Customers Bancorp Outlines Vision 2025 and Customers Bank’s Succession Plan with Recruitment of Chief Operating Officer and Several Internal Promotions - Seite 2

In connection with Sam Sidhu’s appointments, Customers Bancorp has granted him an initial inducement award of 300,000 restricted stock units with a fair value of $22.19 per share. The restricted stock units have a 10-year term, will vest on the fifth anniversary of the grant date, subject to Customers’ performance relative to its peers on total shareholder return, return on average common equity, and average nonperforming assets to total assets over a five-year period, and are subject to certain accelerated vesting and forfeiture provisions in the event of a change in control, resignation for good reason, or termination for cause as provided in his employment agreement. The grant of the restricted stock units was made outside of the Customers Bancorp 2019 Stock Incentive Plan and approved by the independent members of Customers Bancorp’s Board of Directors, including all of the members of the Compensation Committee, in reliance on the inducement award exemption from the shareholder approval requirements under Section 303A.08 of the New York Stock Exchange Listed Company Manual.

In addition to these key appointments, Andrew Bowman (54) has been promoted to Executive Vice President and Chief Credit Officer. Bowman has been with Customers Bank for over eight years and brings over 30 years of strong bank and commercial finance credit experience to his new position. Late in 2018, Customers announced the appointment of Carla Leibold (52) as the Chief Financial Officer and Jeff Skumin (43) as the Chief Accounting Officer, respectively, of Customers Bancorp and Customers Bank.

“We are thrilled with the quality and experience of our management team and its commitment to executing our vision for 2025 and beyond,” stated Dan Rothermel, Customers Bancorp’s Lead Independent Director and Chairman of its Nominating and Corporate Governance and Directors Risk Committees.

“I echo Dan’s comments,” stated Jay Sidhu. “I am committed to working with the team as we achieve our long term and short-term goals. I am not planning on retiring until we are making about $6 in core EPS and feel very confident we have a core strategy and core team in place for a bright long-term future for Customers Bancorp, Customers Bank and BankMobile,” Jay Sidhu concluded.

Institutional Background

Customers Bancorp, Inc. is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of approximately $11.5 billion at December 31, 2019. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, Illinois, New York, Rhode Island, Massachusetts, New Hampshire and New Jersey. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as Concierge Banking by appointment at customers’ homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.