67 WALL STREET, New York - July 7, 2014 - The Wall Street Transcript has just published its Banking Review 2014 Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Banking Review 2014
Companies include: Customers Bancorp, Inc. (CUBI) and many more.
In the following excerpt from the Banking Review 2014 Report, the Chairman and CEO of Customers Bancorp, Inc. (CUBI) discusses company strategy and the outlook for this vital industry:
TWST: What does Customers Bank look like today by the numbers?
Mr. Sidhu: From 2009 through 2010, we focused on fixing the credit problems of the company as well as developing a differentiated and sustainable growth strategy. Our model was built on being well-capitalized, extremely strong in risk management, and attracting and retaining world-class talent and providing excellent customer service. We started executing that and have demonstrated so far more than above-average organic growth in loans and deposits.
We did two small FDIC-assisted deals of failed banks. One was USA Bank in Upstate New York, or really Hudson Valley, New York, and the second one was a small Internet bank called ISN Bank in New Jersey, but they were combined about $200 million in assets. Then we acquired a small bank in Reading, Pennsylvania, in 2011, which was less than $100 million in assets. So combined acquisitions were about $300 million in assets, and we have earned very attractive returns on these opportunistic acquisitions.
But that $250 million New Century Bank is today a $4 billion asset bank. In 2011, we changed the name to Customers Bank from New Century Bank, because New Century Bank was associated with a failed financial institution. This $4 billion asset bank today has a footprint from Boston to Washington. We have offices in Boston, Providence, Manhattan, and of course in Greater Philadelphia and in southeastern Pennsylvania.
TWST: Is that the sort of idea, the region, where you want to keep a footprint? Is it going to stretch out any further than that, any further west toward Chicago, any further south?
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.