Customers Bancorp Top Two Execs Elect Stock Bonuses in Lieu of Cash
06 Aprile 2023 - 2:00PM
Business Wire
The top two executives of Customers Bancorp, Inc. (NYSE:CUBI), a
high-performing bank holding company with over $20 billion in
assets, will take all 2022 bonuses in stock rather than cash, the
firm announced.
“We are bullish on our bank. We believe in our future. We expect
great times ahead,” said Chairman and CEO Jay Sidhu, adding, “and
we want to demonstrate that faith to our fellow shareholders. This
is the 5th consecutive year that the CFO and I have taken 100% of
our annual bonuses in stock with zero cash. We strongly believe our
compensation should be tied to performance and should be completely
aligned with the interest of our shareholders by creating
shareholder value.”
The Leadership Development and Compensation Committee of the
Board of Directors met on April 4, 2023, to make annual bonus
decisions for the top executives of the company. All awards were
performance based and calculated in accordance with the company’s
compensation plan as outlined in its 2022 annual proxy statement.
Compensation for the top five named executive officers will be
reported in the company’s 2023 annual proxy statement which will be
published late April 2023 in advance of the company’s annual
shareholder meeting scheduled for May 30, 2023.
Institutional Background
Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s
top-performing banking companies with over $20 billion in assets,
making it one of the 100 largest bank holding companies in the US.
Through its primary subsidiary, Customers Bank, commercial and
consumer clients benefit from a full suite of technology-enabled
tailored product experience delivered by best-in-class customer
service. A pioneer in Banking-as-a-Service and digital banking
products, Customers Bank is one of the very few banks that provides
a blockchain-based 24/7/365 digital payment solution. In addition
to traditional lines such as C&I lending, commercial real
estate lending, and multifamily lending, Customers Bank also
provides a number of national corporate banking services to
Specialty Lending clients. Major accolades include:
Major accolades include:
- #34 out of the 100 largest publicly traded banks in 2023 per
Forbes;
- #64 on Fortune Magazine’s 2022 list of the 100 fastest growing
companies in America;
- #6 in top-performing banks with assets between $10 billion and
$50 billion in 2021 per American Banker; and
- #3 top-performing bank with over $10 billion in assets at
year-end 2021 per S&P Global S&P Global Market
Intelligence.
A member of the Federal Reserve System with deposits insured by
the Federal Deposit Insurance Corporation, Customers Bank is an
equal opportunity lender. Learn more: www.customersbank.com.
“Safe Harbor” Statement
In addition to historical information, this press release may
contain “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements with respect to Customers Bancorp, Inc.’s strategies,
goals, beliefs, expectations, estimates, intentions, capital
raising efforts, financial condition and results of operations,
future performance and business. Statements preceded by, followed
by, or that include the words “may,” “could,” “should,” “pro
forma,” “looking forward,” “would,” “believe,” “expect,”
“anticipate,” “estimate,” “intend,” “plan,” “project,” or similar
expressions generally indicate a forward-looking statement. These
forward-looking statements involve risks and uncertainties that are
subject to change based on various important factors (some of
which, in whole or in part, are beyond Customers Bancorp, Inc.’s
control). Numerous competitive, economic, regulatory, legal and
technological events and factors, among others, could cause
Customers Bancorp, Inc.’s financial performance to differ
materially from the goals, plans, objectives, intentions and
expectations expressed in such forward-looking statements,
including: the impact of the ongoing pandemic on the U.S. economy
and customer behavior, the impact that changes in the economy have
on the performance of our loan and lease portfolio, the market
value of our investment securities, the continued success and
acceptance of our blockchain payments system, the demand for our
products and services and the availability of sources of funding,
the effects of actions by the federal government, including the
Board of Governors of the Federal Reserve System and other
government agencies, that affect market interest rates and the
money supply, actions that we and our customers take in response to
these developments and the effects such actions have on our
operations, products, services and customer relationships, higher
inflation and its impacts, and the effects of any changes in
accounting standards or policies. Customers Bancorp, Inc. cautions
that the foregoing factors are not exclusive, and neither such
factors nor any such forward-looking statement takes into account
the impact of any future events. All forward-looking statements and
information set forth herein are based on management’s current
beliefs and assumptions as of the date hereof and speak only as of
the date they are made. For a more complete discussion of the
assumptions, risks and uncertainties related to our business, you
are encouraged to review Customers Bancorp, Inc.’s filings with the
Securities and Exchange Commission, including its most recent
annual report on Form 10-K for the year ended December 31, 2021,
subsequently filed quarterly reports on Form 10-Q and current
reports on Form 8-K, including any amendments thereto, that update
or provide information in addition to the information included in
the Form 10-K and Form 10-Q filings, if any. Customers Bancorp,
Inc. does not undertake to update any forward-looking statement
whether written or oral, that may be made from time to time by
Customers Bancorp, Inc. or by or on behalf of Customers Bank,
except as may be required under applicable law.
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David W. Patti Communications Director 610-451-9452
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