Customers Bancorp, Inc · NYSE:CUBI
Customers Bancorp — Investor Day (June 2016)
111 slides from Customers Bancorp's investor day presentation, Jun 22, 2016
Slide 1: Overview of CUBI, Customers Bank and BankMobile Analyst Day Meeting
Overview of CUBI, Customers Bank and BankMobile Analyst Day MeetingJune 23, 2016NYSE: CUBI Member FDIC
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation, as well as other written or oral communications made from time to time by us, contains forward-looking information within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to f
Slide 3: Forward-Looking Statements
Forward-Looking Statements 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;our ability to increase market share and control expen
Slide 4: Goals For The Day
Goals For The Day Discuss three growth storiesCustomers Bancorp and Customers BankBankMobile and the new relationship we now have with Colleges and related Student Checking BusinessNew high growth model for BankMobileStrategic options for BankMobile monetization and future of CUBICUBI and BankMobile
Slide 5: CUBI Competitive Advantage: A Highly Experienced Management Team
CUBI Competitive Advantage: A Highly Experienced Management Team
Slide 6: Company Highlights
Company Highlights Strong Organic Growth, Well Capitalized, Branch Lite Bank in Attractive Markets$9.0 billion asset bank with only 21 sales officesWell capitalized at 10.3% total risk based capital, 7.2% tier 1 leverage, and 6.2% tangible common equity to average tangible assetsTarget market from B
Slide 7: Price Performance
Price Performance Price / NTM EPS
Slide 8: Price-to-Book Multiples
Price-to-Book Multiples Price / 2017 EPS1
Slide 9: Customers Bank Executing On Our Unique High Performing Banking Model
Customers Bank Executing On Our Unique High Performing Banking Model
Slide 10: Execution Timeline
Execution Timeline We invested in and took control of a $270 million asset Customers Bank (FKA New Century Bank)Identified existing credit problems, adequately reserved and recapitalized the bankActively worked out very extensive loan problemsRecruited experienced management team Enhanced credit and
Slide 11: Results in: Organic Growth of Deposits with Controlled Costs
Results in: Organic Growth of Deposits with Controlled Costs Source: Company data. Total Deposit Growth ($mm) Average DDA Growth ($mm) Cost of Deposits Total Deposits per Branch ($mm) Customers’ strategies of single point of contact and recruiting known teams in target markets produce rapid deposit
Slide 12: Lending Strategy
Lending Strategy High Growth with Strong Credit QualityContinuous recruitment and retention of high quality teamsCentralized credit committee approval for all loansLoans are stress tested for higher rates and a slower economyInsignificant delinquencies on loans originated since new management team t
Slide 13: Build an Outstanding Loan Quality Portfolio
NPL Source: SNL Financial, Company documents. Peer data consists of Northeast and Mid-Atlantic banks and thrifts with assets between $3.5 billion and $10.0 billion. Industry data includes all FDIC insured banks. Peer and Industry data as of December 31, 2015 Build an Outstanding Loan Quality Portfol
Slide 14: Build Efficient Operations
Staff Expense Ratio Build Efficient Operations Source: SNL Financial, Company documents. Peer data consists of Northeast and Mid-Atlantic banks and thrifts with assets between $3.5 billion and $10.0 billion. Industry data includes all FDIC insured banks. Peer and Industry data as of December 31, 201
Slide 15: Deposit, Lending and Efficiency Strategies Result in Disciplined & Profitable Growth
Deposit, Lending and Efficiency Strategies Result in Disciplined & Profitable Growth Core Revenue ($mm) Core Net Income ($mm) (1) Net Interest Income ($mm) Strategy execution has produced superior growth in revenues and earnings Income / Expense Growth ($mm) Core income is net income before extraord
