Customers Bank Announces Promotions and New Hire in Accounting Department

Rhea-AI Summary

Customers Bank, a subsidiary of Customers Bancorp (NYSE: CUBI), announced key promotions and hires in its accounting department. Jessie John Velasquez has been promoted to Executive Vice President, Chief Accounting Officer, bringing over 19 years of experience. Lisa L. Schmoke joins as Senior Vice President, Corporate Controller, with 25 years in accounting and regulatory reporting. ThanhNga (Julia) Hoang is now Vice President, SEC Reporting Manager, with a strong background in financial reporting. These appointments aim to enhance financial oversight and compliance as Customers Bank continues to grow.

Positive

• Promotion of Jessie John Velasquez to Chief Accounting Officer, enhancing leadership in accounting functions.
• Hiring of Lisa L. Schmoke as Corporate Controller, bringing extensive experience to support regulatory processes.
• Promotion of ThanhNga (Julia) Hoang, strengthening the SEC reporting team and financial oversight.

Negative

• None.

Customers Bank, the super-community bank subsidiary of Customers Bancorp (NYSE: CUBI) with $18.8 billion of assets at March 31, 2021, this week announced the promotion of Jessie John Velasquez to Executive Vice President, Chief Accounting Officer; the hiring of Lisa L. Schmoke as Senior Vice President, Corporate Controller; and the promotion of ThanhNga (Julia) Hoang to Vice President, SEC Reporting Manager.

“These are three extraordinary professionals who bring real depth and experience to the complexity of our financial, accounting, and reporting work,” said Chief Financial Officer Carla Leibold. “We are excited to have them as part of our accounting department leadership team.”

Velasquez has more than nineteen years of accounting, tax, and audit experience, including extensive knowledge and expertise with US GAAP, IFRS and SEC reporting requirements. As Chief Accounting Officer, Velasquez oversees Customers Bank’s corporate accounting functions, including corporate tax, regulatory reporting, and accounting policy. Velasquez rejoined Customers Bank in 2020 as Senior Vice President, Chief Accounting Officer.

Velasquez’s experience includes leading technical accounting, financial and regulatory reporting in various management-level positions within the financial services sector. He previously served as Senior Vice President and Head of Accounting Policy and External Reporting for Webster Bank, N.A. Prior to that, he was the Senior Vice President and Deputy Chief Accounting Officer at Customers Bank and Senior Vice President and Head of U.S. Accounting Policy Group at Santander Bank, N.A. He also held positions of increasing responsibility at Ernst & Young LLP. Velasquez received his Bachelor of Science degree in Accountancy from the University of the Philippines and is a Certified Public Accountant in the state of Pennsylvania.

Schmoke brings more than twenty-five years of accounting, financial and regulatory reporting, and internal audit experience, holding various management level positions in both public and privately held banks. As Corporate Controller, Schmoke will be responsible for all aspects of accounting operations and regulatory reporting, as well as corporate tax. In addition, she will support the internal and external audit processes while simultaneously working with the SEC reporting and accounting policy team.

Most recently, Schmoke served as group vice president and director of accounting operations for Bryn Mawr Trust. She received her Bachelor of Science degree in Finance from Saint Joseph’s University and is a Certified Public Accountant licensed in the state of Pennsylvania.

Hoang joined Customers Bank as a senior accountant in 2018. Hoang has over seven years of financial reporting experience, including four years at Santander Bank and over three years at Customers Bank where she previously served as a senior accountant in the Accounting Policy and SEC Reporting Group. In her new role, Hoang will continue to play an integral role in the financial reporting process, including the Current Expected Credit Losses (CECL) estimation process. Hoang earned her Bachelor of Arts in Business Administration with a Finance concentration from California State University, Fullerton and an Master of Business Administration from West Chester University.

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 $18.8 billion on 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. Additional information can be found on the company’s website, www.customersbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210617005054/en/

FAQ

What management changes were announced at Customers Bank on June 17, 2021?

On June 17, 2021, Customers Bank announced the promotion of Jessie John Velasquez to Executive Vice President, Chief Accounting Officer; the hiring of Lisa L. Schmoke as Senior Vice President, Corporate Controller; and the promotion of ThanhNga (Julia) Hoang to Vice President, SEC Reporting Manager.

How does the new leadership impact Customers Bank's financial reporting?

The new leadership in Customers Bank aims to enhance financial oversight and compliance, with experienced professionals taking key roles in accounting and regulatory reporting.

Who is Jessie John Velasquez and what is his role at Customers Bank?

Jessie John Velasquez is the newly appointed Executive Vice President, Chief Accounting Officer at Customers Bank, overseeing corporate accounting functions and bringing over 19 years of financial reporting experience.

What experience does Lisa L. Schmoke bring to her new role at Customers Bank?

Lisa L. Schmoke joins Customers Bank as Senior Vice President, Corporate Controller, with over 25 years of experience in accounting, financial reporting, and internal audit in banking.

What is ThanhNga (Julia) Hoang's background in financial reporting?

ThanhNga (Julia) Hoang has over seven years of financial reporting experience and played an integral role in the SEC Reporting Group prior to her promotion as Vice President, SEC Reporting Manager.