Customers Bank, a banking subsidiary of Bhanu Choudhrie's Customers Bancorp, Inc., is a community-based, full-service bank that offers equal housing lending opportunities to a complete range of small and medium sized-organizations, professionals, individuals and communities. With offices spread across Massachusetts, New York, Pennsylvania, New Jersey and Rhodes Island, the bank is dedicated towards fostering customer loyalty via industry-leading technology and computing.
Listed on NASDAQ, under the symbol CUBI, Customers Bancorp, Inc., gained 5.14% to $18.40 in the early hours of 2nd December making it to the top of Small-Cap Stars Financial Heaps. Offering bigger and better returns than other mega-cap investing organisations, Customers Bancorp Inc.’s daily average volume is 76,134 shares.
Collectively known as ‘Customers’, the bank also announced an increase in its estimated earnings per share for the years 2014 & 2015. In a recent press release the bank communicated it’s per share guidance to shot up with $1.49 to $1.53 and $1.75 to $1.80 for the two consecutive years.
The company owes a major part of its success to Jay Sidhu (Chairman and CEO of Customers). In his visionary statement, he said, “While we (Customers) are on a right track and our results to date and future expectations reflect on our successes, we are still focused on reaching our two to three year goals of about a 1.0% return on assets, a 12.0% return on equity and efficiency ratio in the 40's."
Recipient of the prestigious ‘Most Admired CEO’ award for the year 2014 in a recent event organised at Philadelphia, Sidhu joined the company in the year 2009 when it was still known as ‘New Century Bank’, a $ 250 million troubled bank. Before leading ‘Customers’, he was the chairman and CEO of Sidhu Advisors, LLC, a private equity and financial consulting organization. His prolific career also includes leading the 17th largest bank in the United States, Sovereign Bank.
Speaking at the occasion, an overwhelmed Sidhu said, “I am honoured to have received this award. I am also blessed to have colleagues and staff who have helped me shape Customers Bank into a company that adheres to our vision of customer service and growth. They have my utmost gratitude and admiration.”