LOS ANGELES, Dec. 4, 2024 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Customers Bancorp, Inc. ("Customers Bancorp" or "the Company") (NYSE: CUBI) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.Investors who purchased the Company's securities between March 1, 2024 and August 8, 2024, inclusive (the "Class P ...

NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Customers Bancorp, Inc. (“Customers Bancorp” or “the Company”) (NYSE: CUBI) and certain of its officers. Class Definition This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Customers Bancorp se ...

NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who purchased or otherwise acquired Customers Bancorp, Inc. (“Customers Bancorp” or the “Company”) (NYSE: CUBI) securities between March 1, 2024 and August 8, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors un ...

ATLANTA, Dec. 03, 2024 (GLOBE NEWSWIRE) -- A shareholder class action lawsuit has been filed against Customers Bancorp, Inc. (“Customers Bancorp” or the “Company”) (NYSE: CUBI). The lawsuit alleges that Defendants made materially false and/or misleading statements and/or failed to disclose material adverse facts about Customers Bancorp’s business, operations, and prospects, including allegations that: (1) Customers Bancorp had inadequate anti-money laundering practices; and (2) as a result, it was not in co ...

SAN FRANCISCO , Dec. 03, 2024 (GLOBE NEWSWIRE) -- Customer Bancorp is now the target of a securities class action, alleging that the company and certain of its top executives misled investors about its anti-money laundering practices and compliance with federal regulations. Hagens Berman urges Customers Bancorp, Inc. (NYSE: CUBI) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact its attorneys. Clas ...

SAN DIEGO, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Customers Bancorp, Inc. (NYSE: CUBI) publicly traded securities between March 1, 2024 and August 8, 2024, inclusive (the “Class Period”), have until January 31, 2025 to seek appointment as lead plaintiff of the Customers Bancorp class action lawsuit. Captioned Chang v. Customers Bancorp, Inc., No. 24-cv-06416 (E.D. Pa.), the Customers Bancorp class action lawsuit charges Customers Bancorp ...

NEW YORK, Nov. 18, 2024 /PRNewswire/ -- Rosen Law Firm, a leading securities law firm, continues to investigate Customers Bancorp, Inc. (NYSE: CUBI) for possible violations of the federal securities laws.If you purchased Customers Bancorp securities, you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.To join the prospective class action, go to https:// ...

Core Viewpoint - Customers Bancorp, Inc. is under investigation for potential violations of federal securities laws following significant deficiencies identified in its risk management practices and compliance with anti-money laundering regulations, leading to a notable drop in its stock price [1][2]. Group 1: Investigation and Regulatory Actions - Rosen Law Firm is investigating Customers Bancorp for potential violations of federal securities laws [1]. - The Federal Reserve Board announced enforcement actions against Customers Bancorp and Customers Bank due to significant deficiencies in risk management and compliance with anti-money laundering laws [2]. Group 2: Stock Performance - Following the announcement from the Federal Reserve, Customers Bancorp's stock price fell by $7.22, or 13.3%, closing at $47.01 per share on August 8, 2024 [2]. Group 3: Legal Options for Investors - Investors in Customers Bancorp may have legal options and are encouraged to submit their information to Rosen Law Firm, which operates on a contingency fee basis [4]. - Shareholders will not be responsible for any court costs or litigation expenses, as the firm will seek court approval for any potential fees [4]. Group 4: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements and recognition in the field [6]. - The firm was ranked No. 1 for securities class action settlements in 2017 and has recovered hundreds of millions of dollars for investors over the years [6].

