Customers Bancorp, Inc. (NYSE: CUBI) has announced a new common stock repurchase plan, authorizing the company to purchase up to 497,509 shares of its outstanding common stock over a one-year period. This new plan comes after the expiration of the previous repurchase plan, which also allowed for the repurchase of 497,509 shares.
In 2023, the company increased its common equity tier 1 by approximately 260 basis points and its TCE/TA by approximately 100 basis points. The common equity tier 1 target of 11.5% was exceeded, and the company is approaching its TCE/TA target of 7.5%. As a result of this strong performance, the board of directors has deemed it prudent to implement a new share repurchase plan.
The timing, price, and quantity of repurchases under the new plan will be at the discretion of Customers Bancorp and will depend on various factors, including the company's capital position, liquidity, financial performance, stock trading price, regulatory requirements, and general market conditions. The company expects to fund any repurchases with cash on hand and may carry out the repurchases through open market purchases or privately negotiated transactions.
Customers Bancorp, Inc. is one of the nation’s top-performing banking companies, with nearly $22 billion in assets. The company's commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service. Customers Bank also provides national corporate banking services to specialized lending clients.
Notable achievements include ranking No. 5 on American Banker's 2023 list of top-performing banks with $10 billion to $50 billion in assets, No. 29 out of the 100 largest publicly traded banks in Forbes' 2024 best banks list, and No. 52 on Investor's Business Daily 100 best stocks for 2023.
Customers Bancorp is a member of the Federal Reserve System, with deposits insured by the Federal Deposit Insurance Corporation, and is an equal opportunity lender.
This press release does not obligate Customers Bancorp to repurchase any particular number of shares, and the company may suspend or terminate the repurchase plan at any time. Following these announcements, the company's shares moved 0.5%, and are now trading at a price of $48.21. If you want to know more, read the company's complete 8-K report here.
