Wyomissing-based Customers Bancorp Inc., parent company of Customers Bank, achieved a market capitalization of $1 billion as of Dec. 6.
Jay Sidhu, chairman and CEO of Customers, said the figure shows impressive growth since the bank began operations.
“Reaching a market capitalization of $1 billion is an important milestone for us,” Sidhu said. “In the seven years since we started the company, Customers has grown its market value from roughly $10 million – a testament to the success of our customer-focused banking model.”
Sidhu said the recent gains partly resulted from a 7.6 percent jump of Customers’ shares on the New York Stock Exchange on Dec. 5.
The company’s shares also traded at a volume higher than the average daily volume, with more than 600,000 shares traded compared to the daily average of less than 200,000. The $1 billion market capitalization announcement comes after Customers reported third quarter 2016 record earnings and record net income to common shareholders of $18.6 million, up 30.3 percent over the third quarter of 2015.
Customers Bancorp Inc.’s voting common shares have been listed on the NYSE under the symbol CUBI since 2014.
Customers Bank is a community-based, full-service bank with assets of about $9.6 billion.