Slide 16: Building Customers to Provide Superior Returns to Investors
Tangible BV per Share Building Customers to Provide Superior Returns to Investors Recent Performance Results Financial Performance Targets Earnings per Share Guidance / Valuation Multiples
Slide 17: SWOT Analysis
SWOT Analysis nn Customers Bancorp, Inc. Highly experienced Attractive Business model Focus on strongrisk Reduced fixed costs leadership team with __Northeast/Mid- provides ability to management; pristine due to branch-lite track record of Atlantic footprint with maintain strong credit quality with
Slide 18: Recent & Expected Capital Growth
Recent & Expected Capital Growth Note: Projected earnings based on consensus estimates of $2.40 EPS in 2016 and $2.67 EPS in 2017
Slide 19: Capital Considerations
Capital Considerations Customers Bancorp, Inc. CUBI has operated at lean capital levels due to superior growth profile; capital levels expected to build over the next few quarters 150 100 93 40 100 20 12016 20166 2017e —_! Peer Average? TCE /TA* 100 33 40 20 00 ar2016 2o16e* 20178 | Peer Average? ‘T
Slide 20: Interest Rate Risk
Interest Rate Risk Positioned well for gradually rising short term rates and a bear flattener
Slide 21: Deposit Costs Could Come Down
Deposit Costs Could Come Down Due to desire to stay below $10 billion in 2016 and 2017, opportunity to maintain cost of deposits in rising rate environment
Slide 22: What Does Regulatory Issues on CRE Concentrations Mean to Us
What Does Regulatory Issues on CRE Concentrations Mean to Us No issues at all for traditional CREOnly about 200% of capitalConducted a very detailed analysis on multi family portfolioNo issues for CUBI; we have a strong Risk Management process in placeWill restrict future growth due to our decision
Slide 23: BankMobile: How technology will define consumer banking in the future
A division of Customers BankHow technology will define consumer banking in the future
Slide 24: Key management of BankMobile Technologies, Inc.
Key management of BankMobile Technologies, Inc.
Slide 25: Startling facts about banks
Startling facts about banks Banks each year charge about $32 billion in overdraft fees – that’s allowing or creating over 1 billion overdrafts each year….Why??Payday lenders charge consumers another $7 billion in feesThat’s more than 3x what America spends on breast cancer and lung cancer combined a
Slide 26: What it takes to succeed in digital banking
What it takes to succeed in digital banking Absolute clarity of customer segments we are going afterMillennials and middle-income AmericansMust have a very strong customer acquisition strategyOpening ~500,000 new checking accounts each year, creating first real ‘Digital Bank for millennials’Clear Cu
Slide 27: Creating a virtual bank for the future, for consumers
Creating a virtual bank for the future, for consumers No fee or very low-fee banking, 25 bps higher interest savings, line of credit, 55,000 or more ATM’s, Personal Banker and more, all in the palm of your handMarketing Strategy Target technology dependent younger consumers; including underserved /
Slide 28: What did we buy from Higher One last week?
What did we buy from Higher One last week? Contractual relationships with 800 campuses in U.S.~$5.0 million per year licensing or subscription fee income from colleges for softwarePlatform for acquiring about 500,000 or more student checking account customers each yearBusiness that had ~$120+ millio
Slide 29: BankMobile evolution
BankMobile evolution ©2016 BankMobile a Division of Customers Bank. All Rights Reserved.
Slide 30: BankMobile's ecosystem is well-positioned to create 'customers for life'
BankMobile’s ecosystem is well-positioned to create ‘customers for life’ ©2016 BankMobile a Division of Customers Bank. All Rights Reserved.
