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WEST READING, PA – Customers Bancorp, Inc. (NYSE:CUBI), a Pennsylvania-based commercial bank with a market capitalization of $1.6 billion, announced the upcoming resignation of board member Rajeev V. Date, effective March 31, 2025. According to InvestingPro analysis, the bank currently trades below its book value with a P/B ratio of 0.96, suggesting potential value opportunity. The departure was disclosed in a recent SEC filing by the company.
Mr. Date, who has been a director at Customers Bancorp since 2022, will step down to focus on his other professional commitments. He is set to become the Lead Independent (LON:IOG) Director and chair of the Compensation Committee for Circle Internet Group, Inc., which recently filed for an initial public offering.
During his tenure, Mr. Date contributed to the company’s governance through his roles on the Directors’ Risk Committee and as chairman of the Regulatory Affairs Committee. He also served on the Directors Compliance Committee of Customers Bank, the wholly-owned subsidiary of Customers Bancorp.
The company stated that Mr. Date’s decision to resign was not due to any disagreements with the company’s operations, policies, or practices. His departure is said to be a personal choice to dedicate more time to his firm, Fenway Summer LLC, and his new responsibilities at Circle Internet Group, Inc.
Customers Bancorp has not yet announced a successor to fill the vacancy on the board. The company’s SEC filing on April 2, 2025, serves as the official record of this corporate governance event. Investors and stakeholders are now awaiting further announcements regarding the transition and appointment of new board members.
In other recent news, Customers Bancorp reported strong financial results for the fourth quarter of 2024, with earnings per share (EPS) of $1.36, surpassing analyst expectations of $1.19. However, the company’s revenue fell short of forecasts, coming in at $167.43 million against an expected $184.34 million. Despite the revenue miss, the company achieved significant growth in net interest income and margin, marking a 6% quarter-over-quarter increase. Keefe, Bruyette & Woods maintained a Market Perform rating on Customers Bancorp with a price target of $67, expressing optimism about the bank’s growth potential following discussions with its executives. The analysts noted the bank’s focus on core deposit pipeline, loan growth, and digital asset deposits as key areas of development. The transition to in-house technology platforms has been highlighted as a factor in reducing expenses and improving operational efficiency. Customers Bancorp’s executives emphasized their forward-looking strategy, aiming for a loan portfolio growth of 7-10% in 2025. The company is also targeting improvements in its efficiency ratio and aims to enhance its return on equity (ROE) and return on assets (ROA) in the coming year.
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