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Kroll Bond Rating Agency Assigns BBB/K3 Senior Long-Term and Short-Term Debt Ratings to Customers Bancorp, Inc.NEW YORK --(Business Wire)-- Kroll Bond Rating Agency ("KBRA") has assigned a senior long-term rating of BBB, a subordinated rating of BBB-, and a short-term debt rating of K3 to Customers Bancorp, Inc. ("the Group"), a bank holding company based in Wyomissing, PA. In addition, KBRA has assigned a senior deposit rating of BBB+, a subordinated debt rating of BBB, and a short-term debt rating of K2 to the subsidiary bank, Customers Bank (the "Bank" or "Customers"). The outlook on all ratings is stable. The ratings are supported by Customers' financial fundamentals as indicated by improving asset quality and earnings peformance, and its good efficiency ratios. The ratings also reflect the Group's innovative business model and its experienced management team, which mitigates the short operating history associated with the Bank's current business model. These strengths are balanced by concerns surrounding the Group's extensive use of noncore funding and rapid growth as well as their concentrated exposure to multifamily and other residential and commercial properties. The ratings are based on KBRA's Global Bank and Bank Holding Company Rating Methodology, published on May 2, 2013. About Kroll Bond Rating Agency KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP). |