Slide 31: Elements of an Effective Risk Management Program
Elements of an Effective Risk Management Program
Slide 32: Today's speakers for BankMobile
Today’s speakers for BankMobile Luvleen SidhuChief Strategy Officer Dan ArmstrongChief Digital Officer Kirk BarrettChief Technology Officer Andrew CrawfordChief Client Officer Lutz BraumChief Marketing Officer Casey McGuaneChief Operating Officer
Slide 33: BankMobile strategy
BankMobile strategy Luvleen Sidhu
Slide 34: BankMobile's mission
BankMobile’s mission Make banking affordable, effortless, and financially empoweringProvide “wow” memorable experiences; not just sell products Create customers for life
Slide 35: Our guiding principles
Our guiding principles ©2016 BankMobile a Division of Customers Bank. All Rights Reserved. Keep it simple Best-in-class user experience and customer service are how we will win We need to speak with an authentic voice 10X customer acquisition and retentionstrategy
Slide 36: Our Millennial target market is large and receptive to disruptive offerings
Our Millennial target market is large and receptive to disruptive offerings Largest generation (~84 million)40% would consider a branchless bank 33% want to switch banks in next 90 daysUnderserved by banks Receiving largest transfer of wealth in history4 largest banks among 10 least loved brands ©20
Slide 37: Our middle income target market is struggling and needs a banking alternative
Our middle income target market is struggling and needs a banking alternative 33% of Americans living paycheck to paycheck 47% don’t have enough to pay for a $400 emergency 20% are saving nothing 50% are saving less than 5%Paying $32B in overdraft fees a year ©2016 BankMobile a Division of Customers
Slide 38: Consumer behavior and needs are changing
Consumer behavior and needs are changing Consumer Behavior is Shifting… Millennials Want Change! (75%) say they would Overdrafts fees top $1 billion at the big 3 banks in the first three months of 2015. If the fee collection pace keeps up, that works out to about $20 for every American adult SORRY B
Slide 39: Digital banking environment is ready for disruption
Digital banking environment is ready for disruption Mobile bank users globally are forecasted to more than double by 2019 and digital banks are expected to disrupt traditional banking revenues significantly in the medium to long term Consumer Banking Revenue Disruption The rise of neo banks has been
Slide 40: Competitive environment
Competitive environment Customer Target Branch Density Millennial Baby Boomers none heavy * * not bank ©2016 BankMobile a Division of Customers Bank. All Rights Reserved.
Slide 41: BankMobile compares favorably to 'neo banks'
BankMobile compares favorably to ‘neo banks’ Offerings Joint Deposit Accounts Check Writing Ability Picture Bill Pay High Yield Savings Accounts Personal Line of Credit Personal Financial Management Account Opening Minimums $0.01 Recommend $100 – $500
Slide 42: Traditional customer acquisition models via branches don't work
Traditional customer acquisition models via branches don’t work ~1488 retail checking accounts per branch 17 new checking accounts opened per branch per monthDeposit open/close ratio of 1.07We estimate ~1 net new checking account opened per branch per weekOverdraft fees are subsidizing inefficient b
Slide 43: How we are disrupting the branch network
How we are disrupting the branch network Consumer Distributors & white label banking Consumer
Slide 44: Video: Crowdsourced before launching direct to consumer
Insert Video Crowdsourced before launching direct to consumer
Slide 45: Direct-to-consumer acquisition efforts/results so far
Direct-to-consumer acquisition efforts/results so far Social media/Google Adwords Digital Advertising PRCampus Ambassador Program (61 ambassadors to date) Membership Strategy (~2% conversion to date) Content marketing: Our book “Why Can’t Banks Be As Easy As Uber,” creating and promoting blog conten
Slide 46: Example of marketing video
Insert Video Example of marketing video
Slide 47: BankMobile has evolved from start up investment phase to shareholder return phase
In one year, BankMobile has evolved from start up investment phase to shareholder return phase BankMobile today is one of the top digital banks in the U.S.2 million checking accounts500,000 new checking accounts opened each year~$60 million per year non interest income revenues ~$600 million DDA’s b
Slide 48: BankMobile is a FinTech company that is part of a bank
BankMobile is a FinTech company that is part of a bank Use data analytics to improve the banking experienceMove away from money transactions to money management Don’t just sell products but create “wow” experiencesTake part in the Internet of Things, conversational AI for human touch, advanced biome
Slide 49: Online Banking the Smart Way
Online Banking the Smart Way ©2016 BankMobile a Division of Customers Bank. All Rights Reserved. Video
Slide 50: Disbursement Business
Disbursement Business Casey McGuane & Andrew Crawford
