Customers Bancorp Top Two Execs Elect Stock Bonuses in Lieu of Cash

By: Customers Bancorp, Inc. via Business Wire

April 06, 2023 at 08:00 AM EDT

The top two executives of Customers Bancorp, Inc. (NYSE: CUBI), a high-performing bank holding company with over $20 billion in assets, will take all 2022 bonuses in stock rather than cash, the firm announced.

“We are bullish on our bank. We believe in our future. We expect great times ahead,” said Chairman and CEO Jay Sidhu, adding, “and we want to demonstrate that faith to our fellow shareholders. This is the 5^th consecutive year that the CFO and I have taken 100% of our annual bonuses in stock with zero cash. We strongly believe our compensation should be tied to performance and should be completely aligned with the interest of our shareholders by creating shareholder value.”

The Leadership Development and Compensation Committee of the Board of Directors met on April 4, 2023, to make annual bonus decisions for the top executives of the company. All awards were performance based and calculated in accordance with the company’s compensation plan as outlined in its 2022 annual proxy statement. Compensation for the top five named executive officers will be reported in the company’s 2023 annual proxy statement which will be published late April 2023 in advance of the company’s annual shareholder meeting scheduled for May 30, 2023.

Institutional Background

Customers Bancorp, Inc. (NYSE: CUBI) is one of the nation’s top-performing banking companies with over $20 billion in assets, making it one of the 100 largest bank holding companies in the US. Through its primary subsidiary, Customers Bank, commercial and consumer clients benefit from a full suite of technology-enabled tailored product experience delivered by best-in-class customer service. A pioneer in Banking-as-a-Service and digital banking products, Customers Bank is one of the very few banks that provides a blockchain-based 24/7/365 digital payment solution. In addition to traditional lines such as C&I lending, commercial real estate lending, and multifamily lending, Customers Bank also provides a number of national corporate banking services to Specialty Lending clients. Major accolades include:

Major accolades include:

#34 out of the 100 largest publicly traded banks in 2023 per Forbes;
#64 on Fortune Magazine’s 2022 list of the 100 fastest growing companies in America;
#6 in top-performing banks with assets between $10 billion and $50 billion in 2021 per American Banker; and
#3 top-performing bank with over $10 billion in assets at year-end 2021 per S&P Global S&P Global Market Intelligence.

A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: 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,” “project,” 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 events and 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, including: the impact of the ongoing pandemic on the U.S. economy and customer behavior, the impact that changes in the economy have on the performance of our loan and lease portfolio, the market value of our investment securities, the continued success and acceptance of our blockchain payments system, the demand for our products and services and the availability of sources of funding, the effects of actions by the federal government, including the Board of Governors of the Federal Reserve System and other government agencies, that affect market interest rates and the money supply, actions that we and our customers take in response to these developments and the effects such actions have on our operations, products, services and customer relationships, higher inflation and its impacts, and the effects of any changes in accounting standards or policies. 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, 2021, 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, except as may be required under applicable law.