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WYOMISSING, Pa.–(BUSINESS WIRE)– Shareholders of Customers Bancorp, Inc. (NYSE: CUBI) – parent company of Customers Bank, a digital superbank with a growing number of operations across the country, have gathered at a virtual annual meeting on Tuesday, May 31 electing three directors, ratifying the appointment of Deloitte & Touche LLP as the Bank’s registered independent public accounting firm, supporting a non-binding “compensation consultation” proposal for approving executive compensation and amending the company’s stock incentive plan.
“At Customers Bank, we believe that three strengths make us unique: our commitment to human relationships, our dedication to innovation and the latest technologies, and our responsibility to always anchor this innovation in our deep experience and reliable financial base” , said Jay Sidhu. , President and CEO of Customers Bancorp, Inc. Sidhu summarized the bank’s key accomplishments over the past year:
national leadership among Paycheck Protection Program lenders with more than 350,000 loans worth more than $10 billion funded, saving approximately one million jobs;
implementation of a real-time blockchain-based B2B payment system;
launch of new commercial teams providing funds financing, venture capital financing and banking services, and services to companies in the financial industry;
spin-off of subsidiary BankMobile as a publicly traded company BM Technologies, Inc;
redemption of Series C and Series D Preferred Shares; and
the opening of a new banking office in Wilmington, NC.
Three directors comprising the Corporation’s Class II directors were elected to terms of three years or until their respective successors are elected and qualified: Andrea R. Allon, Bernard B. Banks and Daniel K. Rothermel. Their terms expire in 2025.
Rick Burkey, who served as a Class II director, advised the company earlier this year of his desire not to seek re-election to the board and his term and services expired at the annual meeting. Sidhu thanked Mr. Burkey for his service, saying, “Rick Burkey has been integral to the formation and growth of Customers Bank. We are grateful for his contributions.
Shareholders voted in favor of a proposed “say-on-pay” proposal outlining the Bank’s executive compensation program. This proposal does not bind the Company, but the Board and the Compensation Committee appreciate the opinion of shareholders and continue to educate and study best practices in terms of future executive compensation.
Finally, shareholders approved an amendment to the company’s 2019 stock incentive plan, increasing the number of company common shares available for awards under the plan by 330,000 from 1,500,000 to 1,830. 000. The amendment is part of an effort to use all available tools in recruiting the talent needed to continue the bank’s growth.
Sidhu commented on the retirement of Richard Ehst from the position of President and CEO of Customers Bank and his succession by Sam Sidhu. “We cannot thank Dick enough for what he has done for Customers Bank. He has positioned us for continued growth and success and has worked tirelessly over the past year to ensure a smooth handover and transition. We are very grateful for all he has done for us and our community and are pleased to announce that Dick will remain on the board of Customers Bank.
Sidhu drew participants’ attention to the Environment, Social and Governance (ESG). “Around the world, we have re-examined and redefined the concept of moral obligation between citizens, businesses and government. We renewed our commitments to each other and a common goal. And we have accepted the fundamental principles of integrity, truth and transparency…. We recognize our obligation to share with customers, investors, analysts, policy makers, regulators, community members and our own team the goals, challenges, accomplishments and work ahead as our business strives to respect the social contract.
“We are so proud of our performance in 2021,” said Sidhu. “Customers Bank was once again proud to feature in the Forbes list of the best banks in America, and to have climbed an incredible fifty-one places to take the ranking of 21. Customers Bancorp ranked third in terms of performance in S&P Global Market Intelligence’s newly created list of the top performing U.S. publicly traded banks with over $10 billion in total assets as of the end of 2021. Investor’s Business Daily ranked Customers Bancorp, Inc. 9th on its Best Companies list due to the huge 259.57% change in CUBI’s common stock price in 2021.”
About the Customer Bank
Customers Bancorp, Inc. (NYSE: CUBI) is a bank holding company that provides financial services through its subsidiary Customers Bank, a full-service community superbank with assets of approximately $19.2 billion. dollars as of March 31, 2021. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through digital applications, online portals and a network of offices and branches. Customers Bank provides blockchain-based digital payments through the Customers Bank Instant Token (CBIT) that allows customers to make real-time payments in US dollars, 24 hours a day, 7 days a week, 365 days a year. More than www.customersbank.com.
Source: Bancorp, Inc. Customers