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Customers Bancorp Inc. (CUBI) is a bank holding company engaged in a wide range of banking activities. It is dedicated to delivering exceptional value, service, and convenience through a high-tech, high-touch approach to banking. This allows the company to offer a superior selection of products and services that cater to the diverse needs of its clients. Customers Bancorp Inc. operates primarily in the areas of commercial lending, consumer lending, private banking, deposit products, and other financial services.
The company serves small and middle-market businesses, not-for-profits, and individual consumers across Pennsylvania, New York, Rhode Island, New Hampshire, Massachusetts, and New Jersey. Their services include a continually expanding portfolio of loans for small businesses, multi-family projects, and mortgage companies. Their innovative banking model integrates the latest mobile and online banking tools to ensure convenience for all customers.
Recent Achievements and Projects: Customers Bancorp Inc. has recently launched several initiatives aimed at enhancing customer experience. They have introduced Concierge Banking®, a unique service that provides face-to-face banking by appointment at customers' homes or offices, available 12 hours a day, seven days a week. This service exemplifies their commitment to a high-touch, personalized banking experience.
Financial Condition and Partnerships: The company's financial health is robust, primarily driven by its commercial lending activities. They have also formed strategic partnerships to expand their product offerings and improve service delivery. These collaborations are aimed at supporting the company's growth strategy and enhancing its market presence.
Products and Services: Customers Bancorp Inc. offers a variety of financial products and services, including commercial loans, consumer loans, private banking, and a range of deposit products. Their single-point-of-contact model ensures that customers have seamless access to banking services, with just one phone number to call for all their banking needs.
- Commercial Lending: Focused on providing loans to small and middle-market businesses.
- Consumer Lending: Includes personal loans and mortgages.
- Private Banking: Tailored services for high-net-worth individuals.
- Deposit Products: A wide range of savings and checking accounts.
- Other Financial Services: Comprehensive financial solutions to meet various needs.
Stay tuned with the latest updates and news to understand more about Customers Bancorp Inc.'s performance, events, and developments.
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
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
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.
Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast on July 28, 2022, at 9:00 AM EDT, to discuss its earnings results for Q2 and the first half of 2022. The earnings press release will be issued after market close on July 27, 2022. Key executives, including Chair & CEO Jay Sidhu, will participate in the call. Customers Bank, a subsidiary of CUBI, reported $19.2 billion in assets as of March 31, 2022. The webcast will be available for future viewing on the Customers Bank Investor Relations webpage.
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