New team to grow the bank through the launch of
jumbo non-QM loans and correspondent lending services

WYOMISSING, Pa., May 07, 2018 (GLOBE NEWSWIRE) -- Customers Bank, the region’s leading super-community bank with operations in Pennsylvania, D.C., Illinois, New York, New Jersey and New England, is pleased to announce that it has expanded its residential mortgage team.

The team, led by Lorie Shannon, Director of Mortgage Lending for Customers Bank’s Residential Mortgage Team, is in place to expand Customers Bank’s product offerings through jumbo non-QM loans, and to expand the Bank’s reach through correspondent lending. Shannon’s team of 35 supports the bank’s efforts in providing a wide range of products and a high level of service to all customers for their residential home financing needs. 

“Whether our customers are purchasing a new home, vacation home, or investment property, or whether they’re first time homebuyers, experienced home owners, or a relocation, we offer them a range of loan programs and a team with the technical expertise to meet their home financing needs,” said Lorie Shannon, Director of Mortgage Lending for Customers Bank’s Residential Mortgage Team. “The team is passionate about expanding our residential mortgage lending products and services, and is highly dedicated, skilled and fully engaged in providing exemplary service to our customers.”

Customers Bank’s jumbo non-QM loans will offer competitive adjustable rate financing and loan amounts up to $10 million, including for properties such as condominiums and others that fall outside of the traditional qualified market.

In addition to offering jumbo non-QM loans themselves through their retail lending team, Customers Bank will soon offer them through approved correspondent lenders that will offer borrowers competitive pricing, products, technology and services that meet their home financing needs.

“A rise in home prices, combined with changing guidelines for non-conforming programs, makes this an ideal time for Customers Bank to expand its residential offering in a way that makes the dream of homeownership a reality for more people,” said Richard Ehst, President and COO of Customers Bank. “Economic improvements across the board have positioned some of those hardest-hit during the downturn to regrow, rebuild, and restart their lives in new homes, while creating a new starting point for entrepreneurs and self-employed small business owners. As their neighbors and members of their communities, Lorie Shannon and her team are the ones to help them do it.”

Customers Bank is an Equal Housing Lender committed to providing mortgage opportunities for all levels of homebuyers. In addition to the new jumbo non-QM loan, Customers Bank offers FHA, VA, USDA, PHFA, standard conventional fixed and adjustable rate mortgage programs, and special low-to-moderate-income programs.  For more information, visit www.customersbank.com.

About Customers Bank
Customers Bancorp, Inc. is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of approximately $10.8 billion at March 31, 2018. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, District of Columbia, Illinois, New York, Rhode Island, Massachusetts, New Hampshire, and New Jersey. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as Single Point of Contact banking by appointment at customers’ homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers. Customers Bancorp, Inc. voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information about Customers Bancorp, Inc. can be found on the Company's website, www.customersbank.com.

Contact:
Richard Ehst
President & COO
610-917-3263