WEST READING, PA — Shareholders of Customers Bancorp, Inc. (NYSE: CUBI), parent of Customers Bank, 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.”
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