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FORWARD-LOOKING STATEMENTS
Customers Bancorp, Inc. (“Customers Bancorp”), may from time to time make written or oral “forward-looking statements,” including statements contained in Customers Bancorp’s filings with the Securities and Exchange Commission (the "SEC") (including this Annual Report on Form 10-K and the exhibits hereto and thereto), in its reports to shareholders and in other communications by Customers Bancorp, which are made in good faith by Customers Bancorp pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to Customers Bancorp’s beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risk and uncertainties, and are subject to change based on various factors (some of which are beyond Customers Bancorp’s control). The words “believe,” “expect,” “may,” “will,” “should,” “plan,” “intend,” or “anticipate” or the negative thereof or comparable terminology identify forward looking statements, which generally are not historical in nature. These forward-looking statements are only predictions and estimates regarding future events and circumstances and involve known and unknown risks, uncertainties and other factors, including the risks described under “Risk Factors” that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. This information is based on various assumptions that may not prove to be correct.
In addition to the risks described in the “Risk Factors” section of this Form 10-K, important factors to consider and evaluate in such forward-looking statements include:
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Changes in the external competitive market factors that might impact results of operations;
Changes in laws and regulations, including without limitation changes in capital requirements under the federal prompt corrective action regulations;
Changes in business strategy or an inability to execute strategy due to the occurrence of unanticipated events;
Ability to identify potential candidates for, and consummate, acquisition or investment transactions;
Failure to complete any or all of the transactions described herein on the terms currently contemplated;
Local, regional and national economic conditions and events and the impact they may have on Customers Bancorp and their customers;
Ability to attract deposits and other sources of liquidity;
Changes in the financial performance and/or condition of Customers Bancorp’s borrowers;
Changes in the level of non-performing and classified assets and charge-offs;
Changes in estimates of future loan loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements;
Changes in Customers Bancorp’s capital structure resulting from future capital offerings or acquisitions;
The integration of Customers Bancorp’s recent Federal Deposit Insurance Corporation (the "FDIC")-assisted acquisitions may present unforeseen challenges;
Inflation, interest rate, securities market and monetary fluctuations;
The timely development and acceptance of new banking products and services and perceived overall value of these products and services by users;
Changes in consumer spending, borrowing and saving habits;
Technological changes;
The ability to increase market share and control expenses;
Volatility in the credit and equity markets and its effect on the general economy;
The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters;
The businesses of Customers Bancorp and subsidiaries, not integrating successfully or such integration being more difficult, time-consuming or costly than expected;
Material differences in the actual financial results of merger and acquisition activities compared with expectations, such as with respect to the full realization of anticipated cost savings and revenue enhancements within the expected time frame, including as to the merger;
Revenues following the merger being lower than expected; and
Deposit attrition, operating costs, customer loss and business disruption following the merger, including, without limitation, difficulties in maintaining relationships with employees, being greater than expected.
These forward-looking statements are subject to significant uncertainties and contingencies, many of which are beyond the control of Customers Bancorp. Although the expectations reflected in the forward-looking statements are currently believed to be reasonable, future results, levels of activity, performance or achievements cannot be guaranteed. Accordingly, there can be no assurance that actual results will meet expectations or will not be materially lower than the results contemplated in this document
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and the attachments hereto. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document or, in the case of documents referred to, the dates of those documents. Unless we state otherwise or the context otherwise requires, references in this Form 10-K to “Customers Bancorp” refer to Customers Bancorp, Inc., a Pennsylvania corporation. References in this Form 10-K to “Customers Bank” or the “Bank” refer to Customers Bank, a Pennsylvania state chartered bank and wholly-owned subsidiary of Customers Bancorp. All share and per share information have been retrospectively restated to reflect the Reorganization (as defined below), including the one for three consideration (i.e., each three shares of Customers Bank was exchanged for one share of Customers Bancorp) used in the Reorganization. Unless we state otherwise or the context otherwise requires, references in this Form 10-K to “we,” “our,” “us” and the “Company” refer to Customers Bancorp and its consolidated subsidiary for all periods on or after September 17, 2011 and Customers Bank for all periods before September 17, 2011.