Customers Bank Announces Deferred Payments For Those Impacted By Government Shutdown

Companies Mentioned:

Primary Exchange: NYSE
Under the Symbol: CUBI

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Customers Bank Announces Deferred Payments For Those Impacted By Government Shutdown

Tuesday, January 15, 2019 8:15 AM

WYOMISSING, PA / ACCESSWIRE / January 15, 2019 / Customers Bank today announced that it will offer a 60-day deferment on principal and interest payments on consumer loans for borrowers who can demonstrate lost income due to the federal government partial shutdown. Late charges for deferred payments would be waived. "Following prudent lending practices, Customers Bank will work with borrowers who are experiencing hardships as a result of the shutdown," said Richard A. Ehst, President & COO of Customers Bank.

In a statement the bank said, all changes to payment schedules will be made on a case-by-case basis. Escrow would still be due to ensure that payments of property taxes and insurance are funded and made on a timely basis. Customers Bank might extend the relief program by additional 30-day increments, if the shutdown continues.

Borrowers who would like to request the deferment are encouraged to call Customers Bank at (610) 482-4283 or send an email to [email protected]. Bank team members will work with borrowers to meet their needs.

Institutional Background

Customers Bank is a super-community bank with $10.6 billion in assets as of September 30, 2018, offering commercial and consumer banking services along the I-95 corridor from Washington, DC to Boston; and in Chicago. Commercial products include cash management; commercial and industrial loans; small business loans; SBA government-guaranteed loans; commercial and multi-family real estate loans; and financing for leasing businesses and residential developers. Customers Bank provides consumer banking services including savings, checking, and money market accounts; certificates of deposit; residential mortgages; and consumer loans. Additional consumer products are marketed as BankMobile, BankMobile Vibe, and Ascent.

Customers Bank is a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation. Customers Bank is an equal opportunity lender. Customers Bank takes pride in delivering extremely high levels of customer service while charging comparatively very low fees; service that makes our clients say, "Wow."

Commercial clients enjoy Single Point of Contact service with one team to handle all banking needs. Some retail bank clients are afforded Concierge Banking® Services that brings banking to them, when and where they need it.

Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company with its headquarters located in Phoenixville, Pennsylvania. The voting common shares of Customers Bancorp, Inc. are listed on the New York Stock Exchange under the symbol CUBI.

CONTACT:

Customers Bank
1015 Penn Avenue
Wyomissing, PA 19610
Richard Ehst, President & COO, 610-505-9190
David W. Patti, Dir. Communications & Marketing, 610-451-9452

SOURCE: Customers Bank


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