Customers Bancorp announces 497,509 stock repurchase plan

On June 26, the Board of Directors of Customers Bancorp the holding company for Customers Bank, authorized a new common stock repurchase plan, providing the company the option to purchase up to 497,509 shares of its outstanding common stock over a one-year period. The company’s previous common stock repurchase plan, authorized on August 25, , subsequently expired on September 27 . At expiration, the previously authorized plan had 497,509 shares that had not been repurchased. “In 2023, we successfully built our capital ratios in an uncertain environment to position us for growth,” said Jay Sidhu, Chairman and CEO of Customers Bancorp, Inc. “Common equity Tier 1 increased by approximately 260 basis points and TCE/TA increased by approximately 100 basis points in 2023. We exceeded our Common equity Tier 1 target of 11.5% and are approaching our TCE/TA target of 7.5%. As a result, the Board of Directors believes it is prudent once again to have a share repurchase plan in place,” commented Sidhu.