Customers Bancorp Shareholders Overwhelmingly Approve Proposals At Annual Meeting
(WYOMISSING, PA, June 3, 2019) Shareholders of Customers Bancorp, Inc. (NYSE:CUBI) – parent of Customers Bank, a leading super-community bank with operations in Pennsylvania, District of Columbia, Illinois, New Jersey, New York and New England; and BankMobile, one of the fastest growing mobile-first banking solutions; met at the Doubletree by Hilton Hotel in Reading, Pennsylvania on Thursday, May 30 and affirmed their support of corporate leadership with approval and adoption of a non-binding “say on pay” proposal, the company’s 2019 stock incentive plan, and approval of an amendment to the Company’s Articles of Incorporation to adopt a majority voting standard in uncontested elections of directors.
The non-binding “say on pay” proposal outlining the Company’s executive compensation program and compensation paid to the Company’s named executive officers was adopted with approximately 95% shareholder approval. 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.
Andrea R. Allon of Wayne, PA; Rick B. Burkey of Mohnton, PA; and Daniel K. Rothermel of Wyomissing, PA were elected to three-year terms as directors. The trio were incumbent directors.
“I am very pleased by the response of our shareholders and enthusiastic about the future of our bank,” said Jay S. Sidhu, Chairman & CEO of Customers Bancorp, Customers Bank and BankMobile. “Our shareholders are confident in the direction of the bank. They are pleased by the success of our white-label product created by the BankMobile division through a partnership with T-Mobile. Our investors share our vision for the pathway to success and increased shareholder value.”
In other business, Deloitte & Touche LLP was appointed as the bank’s independent registered accounting firm.
Sidhu discussed the bank’s performance and took questions from shareholders. “Our strategy is to be highly-focused, very efficient, and extremely innovative,” said Sidhu. “Our earnings and our increasing efficiency give us a very attractive valuation.”
About Customers Bancorp, Inc. and Customers Bank
Customers Bank is a super-community bank with $10.1 billion in assets as of March 31, 2019, offering commercial and consumer banking services along the I-95 corridor from Washington, DC to Boston; and in Chicago. Commercial products include cash management; commercial and industrial loans; small business loans; SBA government-guaranteed loans; commercial and multi-family real estate loans; and financing for leasing businesses and residential developers. Customers Bank provides consumer banking services including savings, checking, and money market accounts; certificates of deposit; residential mortgages; and consumer loans. Additional consumer products include “BankMobile Vibe online banking,” marketed by the BankMobile Division and “Ascent Money Market Savings,” marketed by the Customers Bank Digital Banking Division. Customers Bank is a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation. Customers Bank is an equal opportunity lender. Customers Bank, with its headquarters located in Phoenixville, Pennsylvania, is a subsidiary of Customers Bancorp, Inc., a bank holding company. The voting common shares of Customers Bancorp, Inc. 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.
“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,” 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 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. In addition, important factors relating to the acquisition of the Disbursements business, the combination of Customers’ BankMobile business with the acquired Disbursements business, the implementation of Customers Bancorp, Inc.’s strategy to retain BankMobile for 2-3 years, the possibility that the expected benefits of retaining BankMobile for 2-3 years may not be achieved, or the possible effects on Customers’ results of operations if BankMobile is never divested could cause Customers Bancorp’s actual results to differ from those in the forward-looking statements. Further, Customers’ expectations with respect to the effects of the new tax law could be affected by future clarifications, amendments, and interpretations of such law. 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, 2018, 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.