WYOMISSING, Pa., Nov. 21, 2013 /PRNewswire/ --Customers Bancorp, Inc. (CUBI), the parent company of Customers Bank (collectively referred to as "Customers"), today announced open market purchases of the Company's common stock by senior management. Chairman and CEO Jay Sidhu and CFO Robert Wahlman purchased 55,800 shares of stock at an average price of $16.84 per share from November 18th-19th, 2013.
The following summarizes the stock purchases made by Mr. Sidhu and Mr. Wahlman:
Executive | Date | # of Shares | Average Price | Total Amount |
Jay Sidhu | 11/18/13 | 25,800 | $16.95 | $437,413 |
Robert Wahlman | 11/18/13- | 30,000 | $16.74 | $502,348 |
11/19/13 | ||||
"I am extremely confident in our competitive position and our team's ability to maintain superior organic growth in 2014 and beyond," stated Chairman and CEO Jay Sidhu. "The investments we have made in technology, personnel and processes provide a strong foundation from which we can generate tremendous risk adjusted returns for our shareholders. As major shareholders ourselves, both Bob and I are committed to managing the Company's capital and growth prudently."
For additional information regarding these transactions, please refer to the Form 4s filed with the U.S. Securities and Exchange Commission on November 19th and November 20th, 2013.
About Customers Bancorp, Inc.
Customers Bancorp, Inc. is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of approximately $3.9 billion. A member of the Federal Reserve System and deposits insured by the Federal Deposit Insurance Corporation ("FDIC"), Customers Bank is an equal housing lender that provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, New York, Rhode Island, Massachusetts, New Jersey, and Northern Virginia. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.
Customers Bancorp, Inc. is listed on the NASDAQ exchange under the symbol CUBI. Additional information about Customers Bancorp, Inc. can be found on the company's website, www.customersbank.com.
"Safe Harbor" Statement
In addition to historical information, this press release may contain "forward-looking statements" which are made in good faith by Customers Bancorp, Inc., pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements with respect to Customers Bancorp, Inc.'s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by or that include the words "may," "could," "should," "pro forma," "looking forward," "would," "believe," "expect," "anticipate," "estimate," "intend," "plan," or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Customers Bancorp, Inc.'s control). Numerous competitive, economic, regulatory, legal and technological factors, among others, could cause Customers Bancorp, Inc.'s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Customers Bancorp, Inc. cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management's current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Customers Bancorp, Inc.'s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K, as well as any changes in risk factors that may be identified in its quarterly or other reports filed with the SEC. Customers Bancorp, Inc. does not undertake to update any forward looking statement whether written or oral, that may be made from time to time by Customers Bancorp, Inc. or by or on behalf of Customers Bank.
SOURCE Customers Bancorp, Inc.
