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Customers Bancorp, Inc. (NYSE:CUBI), a Pennsylvania-based financial institution with a market capitalization of $1.6 billion and a P/E ratio of 12.35, announced key leadership changes as detailed in a recent SEC filing. According to InvestingPro data, the company has maintained profitability over the last twelve months, with six analysts recently revising their earnings expectations upward. On May 28, the company revealed that Philip Watkins, currently serving as Executive Vice President and Chief Financial Officer, will transition to the role of Executive Vice President, Head of Corporate Development and Investor Relations. This change is set to take effect on or around August 15, 2025.
In conjunction with this transition, Customers Bancorp appointed Mark McCollom as Executive Vice President and Chief Financial Officer of Customers Bank, a wholly owned subsidiary of the company. McCollom’s role will expand to include the position of Chief Financial Officer of Customers Bancorp, effective on or around August 15, 2025.
McCollom, 61, brings over 35 years of experience in finance, strategy, and operations. Previously, he served as Chief Financial Officer of Fulton Financial (NASDAQ:FULT) Corporation from 2017 to 2024. The appointment comes as Customers Bancorp trades at $50.77, with analyst targets ranging from $52 to $82 per share. InvestingPro subscribers can access detailed analysis of the company’s leadership transitions and their potential impact on future performance. His background also includes senior leadership roles at Griffin Financial Group and Sovereign Bancorp, Inc. McCollom holds a Bachelor of Science in Accounting from The Pennsylvania State University.
As part of his appointment, McCollom will enter into a two-year employment agreement with Customers Bancorp. The agreement includes an annual base salary of $500,000, along with short-term and long-term incentive targets. These incentives are tied to performance-based criteria and include a mix of cash and restricted stock units.
The agreement also outlines severance conditions applicable under certain circumstances, such as termination for "Good Reason" or without "Cause," as well as provisions related to a "Change in Control." McCollom is subject to restrictive covenants, including non-solicitation and confidentiality obligations.
The company plans to file an amendment to the current report on Form 8-K to detail the execution of the employment agreement within four business days of its finalization. There are no reported related party transactions or family relationships impacting McCollom’s appointment.
This information is based on a statement from a recent SEC filing by Customers Bancorp. The company currently maintains a FAIR financial health score according to InvestingPro analysis, which provides comprehensive research reports covering over 1,400 US stocks, including detailed metrics and expert insights on leadership changes and their potential market impact.
In other recent news, Customers Bancorp Inc . reported its first-quarter earnings for 2025, revealing an earnings per share (EPS) of $1.54, which exceeded the forecast of $1.32. However, the company reported revenue of $167.4 million, falling short of the anticipated $190.3 million. The earnings call highlighted the company’s strategic focus on digital asset payments and treasury management, which contributed to operational excellence initiatives realizing a $30 million impact. Customers Bancorp maintained a strong net interest margin of 3.13% and a core efficiency ratio that improved to 52.7%. Despite the revenue shortfall, the company reaffirmed its full-year loan growth guidance and projected a 3-7% year-over-year increase in net interest income. Analysts noted the company’s ability to navigate macroeconomic volatility and its focus on deposit remix strategies and relationship banking. The firm’s proactive approach to securities portfolio repositioning and team recruitment strategies were also discussed during the earnings call.
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