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In an eventful earnings announcement, the company also reported a big jump in profits and disclosed more details about a fraud scheme perpetrated by a warehouse-lending partner.
April 11 -
Customers Bancorp in Wyomissing, Pa., struck its second deal in two months with an agreement to buy CMS Bancorp in White Plains, N.Y. Customers, led by Jay Sidhu, would expand its presence in Westchester County.
August 10
CMS Bancorp (CMSB) in White Plains, N.Y., plans to terminate its sale to Customers Bancorp (CUBI) in Wyomissing, Pa.
The $258 million-asset CMS said late Friday that it had decided against extending the Dec. 31 termination date for its
CMS said its board decided against another extension "due to the continued delay and uncertainty in the timing" of regulatory approvals. CMS also said Customers owes it a $1 million termination fee.
"The CMS board is disappointed that the proposed merger will not proceed," John Ritacco, president and chief executive of CMS, said in a press release. "However, the board is confident that the decision to not further extend the merger agreement at this time is the right decision for our shareholders, customers, and employees."
Customers has now had two potential acquisitions terminated. In April, Customers
