Customers Bancorp Top Two Execs Elect Stock Bonuses in Lieu of Cash

Customers Bancorp

WEST READING, PA — The top two executives of Customers Bancorp, Inc. (NYSE: CUBI) will take all 2022 bonuses in stock rather than cash, the firm announced.

“We are bullish on our bank. We believe in our future. We expect great times ahead,” said Chairman and CEO Jay Sidhu, adding, “and we want to demonstrate that faith to our fellow shareholders. This is the 5th consecutive year that the CFO and I have taken 100% of our annual bonuses in stock with zero cash. We strongly believe our compensation should be tied to performance and should be completely aligned with the interest of our shareholders by creating shareholder value.”

The Leadership Development and Compensation Committee of the Board of Directors met on April 4, 2023, to make annual bonus decisions for the top executives of the company. All awards were performance-based and calculated in accordance with the company’s compensation plan as outlined in its 2022 annual proxy statement. Compensation for the top five named executive officers will be reported in the company’s 2023 annual proxy statement which will be published in late April 2023 in advance of the company’s annual shareholder meeting scheduled for May 30, 2023.

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