CUSTOMERS BANCORP INC - CUBI STOCK NEWS

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.

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.

Customers Bank, a $22 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), has purchased a minority partnership interest in a fintech investment fund for $5 million, achieving a 70% discount on the original cost. This is the bank's sixth venture fund investment and aligns with its strategic focus on venture banking and early-stage companies. The bank's president and CEO, Sam Sidhu, highlighted the investment's role in strengthening the bank's position in the venture community and enhancing its client base. Earlier in June 2023, Customers Bank acquired a $631 million legacy Signature Bank loan portfolio from the FDIC, integrating around 30 experienced venture bankers.

Customers Bancorp, Inc. announced the declaration of quarterly cash dividends for its Series E and Series F Preferred Stock. Series E will have a dividend of $0.685584 per share, while Series F will have a dividend of $0.661434 per share. The dividends are payable on June 17, 2024, to shareholders of record on May 31, 2024. Customers Bancorp is a top-performing banking company with $22 billion in assets, offering tailored product experiences and national corporate banking services.