WYOMISSING, Pa., April 03, 2018 (GLOBE NEWSWIRE) -- Customers Bank, one of the region’s leading community banks with operations in Pennsylvania, D.C., Illinois, New York, New Jersey and New England, is proud to announce that it has been named the top minority lender by the Pennsylvania Housing Finance Agency (PHFA), and ranked 9th overall in lending.
In 2017, Customers Bank originated $11.6 million dollars to 138 homebuyers. In addition to being named top minority lender, Customers Bank’s Elsie Maduro, Vice President and CRA Mortgage Officer, has been recognized as the PHFA’s top loan originator.
“This honor is significant for us, and is a recognition of our commitment to reversing a troubling national trend,” said Richard Ehst, President and Chief Operating Officer of Customers Bank. “Even as the real estate market has improved, data shows that there are still lending disparities when it comes to minorities. Customers Bank is dedicated to closing that gap, and to making the dream of homeownership, along with the financial stability that it provides, a reality for all of our neighbors.”
According to 2017 figures released from Zillow, less than a quarter of homes nationwide are owned by minorities — despite the fact that they make up nearly one-third of the U.S. population.
“Customers Bank has been an outstanding PHFA partner,” said PHFA Executive Director and CEO Brian Hudson, Sr. “Their exceptional efforts throughout the Delaware Valley and Berks County help support PHFA’s mission to bring affordable housing options to all Pennsylvanians.”
About the Pennsylvania Housing Finance Agency
The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental housing options for older adults, low- and moderate-income families, and people with special housing needs. Through its carefully managed mortgage programs and investments in multifamily housing developments, PHFA also promotes economic development across the state. Since its creation by the legislature in 1972, it has generated more than $13.5 billion of funding for more than 170,935 single family home mortgage loans, helped fund the construction of 132,531 rental units, and saved the homes of more than 49,200 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities and from fees paid by program users, not by public tax dollars. The agency is governed by a 14-member board.
About 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 $9.9 billion at December 31, 2017. 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 services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, as well as Illinois, 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 Single Point of Contact 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. 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.
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