Customers Bank Ranks No. 1 Among Eastern Pennsylvania Area SBA Lenders
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Wyomissing, Pa. (January 13, 2016) - Customers Bank, a community-based, full-service bank with assets of approximately $7.6 billion, once again ranked among the region's top small business lenders for a significant loan program maintained by the federal Small Business Administration (SBA), despite an overall decline in SBA lending in the Central Pennsylvania region.
Customers Bank ranked No. 1 among 46 banks in the Greater Philadelphia area in the latest SBA Eastern Pennsylvania District 7(a) Loan Volume Report for dollars lent between October 1, 2015 through November 30, 2015. Customers Bank's SBA 7(a) loan volume totaled $6.9 million for this period, 331 percent more than the same period in 2014.
According to the SBA, small businesses create two out of three new jobs in the US and account for nearly half of the private nonfarm gross domestic product. Despite the value of small business growth, SBA loan volume has declined in Central Pennsylvania, down $7.7 million in fiscal year 2015 compared to the previous year, based on data from the SBA District Office in Philadelphia.
"Ensuring that small business owners have access to the funding they need is critical to our region's economy and growing the middle class," said Dick Ehst, President and Chief Operating Officer at Customers Bank. "Our increasing small business loan volume and consistent ranking among top lenders in the region is a product of our commitment to investing in the communities we serve."
The 7(a) loan is one of the SBA's most flexible loan programs designed to finance existing small businesses and startups that are unable to secure business loans through traditional lending channels. A portion of SBA 7(a) loans are made and administered by commercial lending institutions to meet local business needs, including uses like funding machinery and equipment, providing working capital, renovating buildings and financing new construction.
Customers Bank offers 7(a) SBA loans, 504 3rd Party SBA loans and additional lending services from locations throughout Pennsylvania to support small and medium-sized businesses.
About Customers Bancorp, Inc. and Customers Bank
Customers Bancorp, Inc. is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of approximately $7.6 billion. A member of the Federal Reserve System and with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, New York, Rhode Island, Massachusetts, New Hampshire and New Jersey. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as Concierge Banking® by appointment at customers' homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.
Customers Bancorp, Inc.'s voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information about Customers Bancorp, Inc. can be found on the company's website, www.customersbank.com.