WEST READING, Pa.--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank, ranked third in performance in S&P Global Market Intelligence’s newly created list of top-performing publicly-traded U.S. public banks with more than $10 billion in total assets at year-end 2021.
S&P Global Market Intelligence launched its rankings more than a decade ago to assess the performance of community banks and credit unions. The division ranks institutions based on returns, growth and efficiency but places a premium on the strength and risk profile of balance sheets. The 2021 list was announced March 22 and included a new category for larger, publicly traded banks.
“We are so proud to be recognized by S&P Global Market Intelligence,” said Customers Bancorp, Inc. Chairman & CEO Jay Sidhu. “Customers Bank worked hard to deliver the Paycheck Protection Program loans and other financial services that Americans required during the pandemic, while continuing to innovate our products and services so that we would be a stronger company as the health crisis eased. It’s wonderful to be recognized for our success.”
Joining Customers Bancorp in the top three in the division are Merchants Bancorp of Carmel, IN; and Western Alliance Bancorp. of Phoenix, AZ. Among the three, Customers Bancorp’s 2021 preprovision EPS change was the highest. “Shares at each of the top-three ranked banks also were among the best market performers in 2021, led by a 259.6% total return at Customers,” wrote S&P Global Market Intelligence in its full report that can be found here.
Wrote S&P Global Market Intelligence, “Net income available to common shareholders at … Customers Bancorp Inc. surged more than 150% in 2021 to $300.1 million, fueled by $195.1 million of earnings from its leading participation in the Paycheck Protection Program. The bank attributed its success with the federal small business rescue effort — its over $10 billion of funded loans exceeded many much larger banks — to its financial technology orientation and partnerships.”
S&P Global Market Intelligence also cited the launch of “a blockchain-based initiative in October 2021 under which commercial depositors can transfer and redeem its Customers Bank Instant Token.”
Jay Sidhu will accept the recognition of S&P Global Market Intelligence at the firm’s 2022 Community Bankers Conference, May 16–18, 2022, in Dallas, TX.
About Customers Bancorp, Inc.
Customers Bancorp, Inc. (NYSE:CUBI) is a bank holding company located in West Reading, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank, a full-service bank with $19.6 billion in assets at December 31, 2021. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals, and families. Services and products are available wherever permitted by law through mobile-first apps, online portals, and a network of offices and branches. Customers Bank provides blockchain-based digital payments via the Customers Bank Instant Token™ (CBIT) which allows clients to make real-time payments in US dollars, 24 hours a day, 7 days a week, 365 days a year.