WYOMISSING, Pa. – Customers Bancorp Inc., parent of Customers Bank, earned the number one spot in Bank Director magazine’s 2014 Growth Leaders Ranking, the magazine announced April 29.
The magazine ranks U.S. banks, thrifts and saving institutions on four metrics that capture an institution’s financial growth – core revenue, core deposits, net loans and leases, and noninterest income. Ten top financial institutions are chosen in each of the four categories.
Customers Bank was named first overall because it ranked number one in core revenue, the most comprehensive of the four categories, Bank Director magazine spokeswoman Emily McCormick told Providence Business News. Core revenue includes loan and noninterest income metrics.
“Customers Bancorp placed first in the core revenue ranking, driven by growth in residential mortgages, multi-family housing and small business loans,” according to the announcement. “The bank also saw significant growth in noninterest income through the sale of residential mortgage loans.”
Customers Bank also topped the list in the core revenue category in last year’s ranking.
“Being recognized by Bank Director magazine or the second year in a row is a testament to our customers and our team members,” said Chairman and CEO Jay Sidhu. “We continue to strive to be the best community bank in the nation. This recognition gives us the impetus to reach higher and achieve even greater results.”
Customers Bank has New England operations in Providence and Boston.
Rankings were based on the first three quarters of 2013. No Rhode Island-based banks made any of lists of top 10 banks in any of the four categories.