CUSTOMERS BANCORP INC - CUBI STOCK NEWS

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.

Customers Bancorp, Inc. (NYSE:CUBI) reported strong financial results for the first quarter of 2024, with net income available to common shareholders of $45.9 million. Core earnings, adjusted core earnings, and key ratios like ROAA and ROCE showed positive growth. Total deposits increased, driven by business unit deposit growth and repayment of wholesale CDs. Non-interest bearing deposits also rose. While non-performing assets increased slightly, asset quality remained strong. The CEO highlighted strategic priorities, welcoming experienced banking teams to accelerate deposit franchise growth and improve profitability.

Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast on April 26, 2024, to report its first quarter 2024 earnings results. The company, with nearly $22 billion in assets, offers a full suite of banking services and has received various accolades for its performance.

Customers Bank, a $22 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), has onboarded 10 commercial and business banking teams in NY, CA, and NV, aiming to boost deposit growth. The move strengthens its Single Point of Contact banking model, enhancing client service and expanding its presence on both coasts.

Customers Bancorp, Inc. (NYSE:CUBI) announced the conversion of subordinated notes issued in 2014 from a fixed rate to a floating rate on June 26, 2024. The Subordinated Notes will now bear interest based on the three-month term SOFR plus a tenor spread adjustment. Customers Bancorp, Inc. is a top-performing banking company with over $21 billion in assets, offering a range of banking services to commercial and consumer clients.