CUSTOMERS BANCORP INC - CUBI STOCK NEWS

The Btech Consortium has launched a technology partnership involving U.S. community banks, Elizabeth Park Capital Management, and Strandview Capital. The initiative aims to enhance community banks' competition against larger money-center banks by pooling resources to invest in fintech startups. Member banks will access insights into fintech trends and improve their IT strategies. The partnership will focus on critical areas such as business payments, cyber security, and regulatory compliance. By collaborating, community banks can leverage technology to serve customers better and boost efficiency.

Customers Bancorp, Inc. (NYSE: CUBI) announced that the bankruptcy of FTX and its affiliates has no significant impact on its banking subsidiary, Customers Bank (OTC-PINK: USBK). The Bank does not maintain a deposit relationship with FTX or engage in lending within the digital asset sector. As of November 15, 2022, deposit balances related to its CBIT service remained stable at $1.85 billion. Customers Bank ranks among the top-performing banks in the U.S., with over $20 billion in assets, and offers a comprehensive range of banking services, including blockchain-based payment solutions.

Customers Bancorp, Inc. (NYSE: CUBI) declared a quarterly cash dividend of $0.53289158 per share for its Series E preferred stock and $0.50900408 for its Series F preferred stock. Both dividends are payable on December 15, 2022, to shareholders of record on November 30, 2022. Customers Bancorp, with assets exceeding $20 billion, is recognized as one of the top-performing banking companies in the US and is a pioneer in digital banking and Blockchain technology.

Customers Bancorp reported Q3 2022 net income of $61.4 million ($1.85 per share), with core earnings of $82.3 million ($2.48 per share), marking a significant increase from Q3 2021. Despite facing economic challenges, net interest income rose 38% year-over-year, driven by growth in low-risk specialty lending, with total loans increasing by $4.5 billion (57.3%). However, diluted earnings per share and core earnings per share saw declines of 43.1% and 26.2%, respectively. Total deposits grew 3.2% year-over-year, while the bank maintained strong asset quality with non-performing assets at 0.14%.

Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast at 9:00 AM EDT on October 27, 2022, to discuss its earnings results for Q3 2022, ending September 30, 2022. The webcast will feature Chair & CEO Jay Sidhu, President Sam Sidhu, CFO Carla Leibold, and Chief Credit Officer Andrew Bowman. The earnings press release will be issued after the market closes on October 26, 2022. Customers Bank, a wholly owned subsidiary, had assets totaling $20.3 billion as of June 30, 2022, and offers a range of banking services supported by innovative digital payment options.

Customers Bancorp (NYSE: CUBI) has appointed Raj Date, a seasoned financial expert and former Deputy Director of the CFPB, to its Board of Directors. Date brings extensive experience in financial services and public policy, previously serving in senior roles at the CFPB and FDIC. He will focus on navigating challenges like inflation, digital asset regulation, and compliance, aligning with Customers Bancorp's innovative business model. Date will serve on the Compliance and Risk Committees and will stand for election in 2024.

Customers Bancorp, Inc. (NYSE: CUBI) has declared a quarterly cash dividend of $0.445233 per share on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, payable on September 15, 2022. Shareholders of record by August 31, 2022 will be eligible. Additionally, a quarterly cash dividend of $0.421083 per share has been announced for Series F, also payable on September 15, 2022. Customers Bancorp operates Customers Bank, a super-community bank with assets around $20.3 billion.

Customers Bancorp (NYSE:CUBI) reported Q2 2022 net income of $56.5 million ($1.68 per share), a 2.6% decline year-over-year. Core earnings rose to $59.4 million ($1.77 per share), up 0.1%. Excluding the Paycheck Protection Program (PPP), net income surged 32.3% to $46.3 million. Despite a strong loan growth of $4.4 billion (56.6% year-over-year), ROAA fell to 1.17% from 1.27%. The bank's efficiency ratio improved to 42.14%. Deposits grew by $3.1 billion (22.1%), with total demand deposits up 64%. Customers Bancorp remains optimistic for continued growth in 2022 and 2023.

Customers Bank (OTC-PINK:USBK), a digital-focused super-community bank, has announced the consolidation of five Pennsylvania branches as part of its expansion strategy. The affected branches are located in Exeter, Langhorne, Muhlenberg, Newtown Square, and Wayne, with changes expected in late October and early November. CEO Sam Sidhu emphasized the shift towards digital banking, citing reduced necessity for physical branches. The bank has also opened non-branch offices in various locations and launched a blockchain-based payment service, aiming for customer service enhancement and shareholder value growth.