CUSTOMERS BANCORP INC - CUBI STOCK NEWS

Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank (OTC-PINK: USBK), will host a webcast on October 28, 2021, at 9:00 AM EDT to discuss earnings results for the period ending September 30, 2021. The earnings press release will be available after the market closes on October 27, 2021. The webcast will feature key executives, including Chair & CEO Jay Sidhu, and will be accessible via the Customers Bank Investor Relations webpage.

Customers Bancorp, Inc. (NYSE: CUBI) has authorized a new share repurchase program to buy back up to 10% of its outstanding common stock, aiming to enhance shareholder value. The company anticipates core earnings per share between $7.00 and $8.00 for 2021, projecting a book value of up to $37.00 per share by year-end. Additionally, the bank expects to launch its Real Time Payments system by Q3 2021. The repurchase plan will consider factors like capital position, liquidity, and market conditions.

Customers Bancorp, Inc. (NYSE: CUBI) announced that on September 15, 2021, it will redeem all 2,300,000 shares of its Series C Preferred Stock and 1,000,000 shares of its Series D Preferred Stock, at a redemption price of $25 per share. Following this action, no shares of either series will remain outstanding. This redemption coincides with the dividend payment date, and the redemption prices do not include any declared and unpaid dividends. The planned redemption is part of a strategy to enhance shareholder value, according to CEO Jay Sidhu.

Customers Bancorp (NYSE: CUBI) has successfully closed a public offering of $100 million in Fixed-to-Floating Rate Senior Notes due 2031, with an initial fixed interest rate of 2.875%. The investment-grade rated Notes will shift to a floating rate from August 2026. Net proceeds of approximately $98.65 million will be used to redeem outstanding Preferred Stock Series C and D, with any remaining funds allocated for general corporate purposes. Keefe, Bruyette & Woods led the offering, underlining the company’s strong position in the market.

Customers Bancorp, Inc. (NYSE: CUBI) reported a strong Q2 2021, posting a net income of $58 million, or $1.72 per diluted share, a notable increase from $33.2 million in Q1 2021. Core earnings fell to $59.3 million compared to $70.3 million in Q1, but adjusted pre-tax net income remained stable at $86.5 million. Total loans grew by 11% year-over-year, driven by a $1.5 billion increase in PPP loans. Total deposits rose 26.5% to $13.9 billion. The company anticipates strong future growth, projecting core EPS to reach $6.00 by 2025.

Customers Bank (NYSE:CUBI), a leading SBA Paycheck Protection Program (PPP) lender, announced its partnership with the SBA for a digital loan forgiveness service aimed at small business borrowers. Having issued over 320,000 PPP loans totaling $9.6 billion, Customers Bank is the largest PPP lender to join this initiative. The bank's average PPP loan was under $30,000, focusing on quick processing for smaller loans. CEO Sam Sidhu emphasized that the new portal will facilitate economic growth post-pandemic by streamlining the loan forgiveness process.

Customers Bancorp, Inc. (NYSE: CUBI) has appointed Andrew B. Sachs as Executive Vice President, General Counsel, and Corporate Secretary, succeeding Michael A. DeTommaso, who is retiring. Sachs brings 13 years of legal experience, previously serving at Kilpatrick Townsend & Stockton LLP. He played a key role in supporting Customers Bank during its PPP loan initiative. The bank has accelerated its digital transformation during the pandemic, announcing plans for AI-driven consumer lending and a blockchain-based B2B payment system. Customers Bank has also expanded its presence with new offices in Orlando, Dallas, and Chicago.

Customers Bancorp, Inc. (NYSE: CUBI) will hold a webcast on July 29, 2021, at 9:00 AM EDT to report Q2 earnings results for the period ending June 30, 2021. Key executives, including Chair & CEO Jay Sidhu and CFO Carla Leibold, will lead the call. The earnings press release will be available after market close on July 28, 2021. Customers Bancorp operates Customers Bank, which had $18.8 billion in assets as of March 31, 2021, providing banking services through digital and physical channels.

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.