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Luvleen Sidhu has been hired by her father -- Jay Sidhu, the head of Customers Bancorp -- to do something a lot of small banks would be afraid to tackle: develop Customers' own mobile banking software.
June 12 -
Customers Bancorp (CUBI) in Wyomissing, Pa., disclosed unexpectedly high sequential loan growth in the first quarter.
April 2 -
Jay Sidhu's Pennsylvania company is building a separately branded bank that, like Simple, will target a demographic that feels no particular affinity toward traditional banks.
March 3 -
Customers Bancorp in Wyomissing, Pa., (CUBI) plans to launch a virtual mobile banking platform in the third quarter of this year meant to make banking services more effortless for consumers.
February 26
Customers Bancorp (CUBI) in Wyomissing, Pa., has raised $133.2 million in a private placement.
The $5 billion-asset company said Friday that it raised the funds through the sale of sale of senior and subordinate notes issued on June 26.
Customers Bancorp issued $25 million of senior notes at a rate of 4.625% that come due in 2019. Interest on those notes will be paid semiannually. Its subsidiary Customers Bank issued $110 million of fixed to floating-rate subordinated notes due 2029.
The subordinated notes qualify as Tier 2 capital notes for regulatory capital purposes allowing customers "to leverage our existing shareholders' equity investment," said Jay Sidhu, Customers Bancorp's chairman and chief executive.
Funds from the senior notes, he said, may be used to support the capital needs of the bank.
Customers Bank has been expanding its multifamily lending business in the Northeast, is developing a
