SOURCE: Customers Bancorp, Inc.

Customers Bancorp, Inc.

February 25, 2014 10:51 ET

Customers Bancorp, Inc. Provides Corporate Update

Management to Host Conference Call and Webcast Today at 11:00 am ET - February 25, 2014

WYOMISSING, PA--(Marketwired - February 25, 2014) - Customers Bancorp ("Customers" or "Company"), a $4.2 billion asset Bank Holding Company with offices from Boston to Philadelphia, provided an update to its 2014 goals and objectives.

Business Updates:

The Company continues to add experienced teams in its commercial and multifamily lending groups. Since the January 2013, Customers Bank has added two teams, further expanding the markets it serves and enhancing its expertise across multiple business lines. Management expects to add at least one additional new team in New York City during the first quarter of 2014.

Customers has added over one million student checking accounts nationwide through its relationship with a leading service provider to colleges and universities. Since the relationship commenced with the service provider in 2013, Customers has added approximately $300 million in checking deposits through these one million accounts. The service provider has established relationships with universities and colleges across the United States which facilitates distribution of scholarship monies and grants received by the schools to the students. Students can easily access their funds through their Customers account through a variety of channels, including mobile, online, and ATMs.

As previously announced, the Company expects to launch a virtual bank under the "Bank Mobile" brand in 2014. Customers Bank sees a tremendous opportunity to introduce simple and convenient banking products for consumers and small businesses by the third quarter of 2014.

2014 Guidance:

Management reaffirmed its 2014 EPS guidance of $1.65 to $1.70 and 2015 EPS guidance of $1.95 to $2.00.

Customers Bank remains focused on generating organic growth in loans and deposits while continuing to improve its operating efficiencies. Management strives to make progress toward its 3 to 5 year objectives previously disclosed on its fourth quarter 2013 earnings call as follows:

ROA: Approximately 1%

ROE: 12% or higher

EPS: 15% CAGR

Furthermore, management provided the following preliminary data for the first quarter 2014:

  • Loan closings are expected to be in the $500 million range during first quarter 2014.
  • Asset Quality is expected to continue to improve from its reported 0.43% of non-performing non-FDIC guaranteed loans to total non-FDIC guaranteed loans at December 31, 2013.
  • The company strives to remain net interest income neutral to interest rate changes.

Analyst Day:

The Company plans to hold an Analyst Day in New York City on Wednesday, May 14th, 2014. Business Line leaders and senior executives will discuss strategies, market dynamics and past and future financial performance. Additional details regarding the event will be provided once arrangements have been finalized.

Conference Call:

Chairman and CEO Jay Sidhu and CFO Bob Wahlman will host the conference call and webcast.

Date: Tuesday, February 25, 2014

Time: 11:00 am ET

US Dial-in: 877-941-9326

International Dial-in: 480-629-9851

Conference ID: 4668312

Webcast: http://public.viavid.com/index.php?id=107846

About Customers Bancorp, Inc.

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 $4.2 billion. A member of the Federal Reserve System and deposits insured by the Federal Deposit Insurance Corporation ("FDIC"), Customers Bank is an equal housing lender that provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, New York, Rhode Island, Massachusetts, New Jersey, and Northern Virginia. 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 a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.

Customers Bancorp, Inc. is listed on the NASDAQ 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" 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.

Contact Information

  • Contacts:
    Jay Sidhu
    Chairman & CEO
    610-935-8693

    Richard Ehst
    President & COO
    610-917-3263

    Investor Contact: 
    Robert Wahlman
    CFO
    610-743-8074

    For MZ North America:
    Ted Haberfield
    President
    Tel: +1-760-755-2716
    Email: thaberfield@mzgroup.us
    Web: www.mzgroup.us