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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 29, 2021
(Exact name of registrant as specified in its charter)
| | | | | | | | |
| Pennsylvania | 001-35542 | 27-2290659 |
(State or other jurisdiction of
incorporation) | (Commission File number) | (IRS Employer
Identification No.) |
701 Reading Avenue
West Reading PA 19611
(Address of principal executive offices, including zip code)
(610) 933-2000
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below): | | | | | |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
|
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of each class | | Trading Symbols | | Name of each exchange on which registered |
| Voting Common Stock, par value $1.00 per share | | CUBI | | New York Stock Exchange |
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series C, par value $1.00 per share | | CUBI/PC | | New York Stock Exchange |
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series D, par value $1.00 per share | | CUBI/PD | | New York Stock Exchange |
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series E, par value $1.00 per share | | CUBI/PE | | New York Stock Exchange |
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series F, par value $1.00 per share | | CUBI/PF | | New York Stock Exchange |
| 5.375% Subordinated Notes due 2034 | | CUBB | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 29, 2021, Customers Bancorp, Inc. (the "Company") issued a press release announcing the retirement of Richard A. Ehst, President and Chief Executive Officer of Customers Bank (the “Bank”), the Company’s wholly- owned subsidiary. Samvir (Sam) Sidhu, currently Vice Chairman and Chief Operating Officer of the Bank, has been named as Ehst’s successor. The retirement and succession are effective July 1, 2021. Ehst will also step down from his position of President and Chief Operating Officer of the Company effective July 1, 2021. Following retirement, Ehst will serve as a Board Member of the Bank.
Sam Sidhu served as a Board Member of the Bank for eight years prior to joining the Bank’s executive management team. In January 2020, the Bank announced the recruitment of Sam Sidhu to serve as its Vice Chair and Chief Operating Officer, as well as the Head of Corporate Development for the Company. Sam Sidhu was the founder and chief executive of Megalith Financial Corp. LLC, a NYSE-listed financial technology-based special purpose acquisition company. Prior to launching Megalith, Sam worked at Providence Equity Partners and Goldman Sachs. He earned an MBA from Harvard Business School and a B.S. from the University of Pennsylvania’s Wharton School.
The press release relating to these events is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
++++++++++++++++++++++++++++++
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| | | | | | | | |
| Exhibit | | Description |
| | Press Release dated March 29, 2021 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| | | | | |
| CUSTOMERS BANCORP, INC. |
| |
| By: /s/ Carla A. Leibold |
| Name: Carla A. Leibold |
| Title: Executive Vice President - Chief Financial Officer |
Date: March 29, 2021
EXHIBIT INDEX
| | | | | | | | |
| Exhibit | | Description |
| | Press Release dated March 29, 2021 |