Slide 51: We leverage the financial aid refund disbursement process
$250B We leverage the financial aid refund disbursement process Account Federal&Private Refund: $1,500 Financial Aid STUDENT INSTITUTION $$ Bank Paper Check $$ $$ Tuition: 8,500 Disbursement Total aid and non-federal loansfor 2014/15 Loan: $10,000 We eliminate complexity for schools:Timing of disbur
Slide 52: We are the leading provider of financial services to the higher education industry
We are the leading provider of financial services to the higher education industry Serving 800+ higher education campuses Established 2001 96%+ university client retention $10B+ disbursed in 2015 ($6B into student accounts) 2MM accountholders on file Clients generated $5M in subscription revenue ©20
Slide 53: We have a compelling value proposition for colleges and students
We have a compelling value proposition for colleges and students Students Institutions Disbursement End-To-End Solution Financial Education Customers for Life Full Suite of DisbursementAnd Banking Solutions Increased Cost SavingsCompared to InefficientPaper-Based System Improved Quality of Serviceto
Slide 54: Customers Bank and the Disbursements business are an ideal match
Customers Bank and the Disbursements business are an ideal match Challenges within the disbursement industry and Higher OneServicer vs regulated bank modelFocus on higher education only, inability to provide lifecycle model with additional financial servicesAccounts only offered via disbursement mod
Slide 55: Our business enjoys significant barriers to entry
Our business enjoys significant barriers to entry Long-term embedded university client base (average tenure of relationship: 5 years)Strong technology allows for personalization by campusFull-service, high-touch disbursement solution with dedicated in-market teamsStrong process integration with ERP,
Slide 56: We are the market leader, with a 25% share of the 20M college student market
We are the market leader, with a 25% share of the 20M college student market BankMobile In-house TouchNet US Bank Wells Fargo NelNet Other* ADP, Blackboard, Chase, Citibank, ECSI, Herring Bank, and other regional banks Other* PNC Bank Local Banks Heartland Distribution of clients Market share by stu
Slide 57: Our client portfolio is strong and well-established
Our client portfolio is strong and well-established Client tenure by years Representative client roster 79% of clients are on 3+ year contracts96% client retention ©2016 BankMobile a Division of Customers Bank. All Rights Reserved.
Slide 58: Our full-service suite and extensive experience is difficult to replicate
Our full-service suite and extensive experience is difficult to replicate Highly efficient and formulaic process flow Gather Information 1 College or university identifies which students are eligible for a refundSends flat file to BankMobile with an identifier for the student and the amount of the d
Slide 59: Consumer Product/Growth Strategy
Lutz Braum Consumer Product/Growth Strategy
Slide 60: We know the student segment better than anyone
2M accountholders 138 million transactions processed in 2015 11 millionphone calls handled in 2015 We know the student segment better than anyone Profile of typical account holder:28-year old woman living in the SouthStudying at 2-year community college ( but for longer than 2 years)Likely to be wor
Slide 61: Some 'student accounts' exist, but none are truly designed for students
MOST are ‘basic checking’ with monthly fee waived for students SOME are only available for 4 years (only 20% of students finish in 4 years) SOME are only available to individuals under 24 years (average age of our students is 28) Some “student accounts” exist, but NONE are truly designed for student
Slide 62: We just launched BankMobile Vibe
We just launched BankMobile Vibe – the ideal account for today’s college student Free ATM access at 43,000 ATMs in the USFree Photo check depositFree Photo bill payFree Money Meter budgeting toolFree Snapshot (mobile spending tool)Free Passport recognition programFree Card On/Off SwitchFree checksNo
Slide 63: BankMobile Vibe
BankMobile VIBE
Slide 64: Vibe is uniquely positioned to be the best account for students
Vibe is uniquely positioned to be the best account for students Feature Monthly fee waived Mobile app No opening balance Photo bill-pay Instant Virtual Card Predictive budgeting FinLit counseling Recognition for smart money management R
Slide 65: BOLD was the first totally fee-free, full-scale banking offering
BOLD was the first totally fee-free, full-scale banking offering Mobile-first strategyAbsolutely no feesFree access to nationwide ATM networkChecking, Savings, Joint accounts, Line of CreditHigher savings rates than the largest 4 banks (at least 0.25% APY higher rate guaranteed)Online/mobile account
Slide 66: We can bridge multiple Fintech opportunities immediately
We can bridge multiple Fintech opportunities immediately Vibe BOLD ©2016 BankMobile a Division of Customers Bank. All Rights Reserved.
