Customers Bancorp intends to repurchase $15.8M in stock under existing plan
Customers Bancorp announced that it intends to repurchase up to $15.8M of common stock under its existing 2013 repurchase program. Customers' CEO Jay Sidhu added ''We believe our shares are significantly undervalued at current prices and the Board considers share repurchases a good use of excess capital today. We are eager to get started; once we have completed the existing authorization, our Board will evaluate possible additional authorizations.'' Customers' CFO Carla Leibold added ''we are still on track to report 10 basis points to 15 basis points of net interest margin expansion this quarter and financial results that are in line with the current consensus range. Longer term, we are working towards $4.00 of earnings per share in the next three to four years.''