Customers Bancorp Inc. reaches market capitalization of $1B

WYOMISSING, Pa. – Customers Bancorp Inc. of Pennsylvania this month hit a new milestone, reaching a market capitalization of $1 billion.
The parent company of Customers Bank, which has offices in Providence, says it hit the mark partly because of recent gains realized in the stock market.
“Reaching a market capitalization of $1 billion is an important milestone for us,” said Jay Sidhu, chairman and CEO of Customers, in prepared remarks. “In the seven years since we started the company, Customers has grown in market value from roughly $10 million – a testament to the success of our customer-focused banking model.”
The financial services industry has been trading at higher values since the presidential election last month, as investors are betting on growth under a Donald J. Trump administration.
Customers’ growth started after it reported third-quarter, record earnings, with net income totaling $18.6 million, representing a 30.3 percent increase compared with the prior-year period. The bank reports having about $9.6 billion in assets.

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