Slide 67: Vibe and BOLD guide customers towards financial freedom
Vibe and BOLD are the start of guiding customers towards financial freedom CONFIDENCE SECURITY Freedom Build money skills Build savings Build credit CHOICE/FLEXIBILITY ©2016 BankMobile a Division of Customers Bank. All Rights Reserved.
Slide 68: Growth strategy has pillars
Growth strategy has 5 pillars Expand B2B client roster (schools and other partners): we plan on signing up schools with an additional 500K enrolled students over the next 12 monthsExtend the average account tenure by offering post-graduation productAdd features to drive deeper engagement (measured b
Slide 69: Retention of customers will increase customer lifetime value
Retention of customers will increase customer lifetime value 10% Historical average retention rate of account holders post-graduation Account holder retention rate of graduates moved to BOLD account* 98% *based on test of 40K active accounts of graduates upgraded to BOLD account in summer of 2015 ©2
Slide 70: Cross-sell opportunities will increase revenue/account
Cross-sell opportunities will increase revenue/account 2% of accountholders get a $25K car loan Vibe:Savings accountsDirect DepositPartner offersBOLD:Line of creditCredit cardStudent Loan aggregationAuto loanInsuranceMortgageInvestment services Opportunities: $1BAssets $4MRevenue Examples: 2% of acc
Slide 71: Innovative product portfolio will power customer growth well beyond 2018
Innovative product portfolio will power customer growth well beyond 2018 VIBE BOLD TRIBE ARISE College students2M20MMoney managementRecognition program$tartwithChange financial literacy toolsAutomated savingsFinancial aid refund disbursementCampus marketingJune 2016 Target Current AcquisitionStrateg
Slide 72: Technology
Dan Armstrong & Kirk Barrett technology
Slide 73: BankMobile Technologies: Start-up leadership
Dan has personally designed and launched telco-based banking in dozens of countries across four continents since 2000.Dan has literally improved the lives of tens of millions by merging the power and ubiquity of mobile telecommunications with mobile payments and the life-enriching benefits of a bank
Slide 74: The Vital Stats
The Vital Stats Delivering 5 Financial Tech Products New BM Labs Established 2015 Up to MillionsOf Account Holders Concurrently Accessing BankMobile Services 64%Technology WorkersAcross our Entire Staff 3 Technology Campuses Innovation-First
Slide 75: Consumer and Student-Focused Technology Teams
Consumer and Student-Focused Technology Teams BankMobile Student Labs BankMobile Labs Digital User Experience Group Technology Architecture Group Software Development Group Business Systems Analysis & QA Fraud, Risk & Security Design 3rd-Party Vendor Mgmt. Group Refund Software Engineering Refund Mg
Slide 76: Scalable technology, security and risk management
Active relationship managersSpend on maintaining student relationsExecutive assignment program Written and tested disaster recovery planHot Redundancy in every critical & near-critical system Formal written and audited security programExtensive PCI certifications and external audit spendSoftware Dev
Slide 77: BankMobile launch timeline
BankMobile launched January 2015BankMobile Labs launched June 2015BankMobile Payments launched November 2015BankMobile Disbursements launched June 2016BankMobile Vibe student banking, launched June 2016BankMobile BOLD launching Fall 2016BankMobile Tribe family banking, launching Spring 2017BankMobil
Slide 78: Labs Innovation Teams Advanced Platforms
Labs Innovation Teams Advanced PlatformsIoT Banking, iOS P2P in Messages, Android Pay & Samsung Pay Auto Provisioning Payments, Cards and Data IntelligenceAdvanced Controls, Family Triggers and Rules Engine, APIs Real-Time Risk ManagementTransaction Scoring, Device Mgmt, Fraud and Payment Alerts Unr
Slide 79: BankMobile Labs: Innovation teams + trusted data and services partners
BankMobile Labs: Innovation teams + leading-edge trusted data and services partners Device & Location Intelligence, Fraud PreventionPartner InformationValidation, Fraud Checks & Scoring Partner End-to-End Mobile Encryption,Transaction Scoring Partner Core Banking System Partner Remote CheckDeposit &
Slide 80: Our FinTech product lines
Our FinTech product lines Platform/Products Objective BankMobile Hub and BankMobile BoldEnd-to-End Banking Apps & Middleware Platform Leverage our own brand and operational experience to deliver affiliate and partner-branded banking. BankMobile VibeNext-Generation Disbursements for HigherOne Student
Slide 81: BankMobile Bold: Platform functionalities and features
Account Management:FDIC-insured checking and savings accountsView transaction history Search for transactions View multiple (sub) accounts View statements View basic account info (balance, limit, rate) Money In/Money Out:Debit cardChecks, on requestA2A transfers (in, out via ACH)Direct depositIntra
Slide 82: BankMobile BEGIN!
