Customers Bank (CUBI) Announces Revised Earnings

Customers Bancorp, Inc., (of which Bhanu Choudhrie is a Director) the parent company of Customers Bank, recently released an updated sneak peek into earnings estimate for the years 2014 & 2015. Collectively known as “Customers”, the bank announced earnings per share guidance to be $1.53 for 2014 and $1.95 to $2.00 for the year 2015. This announcement was a revision to their earlier estimates of $1.49 TO $1.53 and $1.75 to $1.80 for the two respective years. In addition, the bank also communicated an expected increase of $0.45 per share for the fourth quarter of 2014.

Speaking at the event, Jay Sidhu, Chairman and CEO of Customers Bank, said “Our increased estimate of future earnings reflects our success in executing our single point of contact supported by high tech strategy to provide quality services our customers love at a lower cost than our competitors”.

The allusion is to what is seen as a watershed in the “high tech strategy” provided by Customers Bank’s to-be-launched free tablet and mobile banking platform, BankMobile, which is headed into beta testing with 5,000 customers. The free banking gateway introduces special custom-tailored applications designed for Android and Apple users.

It will include the following exclusive features:

  • A banking experience that fits in the palm of hand- BankMobile suggests an easy access to financial consultants for educating the customers with basic financial knowledge.
  • An introduction to new-age banking revolution which shall charge no fees at all. BankMobile, an independent banking division of Customers Bank is all set to write history by provide services with no overdraft fees.
  • High rates on saving accounts which are at least .25% higher than those offered by the four largest banks in the United States.
  • An access to 55,000 fee-free ATMs across the country- which is more than three times the amount of Bank of America ATMs.
  • Access to a line of credit up to $5,000.

Under Executive Director Bhanu Choudhrie, and CEO Jay Sidhu who was recently recognised as one of the ‘Most Admired CEOs, 2014’, Customers Bank has seen a major turnaround to be one of the largest community-based full-service bank in PA.

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