Profile: Customers Bancorp Inc (CUBI.N)
Customers Bancorp, Inc. (Customers Bancorp), incorporated on April 7, 2010, is a bank holding company engaged in banking activities through its subsidiary, Customers Bank (the Bank). The Bank provides financial products and services to small and middle market businesses, not-for-profits, and consumers through its branches and offices in Southeastern Pennsylvania (Bucks, Berks, Chester, Delaware and Philadelphia Counties), Rye Brook, Melville and New York, New York (Westchester, Suffolk and New York Counties), Hamilton, New Jersey (Mercer County), Providence, Rhode Island (Providence County), Portsmouth, New Hampshire (Rockingham County) and Boston, Massachusetts (Suffolk County). The Bank also provides liquidity to the mortgage market nationwide through the operation of its loans to mortgage banking companies. The Bank offers a range of traditional loan and deposit banking products, and financial services. Customers Bank offers a range of lending products, including small business loans, mortgage warehouse loans, multi-family and commercial real estate loans, residential mortgage loans and other consumer loans. Customers Bank also offers traditional deposit products, including commercial and consumer checking accounts, non-interest-bearing demand accounts, money market deposit accounts, savings accounts and time deposit accounts, and cash management services.
Customers Bank focuses its lending efforts on Commercial Lending, which includes business banking (commercial and industrial lending), small business banking, including small business administration (SBA) loans, multi-family and commercial real estate lending, and commercial loans to mortgage originators, and consumer lending, which includes local market mortgage lending and home equity lending. The Bank's commercial lending is divided into four distinct groups: Business Banking, Small Business Banking, Multi-family and Commercial Real Estate Lending, and mortgage banking lending. The Small Business Banking platform originates loans, including SBA loans, through the branch network sales force and a team of Small Business relationship managers. As of December 31, 2016, the Company's total loans amounted to $6,105 billion.
Customers Bancorp's investment securities portfolio consists of mortgage-backed securities (guaranteed by an agency of the United States Government), domestic corporate debt, and marketable equity securities. In addition to generating revenue, the investment portfolio is maintained to manage interest rate risk, provide liquidity, provide collateral for other borrowings and diversify the credit risk of earning assets. As of December 31, 2016, its investment securities were approximately $560.3 million. Its available for sale securities include residential mortgage-backed securities, commercial real estate mortgage-backed securities, corporate notes and equity securities. Its residential mortgage-backed securities consist of mortgage-backed securities issued by government-sponsored agencies, including Federal Home Loan Mortgage Corp (FHLMC), Federal National Mortgage Association (FNMA), and The Government National Mortgage Association (GNMA). As of December 31, 2016, the fair value of its investment securities portfolio was $493.5 million.
Sources of Funds
The Bank offers a range of deposit accounts, including checking, savings, money market deposit accounts (MMDA) and time deposits. Deposits are obtained primarily from its geographic service area. As of December 31, 2016, its total deposits amounted to $6,846.98 million.
Customers Bancorp Inc
1015 Penn Ave Ste 103
WYOMISSING PA 19610-2006