Customers Bancorp, Inc 8-K, filed Mar 31, 2021
Customers Bancorp, Inc. (CUBI)
8-K
2021-03-31
For: 2020-07-07
View Original
Added on
April 09, 2026
About this 8-K
Customers Bancorp, Inc filed this 8-K on March 31, 2021, reporting on events of July 7, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
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): July 7, 2020
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File number) | (IRS Employer Identification No.) | ||||||
(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 | ||||||||||||
Preferred Stock, Series C, par value $1.00 per share | ||||||||||||||
Preferred Stock, Series D, par value $1.00 per share | ||||||||||||||
Preferred Stock, Series E, par value $1.00 per share | ||||||||||||||
Preferred Stock, Series F, par value $1.00 per share | ||||||||||||||
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 30, 2021, Bhanu Choudhrie resigned from the Board of Directors of Customers Bancorp, Inc. (the “Company”) and Customers Bank, the Company’s wholly-owned subsidiary, effective immediately to pursue other interests. At the time of Mr. Choudhrie’s notice, he was an independent director of the Board. Mr. Choudhrie’s notification did not indicate that there are any disagreements between him and either the Company or Customers Bank in connection with his resignation.
Additionally, on July 7, 2020, the Company and Thomas Jastrem agreed to the terms of Mr. Jastrem’s retirement from service as the Executive Vice President, Chief Risk Officer of Customers Bank effective July 20, 2020. Mr. Jastrem was a "named executive officer" of the Company during 2020. The terms of the agreement included the vesting of 21,064 shares of previously awarded restricted stock units of the Company on October 30, 2020 and the payment of $305,000 in bi-weekly installments for the performance of special advisory services ending on October 30, 2021.
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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 31, 2021