Credit Losses and Provisions - Customers Bancorp's Allowance for Credit Losses (ACL) as of September 30, 2024, was $138.8 million, with $133.2 million for loans and leases and $5.6 million for unfunded lending-related commitments[206]. - The provision for credit losses on loans and leases was $17.8 million for the three months and $51.6 million for the nine months ended September 30, 2024[206]. - The ACL decreased from $138.2 million as of December 31, 2023, primarily due to slight improvements in macroeconomic forecasts and lower consumer installment loan balances[206]. - Customers Bancorp's management utilized Moody's September 2024 Baseline forecast to estimate expected losses, reflecting slight improvements in macroeconomic conditions[207]. - Provision for credit losses decreased by $0.8 million (4.4%) for the three months ended September 30, 2024, reflecting a $0.7 million increase in provision for loans and leases[217]. - The provision for credit losses on loans and leases for the nine months ended September 30, 2024, was $51.570 million[312]. - Customers recognized a provision for credit losses on unfunded lending-related commitments of $0.6 million and $2.7 million during the three and nine months ended September 30, 2024, respectively[350]. - The allowance for credit losses (ACL) for loans and leases receivable was $133.2 million, or 1.06% of loans and leases receivable, as of September 30, 2024[309]. - Net charge-offs for the three months ended September 30, 2024, were $17.0 million, a decrease of $0.5 million compared to the same period in 2023[310]. - For the nine months ended September 30, 2024, net charge-offs increased to $53.7 million, up by $2.0 million compared to the same period in 2023[310]. Financial Performance - Net income available to common shareholders was $42.9 million for the three months ended September 30, 2024, a decrease of $40.0 million (48.2%) compared to $82.9 million for the same period in 2023[214]. - Net interest income decreased by $41.2 million (20.6%) for the three months ended September 30, 2024, compared to the same period in 2023, primarily due to higher interest expense on deposits and a decrease in average interest-earning assets by $790.4 million[214]. - Non-interest income decreased by $9.2 million (51.9%) for the three months ended September 30, 2024, primarily due to a $14.2 million increase in net loss on sale of loans and leases[220]. - Total non-interest expense increased by $14.6 million (16.3%) for the three months ended September 30, 2024, driven by higher salaries and employee benefits[222]. - Income before income tax expense decreased by $64.2 million (58.3%) to $46.0 million for the three months ended September 30, 2024, compared to $110.2 million for the same period in 2023[271]. - The effective tax rate for the three months ended September 30, 2024, was (1.58)%, a decrease from 21.29% for the same period in 2023, attributed to $14.3 million in investment tax credits from commercial clean vehicles[225]. - The company reported net income of $154.6 million for the nine months ended September 30, 2024, down from $188.1 million in 2023[356][357]. Liquidity and Deposits - Customers Bancorp maintained approximately $5.2 billion in immediate available liquidity from the Federal Reserve Bank (FRB) and Federal Home Loan Bank (FHLB) as of September 30, 2024[198]. - The estimated FDIC insured deposits represented approximately 66% of total deposits, increasing to 75% when including collateralized and affiliate deposits as of September 30, 2024[198]. - Total deposits reached $18.1 billion at September 30, 2024, reflecting an increase of $149.2 million, or 0.8%, from $17.9 billion at December 31, 2023[334]. - Savings deposits, including MMDA, increased by $731.7 million, or 15.8%, to $5.4 billion at September 30, 2024[334]. - Non-interest bearing demand deposits rose by $248.3 million, or 5.6%, to $4.7 billion at September 30, 2024[334]. - Time deposits decreased by $856.8 million, or 26.1%, to $2.4 billion at September 30, 2024[334]. - The loan to deposit ratio was 78% at September 30, 2024, indicating a strong liquidity position[352]. Interest Income and Expenses - Net interest income decreased by $40.6 million to $158.5 million for the three months ended September 30, 2024, compared to $199.8 million for the same period in 2023[229]. - The average cost of total interest-bearing deposits was 4.64% for the three months ended September 30, 2024, compared to 4.29% for the same period in 2023[229]. - The net interest margin for the three months ended September 30, 2024, was 3.05%, down from 3.70% for the same period in 2023[229]. - The NIM decreased by 12 basis points to 3.16% for the nine months ended September 30, 2024, from 3.28% for the same period in 2023[237]. - Customers' total cost of funds, including non-interest bearing deposits, was 3.55% for the nine months ended September 30, 2024, compared to 3.42% for the same period in 2023[237]. Asset Management - Total assets as of September 30, 2024, were $21.23 billion, a decrease from $21.98 billion as of September 30, 2023[229]. - Total loans and leases amounted to $13.64 billion for the three months ended September 30, 2024, with interest income of $239.6 million[229]. - The total loan and lease portfolio was $14.1 billion at September 30, 2024, an increase from $13.2 billion at December 31, 2023[329]. - Non-performing loans and leases amounted to $47.3 million, or 0.34% of total loans and leases, at September 30, 2024, compared to $27.1 million, or 0.21%, at December 31, 2023[329]. - Total loans and leases receivable, net of allowance for credit losses, amounted to $13.6 billion as of September 30, 2024, compared to $12.7 billion at December 31, 2023[305]. Market and Economic Conditions - The Federal Reserve has begun lowering the federal funds rate, with expectations of a 0.25 percentage point reduction twice in 2024[207]. - The unemployment rate is projected to rise to 4.1% in 2024 and 2025, with the Consumer Price Index (CPI) expected to increase by 2.9% in 2024[207]. - Customers Bancorp continues to monitor the impact of macroeconomic uncertainties, including inflation and geopolitical conflicts, on its operations and financial results[198]. Shareholder Equity and Capital - Shareholders' equity increased by $162.8 million, or 9.9%, to $1.8 billion at September 30, 2024, compared to $1.6 billion at December 31, 2023, primarily due to a $143.2 million increase in retained earnings[343]. - The capital ratios for Customers Bancorp, Inc. as of September 30, 2024, included a common equity Tier 1 capital ratio of 12.463%[366]. - The total capital to risk-weighted assets ratio for Customers Bancorp, Inc. was 15.362% as of September 30, 2024, exceeding the minimum requirement[366]. - The company is in compliance with the Basel III capital requirements as of September 30, 2024[366]. Strategic Initiatives - The bank onboarded 10 experienced commercial and business banking teams in April 2024 to enhance deposit growth potential in key markets[332]. - The company is transitioning its consumer installment lending strategy from held for investment to held for sale to mitigate credit risk exposure[290].

Core Viewpoint - Rosen Law Firm is investigating Customers Bancorp, Inc. for potential violations of federal securities laws, and is preparing a class action to recover investor losses [1][5]. Investigation Details - The investigation follows an enforcement action announced by the Federal Reserve Board on August 8, 2024, which identified significant deficiencies in Customers Bancorp's risk management practices and compliance with anti-money laundering regulations [3][4]. - Following the announcement, Customers Bancorp's common stock experienced a decline of 13.3% on the same day [4]. Class Action Information - Investors who purchased Customers Bancorp securities may be eligible for compensation through a contingency fee arrangement, allowing them to recover losses without upfront costs [1]. - Interested parties can join the class action by submitting a form or contacting the law firm directly [2]. Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements and recognition in the field [5]. - The firm has recovered hundreds of millions of dollars for investors, with notable achievements in 2019 and 2020 [5].