-
The 61-year-old former Sovereign Bancorp CEO is back doing what he's known for in banking: building a franchise and stirring up controversy.
August 26 -
The largest U.S. bank's apartment loan business is mushrooming, aided by Fannie Mae and Freddie Mac retrenching. Now JPMorgan is refocusing on a market where, surprisingly, it lags: New York.
February 19 -
Customers Bancorp (CUBI) in Wyomissing, Pa., compensated for reduced income from its warehouse mortgage business with growth in other lending categories last quarter.
October 24 -
Customers Bancorp (CUUU), led by Chairman and Chief Executive Jay Sidhu, has applied with the Federal Reserve Board to open an office at 99 Park Avenue in Manhattan.
April 2
Customers Bancorp (CUBI) in Wyomissing, Pa., disclosed unexpectedly high sequential loan growth in the first quarter.
The company said in a regulatory filing Tuesday that it has $4.1 billion in loans at March 31, up 28% from Dec. 31. Roughly 30% of the growth came from purchases of five- and seven-year adjustable-rate mortgages for one- to four-person homes. Customers' loan originations also rose by roughly 20% from a quarter earlier, with most of the growth tied to multifamily properties.
The growth in Customers' multifamily loan portfolio was likely driven in part by its strong broker relationships in New York, Sandler O'Neill analysts Frank Schiraldi and Robert Haderer
Most of Customers' loan growth came late in the quarter because its average loan balance was $3.4 billion during the period, Schiraldi and Haderer wrote.
Sandler O'Neill increased its earnings estimates to reflect Customers' loan growth, boosting its 2014 projection by 11 cents, to $1.66 a share. The firm also increased its estimates for 2015 by 5 cents, to $1.90 a share.
