{"id":761161,"date":"2023-06-01T08:04:05","date_gmt":"2023-06-01T12:04:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/customers-bancorp-shareholders-approve-all-proposals-in-online-annual-meeting-2\/"},"modified":"2023-06-01T08:04:05","modified_gmt":"2023-06-01T12:04:05","slug":"customers-bancorp-shareholders-approve-all-proposals-in-online-annual-meeting-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/customers-bancorp-shareholders-approve-all-proposals-in-online-annual-meeting-2\/","title":{"rendered":"Customers Bancorp Shareholders Approve All Proposals in Online Annual Meeting"},"content":{"rendered":"

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Customers Bancorp Shareholders Approve All Proposals in Online Annual Meeting<\/b><\/p>\n

WEST READING, Pa.–(BUSINESS WIRE<\/a>)–
\nShareholders of Customers Bancorp, Inc. (NYSE:CUBI) \u2013 parent of Customers Bank, a digital-forward super-community bank and one of the 100 largest banks in the U.S., met in a virtual annual meeting on Tuesday, May 30, electing three directors, ratifying the appointment of Deloitte & Touche LLP as the company\u2019s independent registered public accounting firm, supporting a non-binding \u201csay on pay\u201d proposal to approve the compensation of top executives, and amending the company\u2019s stock incentive plan.<\/p>\n

\n\u201cOver the years, we have built Customers Bancorp, Inc. into a high performing, forward-thinking bank with strong risk management,\u201d commented Chair & CEO Jay Sidhu.<\/p>\n

\nThree Directors comprising the company\u2019s Class III Directors were elected to serve a three-year term or until their respective successors are elected and qualified: Robert N. Mackay, T. Lawrence Way, and Steven J. Zuckerman. Their terms expire in 2026.<\/p>\n

\nThe shareholders cast votes in favor of a \u201csay on pay\u201d proposal outlining the Bank\u2019s executive compensation program. This proposal is non-binding on the Corporation, but the Board and Compensation Committee value the opinion of shareholders and continue their outreach and study of the best practices in consideration of future executive compensation.<\/p>\n

\nFinally, shareholders approved an amendment to the company\u2019s 2019 Stock Incentive Plan that increases the total number of shares of common stock authorized under the 2019 Plan by 740,325, from 1,830,000 (the number of shares authorized under the original 2019 Plan, and as amended on May 31, 2022) to 2,570,325. The amendment related only to the increase in the number of shares authorized and therefore available for awards \u2013 no other changes to the 2019 Plan were proposed or adopted. The move comes as part of an effort to use every tool available to recruit and retain talent and to tie compensation to performance.<\/p>\n

\nSidhu thanked the company\u2019s shareholders, saying \u201cThank you for your investment in, and ongoing support of, our Company. We appreciate your confidence and will continue to work to build long term shareholder value while we live by our principles of strong risk management, while putting our team members, our customers, the communities we serve, sustainability and good governance first.\u201d<\/p>\n

Institutional Background<\/b><\/p>\n

\nCustomers Bancorp, Inc. (NYSE:CUBI) is one of the nation\u2019s top-performing banking companies with over $21 billion in assets, making it one of the 100 largest bank holding companies in the US. Through its primary subsidiary, Customers Bank, commercial and consumer clients benefit from a full suite of technology-enabled tailored product experience delivered by best-in-class customer service. A pioneer in Banking-as-a-Service and digital banking products, Customers Bank is one of the very few banks that provides a blockchain-based 24\/7\/365 digital payment solution. In addition to traditional lines such as C&I lending, commercial real estate lending, and multifamily lending, Customers Bank also provides a number of national corporate banking services to Specialty Lending clients. Major accolades include:<\/p>\n