WEST READING, Pennsylvania, March 30, 2022–(BUSINESS WIRE)–Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank, ranked third in performance on S&P Global Market Intelligence’s newly created list of the top performing U.S. publicly traded banks with more than $10 billion in total assets at the end of 2021.
S&P Global Market Intelligence launched its ranking over a decade ago to assess the performance of community banks and credit unions. The division ranks institutions based on returns, growth and efficiency, but places great importance on the strength and risk profile of balance sheets. The 2021 list was announced on March 22 and included a new category for large publicly listed banks.
“We are very proud to be recognized by S&P Global Market Intelligence,” said Jay Sidhu, President and CEO of Customers Bancorp, Inc. “Customers Bank has worked hard to provide the Paycheck Protection Program loans and other financial services that Americans needed during the pandemic, while continuing to innovate our products and services so that we were a stronger company as the health crisis subsided. It’s wonderful to be recognized for our success.”
Joining Bancorp customers in the division’s top three are Bancorp Merchants of Carmel, IN; and Western Alliance Bancorp., of Phoenix, AZ. Of the three, Customers Bancorp’s 2021 forecast EPS change was the highest. “The shares of each of the three top-ranked banks were also among the best performers in the market in 2021, leading a total return of 259.6% in clients,” wrote S&P Global Market Intelligence in its comprehensive report which can to be found here.
Wrote S&P Global Market Intelligence, “Net income available to common stockholders at… Customers Bancorp Inc. jumped more than 150% in 2021 to $300.1 million, fueled by $195.1 million in revenue from its major participation in the Paycheck Protection Program.The bank has attributed its success with the federal small business rescue effort — its more than $10 billion in funded loans has surpassed many much larger banks — its fintech guidance and partnerships.
S&P Global Market Intelligence also cited the launch of “a blockchain-based initiative in October 2021 under which commercial depositors can transfer and redeem its Customers Bank Instant Token.”
Jay Sidhu will accept recognition from S&P Global Market Intelligence at the company’s 2022 Community Bankers Conference, May 16-18, 2022, in Dallas, Texas.
About Bancorp, Inc. Customers
Customers Bancorp, Inc. (NYSE: CUBI) is a West Reading, Pennsylvania-based bank holding company engaged in banking and related businesses through its banking subsidiary, Customers Bank, a full-service bank with 19 $.6 billion in assets as of December 31, 2021. A member of the Federal Reserve with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that offers a range of banking and lending services small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through mobile applications, online portals and a network of offices and branches. Customers Bank provides blockchain-based digital payments through the Customers Bank Instant Token™ (CBIT) that allows customers to make real-time payments in US dollars, 24 hours a day, 7 days a week, 365 days a year .
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