WYOMISSING, Pa., May 30, 2013 /PRNewswire/ -- Jay Sidhu, Chairman and CEO for Customers Bancorp, Inc. (NASDAQ: CUBI), the parent company for Customers Bank, rang the Opening Bell today at the NASDAQ MarketSite in New York City.
The ceremony was the culmination of a remarkable turnaround and period of growth for the company under Sidhu. His management team assumed leadership of what was then a troubled financial institution exactly four years ago and established Customers Bancorp, the holding company for Customers Bank, in September 2011. Since that time, Customers Bank has grown from an approximately $250 million asset institution into a nearly $3.5 billion asset institution as of March 31, 2013 with locations reaching from suburban Philadelphia to New England.
Last month Customers Bank garnered top honors in Bank Director magazine's 2013 Growth Leaders Ranking, which placed the bank first or second in three out of four major performance categories among banks nationwide.
"This is a tremendous honor for our management team and our dedicated employees – as well as an important milestone for our shareholders," said Sidhu. "Our NASDAQ listing provides our company with a high quality, high value proposition in terms of security and confidence for our shareholders as well as other potential investors as we continue to move forward with our growth strategy."
"We believe this achievement also serves as recognition for the unique 'high tech, high touch' philosophy that has guided our strategic efforts over the past four years – with the goal of creating a successful banking entity that places the needs of the banking customer first and foremost," Sidhu said.
Earlier this year, Sidhu and his team announced the acquisition of a New England-concentrated commercial loan business and the hiring of experienced lending teams to service the Providence and Boston markets. In addition, the bank announced the creation of a new commercial banking team for the New York City metro area.
About Customers Bancorp, Inc. and Customers Bank
Customers Bancorp, Inc., based in Wyomissing, Pennsylvania, is a bank holding company for Customers Bank. Customers Bank is a state-chartered, full-service bank headquartered in Phoenixville, Pennsylvania. Customers Bank is a member of the Federal Reserve System and is insured by the Federal Deposit Insurance Corporation ("FDIC"). With assets of approximately $3.5 billion at March 31, 2013, Customers Bank provides a full range of banking services to small and medium-sized businesses, professionals, individuals and families through branch and office locations in Pennsylvania, New York, New Jersey, Rhode Island and Massachusetts. Customers Bank is focused on serving its targeted markets with a growth strategy that includes strategically placed branches throughout its market area and continually expanding its portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.
"Safe Harbor" Statement
In addition to historical information, this press release may contain "forward-looking statements" which are made in good faith by Customers Bancorp, Inc., pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. 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. 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, as well as any changes in risk factors that may be identified in its quarterly or other reports filed with the SEC. 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.
SOURCE Customers Bancorp, Inc.