WYOMISSING, Pa., Dec. 07, 2016 (GLOBE NEWSWIRE) -- Customers Bancorp, Inc. (NYSE:CUBI), the parent company of Customers Bank (collectively referred to as, today reported that the Company achieved a market capitalization of $1 billion on December 6, 2016.
“Reaching a market capitalization of $1 billion is an important milestone for us,” said Jay Sidhu, Chairman and CEO of Customers. “In the seven years since we started the Company, Customers has grown its market value from roughly $10 million – a testament to the success of our customer-focused banking model.”
The Company’s recent gains partly resulted from a 7.6 percent jump of Customers shares on the New York Stock Exchange (“NYSE”) on December 5, 2016. The Company’s shares also traded at a volume higher than the average daily volume, with more than 600,000 shares traded compared to the daily average of less than 200,000. The $1 billion market capitalization announcement comes after Customers reported third quarter 2016 record earnings and record net income to common shareholders of $18.6 million, up 30.3 percent over Q3 2015.
Customers Bancorp, Inc.'s voting common shares have been listed on the NYSE under the symbol CUBI since 2014.
About Customers Bancorp, Inc. and Customers Bank
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 $9.6 billion that was named one of Forbes magazine’s 2016 100 Best Banks in America (there are over 6,200 banks in the United States). A member of the Federal Reserve System and 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. BankMobile is a division of Customers Bank, offering state of the art high tech digital banking services with a high level of personal customer service.
Customers Bancorp, Inc.'s 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.
