Customers Bancorp Shareholders Approve Proposals at Annual Meeting

Customers Bancorp

WEST READING, PACustomers Bancorp (NYSE: CUBI), the parent company of Customers Bank, recently held its annual shareholder meeting. Shareholders approved all proposals put to a vote.

Robert J. Buford, Rajeev V. Date, and Jay S. Sidhu were reelected as directors. Buford will continue serving on the Board’s Audit and Risk Committees. Date will remain chair of the Board’s Regulatory Affairs Committee and a member of its Risk Committee and the Bank’s Compliance Committee. Sidhu will continue as Chairman and a member of the Board’s Executive, Risk, and Regulatory Affairs Committees, as well as the Bank’s Compliance Committee. Their terms will expire in 2027.

Shareholders ratified the appointment of Deloitte as the Company’s independent public accounting firm for the fiscal year ending December 31, 2024. They also supported a non-binding proposal on executive compensation and approved a proposal to review executive officer compensation annually.

Additionally, shareholders amended the Company’s 2019 Stock Incentive Plan, increasing the total number of shares of common stock from 2,570,325 to 3,320,325. This move aims to enhance recruitment efforts and align team members’ compensation with performance.

Customers Bancorp was the number one performing publicly traded bank stock in the U.S. in 2023, as measured by stock price and total shareholder return,” said CEO and Chairman Jay Sidhu. “In 2023, we continued to build on our strengths, maintaining our position as a strong, high-performing, forward-thinking bank.”

Sidhu outlined the company’s priorities for 2024. “We will continue to excel in helping our customers succeed beyond their imagination while moderating our growth by focusing on holistic and strategic relationships and building a strong franchise.”

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“We thank you for your investment in, and ongoing support of, our company and will continue to work to build long-term shareholder value,” Sidhu added.

The results reflect shareholders’ confidence in Customers Bancorp’s strategic direction and commitment to sustained growth and performance.

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