Shareholders of Customers Bancorp, parent of Customers Bank, met at the Doubletree by Hilton Hotel in Reading, PA on Thursday, May 30 and re-elected three incumbent members to the bank’s board of directors. Andrea R. Allon, Rick B. Burkey and Daniel K. Rothermel were each elected to three-year terms as directors.

Shareholders also affirmed their support of corporate leadership with approval and adoption of a non-binding “say on pay” proposal, the company’s 2019 stock incentive plan, and approval of an amendment to the company’s articles of incorporation to adopt a majority voting standard in uncontested elections of directors.

The non-binding “say on pay” proposal outlining the company’s executive compensation program and compensation paid to the company’s named executive officers was adopted with approximately 95% shareholder approval. The proposal is not binding on the corporation, but the Board and Compensation Committee value the opinions of shareholders and will continue an outreach program and the study of best practices in considering future executive compensation.

“I am very pleased by the response of our shareholders and enthusiastic about the future of our bank,” said Jay S. Sidhu, chairman and CEO of Customers Bancorp, Customers Bank and BankMobile. “Our shareholders are confident in the direction of the bank. They are pleased by the success of our white-label product created by the BankMobile division through a partnership with T-Mobile. Our investors share our vision for the pathway to success and increased shareholder value.”

In other business, Deloitte & Touche was appointed as the bank’s independent registered accounting firm.

Sidhu discussed the bank’s performance and took questions from shareholders. “Our strategy is to be highly-focused, very efficient, and extremely innovative,” said Sidhu. “Our earnings and our increasing efficiency give us a very attractive valuation.”

Customers Bank is a super-community bank with $10.1 billion in assets as of March 31, 2019. It offers commercial and consumer banking services along the I-95 corridor from Washington, D.C. 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. Additional consumer products include “BankMobile Vibe online banking,” marketed by the BankMobile Division and “Ascent Money Market Savings,” marketed by the Customers Bank Digital Banking Division.