WYOMISSING, PA--(Marketwired - June 20, 2014) - Customers Bancorp, Inc. (CUBI) and Customers Bank (collectively "Customers") announced that Kroll Bond Rating Agency ("KBRA") has initiated coverage on the company with investment grade ratings.
KBRA, which is registered with the SEC as a Nationally Recognized Statistical Rating Organization, noted in its rating report that its determination is based on "Customers financial fundamentals as indicated by improving asset quality and earnings performance, and its good efficiency ratios." KBRA also notes the innovative business model and the experienced management team as Customers' strengths.
KBRA assigned Customers Bancorp, Inc. BBB for senior long term debt, BBB- for subordinated debt, and K3 for short term debt. Customers Bank was assigned BBB+ for senior deposits and long term debt, BBB for subordinated debt, and K2 for short-term debt. The outlook for all ratings was noted as stable. In determining the rating, KBRA noted Customers strengths are balanced by concerns regarding the "extensive use of noncore funding and rapid growth as well as their concentrated exposure to multifamily and other residential and commercial properties."
"It is a tremendous accomplishment of this management team to build an investment grade financial services company from the ground up in only five years," said Jay Sidhu, Chairman and CEO of Customers Bancorp, Inc. "This ratings announcement is validation by a qualified independent third-party of Customers progress and current status. We are committed to continuously improving our performance and our value proposition to our investors."
A copy of the KBRA report is available at http://customersbank.com/pdf/kbra.pdf.
About Kroll Bond Rating Agency
KBRA has issued nearly 2,000 company ratings and more than 18,000 financial strength ratings. In addition to their status with the SEC, the agency is recognized by the National Association of Insurance Commissions as a Credit Rating Provider, is certified by ESMA and is accepted under ERISA. In addition to banks and financial institutions, the company is a full service credit rating agency that reviews a number of different other industries including Structured Finance, Corporates and Municipal Finance.
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 $5.0 billion. A member of the Federal Reserve System and deposits insured by the Federal Deposit Insurance Corporation ("FDIC"), Customers Bank 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, and New Jersey. 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, multifamily 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. 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.
The following files are available for download:
- Investment & Company Information
- Customers Bank
Chairman & CEO
President & COO