Customers Bancorp Shareholders Overwhelmingly Approve Proposals in Online Annual Meeting
Customers Bancorp, Inc. (NYSE:CUBI) held its virtual annual meeting on May 26, where shareholders elected two directors and ratified Deloitte & Touche LLP as the independent auditor. The bank highlighted its leadership in the Paycheck Protection Program with nearly $10 billion in loans. Notable developments included a new blockchain-based payment system, expansion of consumer lending, and the opening of new offices. Additionally, Richard A. Ehst retired, and Sam Sidhu will succeed him as CEO on July 1, 2021. The bank emphasized strong financial performance and commitment to ESG initiatives.
- Leadership in Paycheck Protection Program with nearly 400,000 loans worth almost $10 billion.
- Investment in new digital platforms, including a blockchain-based B2B payment system.
- Expansion of a successful consumer lending network.
- Successful spin-off of BankMobile as publicly traded BM Technologies, Inc.
- New banking offices opened in Orlando and Dallas.
- Strong credit quality and reduced deposit costs.
- Positioned for future growth with capital accretion.
- None.
Shareholders of Customers Bancorp, Inc. (NYSE:CUBI) – parent of Customers Bank, a leading super-community bank with a growing number of operations across the nation, met in a virtual annual meeting Wednesday, May 26 electing two directors, ratifying the appointment of Deloitte & Touche LLP as the Bank’s independent registered public accounting firm, and supporting a non-binding “say on pay” proposal to approve the compensation of top executives.
Bank leaders, directors and shareholders took a moment of silence to remember all who were lost in the past year’s global pandemic and to give thanks for the millions of frontline workers who courageously carried on to give care, deliver food and critical services, and help us sustain life through the crisis.
Those gathered online took note of the bank’s major accomplishments over the past year:
-
national leadership among Paycheck Protection Program lenders with nearly 400,000 loans worth almost
$10 billion funded saving millions of jobs; - investment in several new digital platforms including a real-time blockchain-based B2B payments system;
- expansion of a highly successful consumer lending network;
- spin-off of the BankMobile subsidiary as the publicly traded BM Technologies, Inc; and
- the opening of new banking offices in Orlando and Dallas.
Two Directors comprising the company’s Class I Directors – Robert J. Buford, President & Chief Executive Officer, Planned Realty Group, Inc. and Jay Sidhu, Chairman & CEO, Customers Bancorp, Inc. – were elected to three-year terms on the Board. The shareholders also 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.
The company also recognized the retirement of Richard A. Ehst from the post of President & Chief Executive Officer and his succession by current Vice Chairman and Chief Operating Officer Sam Sidhu. The transition will take place on July 1, 2021.
Sidhu drew the attention of participants to the Bank’s Environmental, Social and Governance (ESG). “Customers Bank’s approach to ESG management includes promoting sound corporate governance, sustainability, risk management and controls, investing in our Team Members and cultivating a diverse and inclusive work environment, strengthening the communities in which our Team Members live and work, and operating our business in a way that demonstrates Customers’ dedication to environmental sustainability,” explained Sidhu. “We continuously seek to address some of the practical challenges in balancing short- and long-term business trade-offs in order to ensure that our stakeholders and shareholders prosper together.”
Sidhu discussed the bank’s performance. “We are extremely pleased with our financial results for over the past year and are excited that 2021 is off to a great start,” remarked Sidhu. “Our credit quality remained very strong during the pandemic. We maintained superior asset quality. We substantially reduced deposit costs. And we are driving expansion of net interest margins. Our tremendously successful execution on these initiatives will result in significant capital accretion, leaving us well positioned to support future growth. We salute our Team Members for all the hard work and thank our shareholders for their trust and confidence in Customers Bancorp, Inc.
About Customers Bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE:CUBI) a bank holding company, is a full-service super-community bank with assets of approximately
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