CEO, will present to analysts and investors at 8:15 a.m. EDT.
Customers Bank is recognized as one of the nation's top-performing banking companies, ranking No. 1 on American Banker's 2024 list of top-performing banks with $10 billion to $50 billion in assets. The bank also placed No. 29 on Forbes Best Banks list for 2024 and No. 52 on Investor's Business Daily's list of 100 Best Stocks for 2023.
As a member of the Federal Reserve System with FDIC-insured deposits, Customers Bank offers a full suite of technology-enabled tailored product experiences and specialized lending services to commercial and consumer clients.
On August 8, 2024, the Federal Reserve Bank of Philadelphia entered into a Written Agreement with Customers Bancorp, Inc. (NYSE: CUBI) and its subsidiary, Customers Bank, addressing compliance deficiencies in their digital asset strategy. The agreement highlights weaknesses in BSA/AML requirements and OFAC regulations. Customers must engage an independent third party to review suspicious transactions from March 1 to August 31, 2023. While these issues reflect negatively on the bank's risk management, KBRA notes that Customers had initiated corrective actions prior to the agreement and hired a new Chief Compliance and AML Officer. The Federal Reserve cited no law violations and issued no fines. KBRA acknowledges Customers' efforts to strengthen regulatory capital ratios as a mitigating factor.
The Schall Law Firm is investigating Customers Bancorp (NYSE:CUBI) for potential securities law violations. The investigation centers on the company's handling of CFO Carla Leibold's departure. Initially, Customers Bancorp stated in an SEC filing on April 12, 2024, that Leibold was terminated 'for cause' due to policy violations. However, a subsequent filing on April 25, 2024, revealed that the termination was actually a 'separation by mutual agreement', with Leibold receiving a $2.5 million cash settlement.
The discrepancy between these statements raises concerns about the company's transparency and potential misleading of investors. Shareholders who have suffered losses are encouraged to participate in the investigation. The Schall Law Firm specializes in securities class action lawsuits and shareholder rights litigation, representing investors worldwide.
Customers Bank, a $22 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), has appointed Allen Love as Chief Compliance and AML Officer. Love, a financial industry veteran and former IRS Special Agent, will lead the Bank's enterprise-wide compliance program and strengthen BSA/AML protocols, particularly for the digital asset business. This appointment supports the Bank's recent agreement with the Federal Reserve Bank of Philadelphia and the Commonwealth of Pennsylvania.
Love's extensive background in Financial Crimes Risk Management and experience as a senior compliance officer at major banks positions him well to enhance the Bank's risk management initiatives. Customers Bancorp, with nearly $21 billion in assets, is recognized as one of the nation's top-performing banking companies, ranking No. 1 on American Banker's 2024 list of top-performing banks with $10B to $50B in assets.
Customers Bancorp, Inc. (NYSE:CUBI) has declared quarterly cash dividends on its preferred stock series. The Series E preferred stock will receive $0.67876078 per share, while the Series F preferred stock will receive $0.65487329 per share. Both dividends are payable on September 16, 2024, to shareholders of record on August 31, 2024.
Customers Bancorp is a top-performing banking company with nearly $21 billion in assets, ranking among the 80 largest bank holding companies in the U.S. The bank offers a range of services, including C&I lending, commercial real estate lending, and national corporate banking services. Notable achievements include ranking No. 1 on American Banker's 2024 list of top-performing banks with $10B to $50B in assets and No. 29 on Forbes 2024 Best Banks list.
Customers Bancorp (NYSE:CUBI) reported Q2 2024 net income of $54.3 million, or $1.66 per diluted share, with an ROAA of 1.11% and ROCE of 13.85%. Core earnings were $48.6 million, or $1.49 per diluted share. The CET1 ratio increased to 12.8%, and the TCE/TA ratio rose to 7.7%. Total loans and leases grew by $375.8 million, and the net interest margin improved to 3.29%. The company saw $0.6 billion in deposit inflows but total deposits decreased by $283.3 million due to a strategic paydown of higher-cost deposits. Non-performing assets rose to $47.4 million, constituting 0.23% of total assets. The allowance for credit losses decreased to 280% of non-performing loans. Book value per share increased by 3.1% to $50.70. A new stock repurchase program was initiated to buy back up to 497,509 shares.
Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast on July 26, 2024, at 9:00 AM EDT to report its Q2 2024 earnings. The webcast will feature CEO Jay Sidhu, President Sam Sidhu, and CFO Philip Watkins. The earnings press release will be issued after market close on July 25, 2024. Customers Bancorp is a top-performing banking company with nearly $22 billion in assets, ranking among the 80 largest bank holding companies in the U.S. The bank offers a range of services, including C&I lending, commercial real estate lending, and national corporate banking services. Notable accolades include ranking No. 5 on American Banker's 2023 list of top-performing banks with $10B to $50B in assets.
Customers Bancorp (NYSE: CUBI) has announced a new common stock repurchase plan, allowing the company to buy back up to 497,509 shares over the next year. This decision follows the expiration of a previous plan that also had an authorization of 497,509 shares. In 2023, the company improved its capital ratios significantly, with common equity Tier 1 increasing by 260 basis points and TCE/TA by 100 basis points. The Board believes that having a repurchase plan aligns with their capital management strategy. Repurchases will depend on several factors including capital position, liquidity, and market conditions. The company plans to fund repurchases with cash on hand and may execute them through open market purchases or private transactions. Customers Bancorp is one of the largest bank holding companies in the U.S., with nearly $22 billion in assets.
Customers Bancorp (NYSE:CUBI) held its annual shareholder meeting where all proposals were approved. Robert J. Buford, Rajeev V. Date, and Jay S. Sidhu were reelected as directors. Buford will continue on the Board’s Audit and Risk Committees, Date will chair the Regulatory Affairs Committee, and Sidhu will remain Chairman. Deloitte was ratified as the independent accounting firm for 2024. Shareholders supported proposals on executive compensation and an amendment to the 2019 Stock Incentive Plan, increasing the shares from 2,570,325 to 3,320,325. The company highlighted its performance as the top publicly traded bank stock in 2023.