WYOMISSING, Pa., Aug. 29, 2017 (GLOBE NEWSWIRE) -- Customers Bancorp, Inc., (NYSE:CUBI), parent company of Customers Bank, a community-based, full-service bank with assets of approximately $10.9 billion, has been recognized as the top-performing bank in Pennsylvania by Bank Director Magazine’s 2017 Bank Performance Scorecard.
According to the report, historically low interest rates created challenges for banks in 2016. Strong loan growth and improved expense controls helped many of them, including Customers Bank, overcome the industry’s margin pressure. This year’s ranking reflects Customers Bank strategy in this space; overall, the bank ranked 43rd out of 117 banks nationally in the $5 billion to $50 billion class in 2017, up from 77th out of 102 banks in same asset class last year.
“We are pleased to be recognized among the top-performing banks of our size in the U.S., and we are incredibly honored to be named the top-performing bank in our ‘home’ state of Pennsylvania," said Jay Sidhu, Chairman & CEO, Customers Bank. “As a community bank, Customers Bank is built on providing customers with financial products and services that they want and need, while running an efficient business. We take this recognition as further proof of the success and profitability of our customer-focused banking model, and of the impact that quality banking products can produce for the customers and communities we serve."
Bank Director publishes its annual ranking of the 300 largest publicly traded banks and thrifts based on five metrics that measure profitability, capitalization, and asset quality – core return on average equity (ROAE), core return on average assets (ROAA), the ratio of tangible common equity (TCE) to tangible assets, the ratio of nonperforming assets to total loans and real estate owned, and the ratio of net charge-offs to average loans. The 2017 Bank Performance Scorecard is based on 2016 calendar year data, calculated by Sandler O’Neill + Partners in New York using data from S&P Global Market Intelligence, the former SNL Financial, in Charlottesville, Virginia.
Since 2009, Customers Bank's assets have grown from $250 million to $10.9 billion. In addition to this latest ranking, Customers Bank has also been recognized among American Banker Magazine’s top-performing mid-tier U.S. banks; Forbes' 2017 Best Banks in America, as the top chartered bank in Pennsylvania; and among Bank Director Magazine's fastest growing banks, the Philadelphia Business Journal's “Philadelphia 100", and Lehigh Valley Business Journal's Fastest Growing Companies.
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 $10.9 billion that was named by Forbes magazine as the 35th Best Bank in America (there are over 5,700 banks in the United States). A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity 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 Hampshire, and New Jersey. 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 Concierge Banking® by appointment at customers’ homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.
Customers Bancorp, Inc. voting common shares 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.
Contacts: Jay Sidhu, Chairman & CEO 610-935-8693 Richard Ehst, President & COO 610-917-3263
Source:Customers Bancorp, Inc.