Customers Bancorp Shareholders Approve All Proposals in Online Annual Meeting

Rhea-AI Summary

Customers Bancorp, Inc. (NYSE:CUBI) held its annual virtual meeting on May 31, where shareholders elected three directors, approved Deloitte & Touche LLP as the independent auditor, and supported an executive compensation proposal. Key achievements highlighted by CEO Jay Sidhu include facilitating over $10 billion in Paycheck Protection Program loans, launching a blockchain B2B payments system, and completing a spin-off of BankMobile. Additionally, the stock incentive plan was amended to increase share availability by 330,000. Richard Ehst retired as CEO, succeeded by Sam Sidhu.

Positive

• Facilitated over $10 billion in Paycheck Protection Program loans, saving approximately one million jobs.
• Launched a real-time blockchain-based B2B payments system.
• Approved an increase of 330,000 shares in the stock incentive plan to enhance talent recruitment.
• Ranked 21st in Forbes' list of America's Best Banks, improving by 51 places.
• Achieved a 259.57% increase in stock price in 2021, showcasing strong market performance.

Negative

• None.

WYOMISSING, Pa.--(BUSINESS WIRE)-- Shareholders of Customers Bancorp, Inc. (NYSE:CUBI) – parent of Customers Bank, a digital-forward super-community bank with a growing number of operations across the nation, met in a virtual annual meeting Tuesday, May 31 electing three directors, ratifying the appointment of Deloitte & Touche LLP as the Bank’s independent registered public accounting firm, supporting a non-binding “say on pay” proposal to approve the compensation of top executives, and amending the company’s stock Incentive plan.

“At Customers Bank, we believe that three strengths make us unique: our commitment to human connections, our dedication to innovation and the latest technology, and our responsibility to always ground that innovation in our deep experience and reliable financial foundation,” said Jay Sidhu, Chairman and CEO of Customers Bancorp, Inc. Sidhu recapped the bank’s major accomplishments over the past year:

• national leadership among Paycheck Protection Program lenders with over 350,000 loans worth more than $10 billion funded saving an estimated one million jobs;
• implementation of a real-time blockchain-based B2B payments system;
• launch of new business teams providing fund financing, venture capital financing and banking services, and services to financial industry companies;
• spin-off of the BankMobile subsidiary as the publicly traded BM Technologies, Inc;
• redemption of the Series C and Series D Preferred Stock; and
• the opening of a new banking office in Wilmington, NC.

Three Directors comprising the company’s Class II Directors were elected to serve a three-year term or until their respective successors are elected and qualified: Andrea R. Allon, Bernard B. Banks and Daniel K. Rothermel. Their terms expire in 2025.

Rick Burkey, who served as a Class II Director, notified the company earlier this year of his desire not to seek reelection to the Board and his term and service expired at the Annual Meeting. Sidhu thanked Mr. Burkey for his service, saying, “Rick Burkey was an integral part of the formation and growth of Customers Bank. We are grateful for his contributions.”

The shareholders cast votes in favor of a “say on pay” proposal outlining the Bank’s executive compensation program. This proposal is non-binding on the Corporation, but the Board and Compensation Committee value the opinion of shareholders and continue their outreach and study of the best practices in consideration of future executive compensation.

Finally, shareholders approved an amendment to the company’s 2019 Stock Incentive Plan increasing the number of shares of company common stock available for awards under the Plan by 330,000, from 1,500,000 to 1,830,000. The amendment comes as part of an effort to use every tool available in the recruitment of the talent needed to continue the growth of the bank.

Sidhu commented on the retirement of Richard Ehst from the post of President & CEO of Customers Bank and his succession by Sam Sidhu. “We cannot thank Dick enough for what he has done for Customers Bank. He positioned us for continued growth and success and worked tirelessly for the past year to ensure a seamless hand-off and transition. We are so grateful for all he has done, for us and our community, and are glad to report that Dick will remain on the Board of Directors of Customers Bank.”

Sidhu drew the attention of participants to the company’s Environmental, Social and Governance (ESG). “Across the world, we have re-examined and re-defined the concept of a moral obligation between citizens, business, and government. We renewed commitments to one another and a shared purpose. And we agreed to the fundamental principles of integrity, truth, and transparency…. We acknowledge our obligation to share with clients, investors, analysts, policymakers, regulators, community members and our own team the goals, challenges, accomplishments, and work still to be done as our company strives to uphold the social contract.”

“We are so proud of our performance in 2021, said Sidhu. “Customers Bank was once again proud to be included in the annual Forbes list of America’s Best Banks list, and to have moved up an amazing fifty-one places to take the ranking of 21. Customers Bancorp ranked third in performance in S&P Global Market Intelligence’s newly created list of top-performing publicly-traded U.S. public banks with more than $10 billion in total assets at year-end 2021. Investor’s Business Daily listed Customers Bancorp, Inc. 9^th on its list of best companies by virtue of the tremendous 259.57% change in common stock price of CUBI in 2021.”

About Customers Bank
Customers Bancorp, Inc. (NYSE:CUBI) is a bank holding company which provides financial services through its subsidiary Customers Bank, a full-service super-community bank with assets of approximately $19.2 billion at March 31, 2021. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals, and families. Services and products are available wherever permitted by law through digital-first apps, online portals, and a network of offices and branches. Customers Bank provides blockchain-based digital payments via the Customers Bank Instant Token (CBIT) which allows clients to make real-time payments in US dollars, 24 hours a day, 7 days a week, 365 days a year. More at www.customersbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220526005683/en/

David Patti

Director, Communications

610-451-9452

Source: Customers Bancorp, Inc.

FAQ

What were the key outcomes of Customers Bancorp's annual meeting held on May 31?

At the annual meeting on May 31, Customers Bancorp elected three directors, ratified Deloitte & Touche LLP as the independent auditor, and approved an executive compensation proposal.

How much did Customers Bancorp facilitate in PPP loans?

Customers Bancorp facilitated over $10 billion in Paycheck Protection Program loans, which helped save an estimated one million jobs.

What changes were made to the stock incentive plan at Customers Bancorp?

The stock incentive plan was amended to increase the number of shares available for awards by 330,000, bringing the total to 1,830,000.

Who succeeded Richard Ehst as CEO of Customers Bank?

Sam Sidhu succeeded Richard Ehst as CEO of Customers Bank.

What achievements did Customers Bancorp highlight during the meeting?

Customers Bancorp highlighted achievements such as launching a blockchain B2B payments system and being included in Forbes' list of America's Best Banks.