WASHINGTON, June 29, 2018 (GLOBE NEWSWIRE) -- Customers Bank, the region’s leading super-community bank with operations in Pennsylvania, D.C., Illinois, New York, New Jersey and New England, announced that its President and Chief Operating Officer, Richard Ehst, joined President Donald Trump and others at the White House today to discuss progress made so far following the passage of the Tax Cuts and Jobs Act. The discussion follows the six-month anniversary of the Act’s passage.
Ehst, along with business executives from across America, gathered to share how they are reinvesting their tax cuts into higher salaries, new jobs, and expanded business. Following the passage of the Tax Cuts and Jobs Act, Customers Bank announced that it would offer higher deposit interest rates, increase its charitable giving by $1 million in 2018, and would continue to invest in its talent, who all already earn at least $15 per hour.
“By increasing our charitable giving and investing in our talent, we’re investing in the growth of the communities we serve,” said Ehst. “These tax savings have helped ensure that we can put more money in the hands of communities, families, and small business owners. We have remained true to our commitment to our customers and the communities we serve, and we will continue to leverage our tax savings on their behalf.”
The economy has improved since the Tax Cuts and Jobs Act was passed last December. The U.S. unemployment rate has dropped from 4.1 percent to 3.8 percent as employers added more than 1 million jobs. In addition, business investment rose at a 9.2 percent annual rate in the first quarter, the most since 2014, and multinational corporations repatriated approximately $270 billion in the first quarter, according to the White House Council of Economic Affairs.
Ehst reported that Customers Bank is seeing the impact of improved economic confidence and sustained economic growth as more small businesses seek financing for expansion. Customers Bank is among the top 100 SBA lenders in America, according to Ehst. In the first half of 2018 since the Tax Cuts and Jobs Act was signed, Customers Bank closed SBA Loans totaling more than $43 million – a 50 percent increase over the same period in 2017. The bank’s pipeline for coming months anticipates another $40 million or more in SBA lending.
“We estimate that these investments mean more than 1,200 jobs in our community,” said Ehst. “The tax cuts are fueling job creation and retention.”
In addition, the Tax Cuts and Jobs Act nearly doubled the standard tax deduction, doubled the child tax credit, protected tax savings for college and retirement, and lowered rates across the board, putting cash back into workers’ paychecks. Workers’ wages have increased, and utility rates have lowered in 48 states.
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 $10.8 billion at March 31, 2018. 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, District of Columbia, 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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