Customers Bancorp Shareholders Approve All Proposals in Online Annual Meeting
01 June 2023 - 10:00PM
Business Wire
Shareholders of Customers Bancorp, Inc. (NYSE:CUBI) – parent of
Customers Bank, a digital-forward super-community bank and one of
the 100 largest banks in the U.S., met in a virtual annual meeting
on Tuesday, May 30, electing three directors, ratifying the
appointment of Deloitte & Touche LLP as the company’s
independent registered public accounting firm, supporting a
non-binding “say on pay” proposal to approve the compensation of
top executives, and amending the company’s stock incentive
plan.
“Over the years, we have built Customers Bancorp, Inc. into a
high performing, forward-thinking bank with strong risk
management,” commented Chair & CEO Jay Sidhu.
Three Directors comprising the company’s Class III Directors
were elected to serve a three-year term or until their respective
successors are elected and qualified: Robert N. Mackay, T. Lawrence
Way, and Steven J. Zuckerman. Their terms expire in 2026.
The shareholders cast votes in favor of a “say on pay” proposal
outlining the Bank’s executive compensation program. This proposal
is non-binding on the Corporation, but the Board and Compensation
Committee value the opinion of shareholders and continue their
outreach and study of the best practices in consideration of future
executive compensation.
Finally, shareholders approved an amendment to the company’s
2019 Stock Incentive Plan that increases the total number of shares
of common stock authorized under the 2019 Plan by 740,325, from
1,830,000 (the number of shares authorized under the original 2019
Plan, and as amended on May 31, 2022) to 2,570,325. The amendment
related only to the increase in the number of shares authorized and
therefore available for awards – no other changes to the 2019 Plan
were proposed or adopted. The move comes as part of an effort to
use every tool available to recruit and retain talent and to tie
compensation to performance.
Sidhu thanked the company’s shareholders, saying “Thank you for
your investment in, and ongoing support of, our Company. We
appreciate your confidence and will continue to work to build long
term shareholder value while we live by our principles of strong
risk management, while putting our team members, our customers, the
communities we serve, sustainability and good governance
first.”
Institutional Background
Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s
top-performing banking companies with over $21 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:
- #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.
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David Patti, Director, Communications 610-451-9452
Customers Bancorp (NYSE:CUBI)
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