Customers Bancorp Shareholders Overwhelmingly Approve Proposals in Online Annual Meeting
May 26 2021 - 9:44AM
Business Wire
Shareholders of Customers Bancorp, Inc. (NYSE:CUBI) – parent of
Customers Bank, a leading super-community bank with a growing
number of operations across the nation, met in a virtual annual
meeting Wednesday, May 26 electing two directors, ratifying the
appointment of Deloitte & Touche LLP as the Bank’s independent
registered public accounting firm, and supporting a non-binding
“say on pay” proposal to approve the compensation of top
executives.
Bank leaders, directors and shareholders took a moment of
silence to remember all who were lost in the past year’s global
pandemic and to give thanks for the millions of frontline workers
who courageously carried on to give care, deliver food and critical
services, and help us sustain life through the crisis.
Those gathered online took note of the bank’s major
accomplishments over the past year:
- national leadership among Paycheck Protection Program lenders
with nearly 400,000 loans worth almost $10 billion funded saving
millions of jobs;
- investment in several new digital platforms including a
real-time blockchain-based B2B payments system;
- expansion of a highly successful consumer lending network;
- spin-off of the BankMobile subsidiary as the publicly traded BM
Technologies, Inc; and
- the opening of new banking offices in Orlando and Dallas.
Two Directors comprising the company’s Class I Directors –
Robert J. Buford, President & Chief Executive Officer, Planned
Realty Group, Inc. and Jay Sidhu, Chairman & CEO, Customers
Bancorp, Inc. – were elected to three-year terms on the Board. The
shareholders also cast votes in favor of a “say on pay” proposal
outlining the Bank’s executive compensation program. This proposal
is non-binding on the Corporation, but the Board and Compensation
Committee value the opinion of shareholders and continue their
outreach and study of the best practices in consideration of future
executive compensation.
The company also recognized the retirement of Richard A. Ehst
from the post of President & Chief Executive Officer and his
succession by current Vice Chairman and Chief Operating Officer Sam
Sidhu. The transition will take place on July 1, 2021.
Sidhu drew the attention of participants to the Bank’s
Environmental, Social and Governance (ESG). “Customers Bank’s
approach to ESG management includes promoting sound corporate
governance, sustainability, risk management and controls, investing
in our Team Members and cultivating a diverse and inclusive work
environment, strengthening the communities in which our Team
Members live and work, and operating our business in a way that
demonstrates Customers’ dedication to environmental
sustainability,” explained Sidhu. “We continuously seek to address
some of the practical challenges in balancing short- and long-term
business trade-offs in order to ensure that our stakeholders and
shareholders prosper together.”
Sidhu discussed the bank’s performance. “We are extremely
pleased with our financial results for over the past year and are
excited that 2021 is off to a great start,” remarked Sidhu. “Our
credit quality remained very strong during the pandemic. We
maintained superior asset quality. We substantially reduced deposit
costs. And we are driving expansion of net interest margins. Our
tremendously successful execution on these initiatives will result
in significant capital accretion, leaving us well positioned to
support future growth. We salute our Team Members for all the hard
work and thank our shareholders for their trust and confidence in
Customers Bancorp, Inc.
About Customers Bank
Customers Bank, a subsidiary of Customers Bancorp, Inc.
(NYSE:CUBI) a bank holding company, is a full-service
super-community bank with assets of approximately $18.8 billion at
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-first apps, online portals, and a network of offices and
branches. Additional information can be found on the company’s
website, www.customersbank.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210526005716/en/
Jay Sidhu, Chairman & CEO 610-935-8693 David Patti,
Director, Communications 610-451-9452
Customers Bancorp (NYSE:CUBI)
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