WEST READING, PA — Customers Bancorp, Inc. (NYSE: CUBI), the holding company for Customers Bank, has authorized a new common stock repurchase plan. The plan allows the company to buy back up to 497,509 shares of its outstanding common stock over the next year.
The previous repurchase plan expired on September 27, 2023, with 497,509 shares still unpurchased. This new plan aims to utilize those remaining shares.
Jay Sidhu, Chairman and CEO of Customers Bancorp, highlighted the company’s strong capital ratios in 2023 amid an uncertain environment. “Common equity Tier 1 increased by approximately 260 basis points and TCE/TA increased by approximately 100 basis points in 2023,” said Sidhu. “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.”
The timing, price, and quantity of repurchases will be at Customers Bancorp’s discretion. Factors influencing these decisions include the company’s capital position, liquidity, financial performance, and market conditions. The plan does not obligate the company to repurchase a specific number of shares and may be suspended or terminated at any time.
Repurchases will be funded with cash on hand and may occur through open market purchases or privately negotiated transactions. The company will adhere to Rule 10b5-1 conditions of the Securities Exchange Act of 1934.
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