Customers Bancorp Shareholders Overwhelmingly Approve Proposals at Annual Meeting
(WYOMISSING, PA, May 29, 2020) Shareholders of Customers Bancorp, Inc. (NYSE:CUBI) – parent of Customers Bank, a leading super-community bank with operations in Pennsylvania, Metro DC, Illinois, New Jersey, New York and New England; and BankMobile, one of the fastest growing mobile-first banking solutions; met in a virtual annual meeting Wednesday, May 27 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.
Nearly 91% of the shareholders cast ballots favoring the non-binding “say on pay” proposal outlining the Bank’s executive compensation program and compensation paid to the Company’s named executives. The proposal is not binding on the corporation, notes the proxy statement, but the Board and Compensation Committee value the opinions of shareholders and will continue an outreach program and the study of best practices in considering future executive compensation.
Two Directors comprising the company’s Class III Directors – T. Lawrence Way, of Phoenixville, PA and Steven J. Zuckerman, of Lancaster, PA – were elected to additional three-year terms on the Board. Mr. Way, a CPA and the retired Chairman and CEO of Alco Industries, Inc., chairs the Audit Committee and is a member of the Nominating and Corporate Governance Committee. Mr. Zuckerman founded Clipper Magazine, a nationwide media company publishing direct mailing advertising magazines to 500 markets in 31 states. In 2003, he sold his company to Gannett Corporation, publishers of USA Today and today is President and CEO of Oaktree Development Group, a real estate firm. Mr. Zuckerman Chairs the Compensation Committee and is also a member of the Nominating and Corporate Governance Committee.
“We are fully committed to help our customers and team members meet the challenges posed by the coronavirus,” said Jay S. Sidhu, Chairman & CEO of Customers Bancorp, addressing the unique nature of the meeting. “Our priority has been the health and well-being of our customers, team members, and their families. Serving the needs of our customers continues to be of utmost importance. We will collaborate with key partners to confront the challenges posed by COVID-19. We are confident that we can collectively overcome this challenge while continuing to meet the financial needs of the American people.”
Sidhu discussed the bank’s performance. “Customers spent much of last year improving the mix of loans and deposits, which resulted in a wider net interest margin and stronger return on assets, return on equity and stronger capital ratios, trends which we believe will create lasting shareholder value.”
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 a full-service super-community bank with assets of approximately $12 billion at March 31, 2020. 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 mobile-first apps, online portals, and a network of offices and branches. Customers Bancorp, Inc.’s voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information can be found on the company’s website, www.customersbank.com.