Customers Bancorp, Inc. Announces Dividend Correction on Its Series E and Series F Preferred Stock

Rhea-AI Summary

Customers Bancorp announced a correction to the dividend amounts for its Series E and Series F preferred stocks. The new dividends are $0.700488 per share for Series E and $0.675813 per share for Series F, both payable on June 17, 2024. Shareholders of record by May 31, 2024, will receive these payments.

Customers Bancorp, with nearly $22 billion in assets, is one of the top 80 largest bank holding companies in the U.S. and offers a range of banking services. The bank has received multiple accolades, including ranking No. 5 on the American Banker list of top-performing banks with $10B to $50B in assets in 2023, No. 29 on Forbes' 2024 Best Banks list, and No. 52 on Investor’s Business Daily's 100 Best Stocks for 2023.

Positive

• Correction ensures accurate dividend payments to shareholders.
• Dividends to be paid on June 17, 2024, to shareholders of record by May 31, 2024.
• Customers Bancorp has nearly $22 billion in assets, making it one of the top 80 largest bank holding companies in the U.S.
• Ranked No. 5 by American Banker among top-performing banks with $10B-$50B in assets (2023).
• Ranked No. 29 on Forbes' Best Banks list (2024).
• Ranked No. 52 on Investor’s Business Daily's 100 Best Stocks (2023).

Negative

• Previous dividend announcement contained inaccuracies, indicating potential issues in communication or financial management.

WEST READING, Pa.--(BUSINESS WIRE)-- Customers Bancorp, Inc. (NYSE:CUBI) announced a corrected dividend amount on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (NYSE: CUBIPrE) and Series F (NYSE: CUBIPrF), previously announced on April 29, 2024. As corrected, the cash dividend on its Series E (NYSE: CUBIPrE) will be $0.700488 per share, payable on June 17, 2024, to shareholders of record on May 31, 2024, and the cash dividend on its Series F (NYSE: CUBIPrF) will be $0.675813 per share, payable on June 17, 2024, to shareholders of record on May 31, 2024.

Institutional Background

Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s top-performing banking companies with nearly $22 billion in assets, making it one of the 80 largest bank holding companies in the U.S. Customers Bank’s commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include:

No. 5 on American Banker 2023 list of top-performing banks with $10B to $50B in assets
No. 29 out of the 100 largest publicly traded banks in 2024 Forbes Best Banks list
No. 52 on Investor’s Business Daily 100 Best Stocks for 2023

A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: www.customersbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240524231422/en/

David Patti, Communications Director 610-451-9452

Source: Customers Bancorp, Inc.

FAQ

What are the corrected dividend amounts for Customers Bancorp's Series E and Series F preferred stock?

The corrected dividend amounts are $0.700488 per share for Series E and $0.675813 per share for Series F.

When will the corrected dividends for CUBI's Series E and Series F preferred stock be paid?

The corrected dividends will be paid on June 17, 2024.

Who is eligible to receive the corrected dividends for Customers Bancorp's Series E and Series F preferred stock?

Shareholders of record by May 31, 2024, are eligible to receive the corrected dividends.

What is the stock symbol for Customers Bancorp?

The stock symbol for Customers Bancorp is CUBI.

What are some accolades received by Customers Bancorp?

Customers Bancorp ranked No. 5 on American Banker’s top-performing banks (2023), No. 29 on Forbes' Best Banks list (2024), and No. 52 on Investor’s Business Daily's 100 Best Stocks (2023).

How large is Customers Bancorp in terms of assets?

Customers Bancorp has nearly $22 billion in assets.