BankMobile BEGIN! Streamlined and adaptive Customer account on-boarding enables prospective customers to sign-up for a checking account, savings account and get a instantly usable line-of-credit on their phone or home computer in under 3 minutes.
Slide 83: Next-generation risk tools and intelligent onboarding
As we never see our Customers in a branch, we have developed next-generation risk tools to protect our Customers, proactively manage account take-over risk, and reduce identity fraud.BankMobile is frictionless. BankMobile takes fraud very seriously. BankMobile Begin!: intelligent and adaptive new ac
Slide 84: Complete Money Management for the entire family
Today’s Family Takes on so many different shapes….Complete Money Management for the entire family.VISA Debit Cards for every family member that the parents controlA Phone App for each family member to access and manage their moneySimplest way to get money to a family member right when they need it m
Slide 85: Let's sample the Experience!
Let’s sample the Experience!
Slide 86: Demonstration of BankMobile 2.0
Demonstration of BankMobile 2.0
Slide 87: Demonstration of BankMobile 2.0
Demonstration of BankMobile 2.0
Slide 88: Solid fundamentals
Solid fundamentals We) stortrcks $2 Naren 4 26m 5 © _ TRANSACTION DETAIL Starbucks. 65
Slide 89: The basics of banking done right
The basics of banking done right
Slide 90: The Big Picture
The Big Picture : actions (not transactions). Answers “where did my money go?”
Slide 91: Secure web-based responsive banking
Secure web-based responsive banking
Slide 92: The Big Picture
The Big Picture: answers the age-old “where did our money go!?!”
Slide 93: Web-based detailed account register
Web-based detailed account register
Slide 94: Intuitive and guided transfers and payments
Intuitive and guided transfers and payments
Slide 95: Financial Goals & Plans for CUBI & BankMobile
Financial Goals & Plans for CUBI & BankMobile
Slide 96: 2015 Guidance vs. Results and 2016 Guidance
2015 Guidance vs. Results and 2016 Guidance
Slide 97: Estimated Purchase Accounting for Disbursements Acquisition
Estimated Purchase Accounting for Disbursements Acquisition Purchase price of $37.5 millionEstimate approximately $5 to $7 million goodwillSoftware costs $26millionIntangible assets $7 to $9 million
Slide 98: BankMobile Assumptions
BankMobile Assumptions We expect BankMobile to be the digital delivery channel of the future for consumers and studentsPurchasing the Higher One Disbursements business will provide a platform to generate new accounts annually based on graduating students
Slide 99: CUBI and BankMobile Future Outlook – Balance Sheet
CUBI and BankMobile Future Outlook – Balance Sheet *Assumes same number of shares outstanding as Customers Bancorp, Inc.
Slide 100: Summary of Strategic Alternatives for CUBI and BankMobile Monetization
Summary of Strategic Alternatives for CUBI and BankMobile Monetization
Slide 101: Summary of Strategic Alternatives
Summary of Strategic Alternatives
Slide 102: CUBI Stock Price Performance Reflects those Growth Rates
CUBI Stock Price Performance Reflects those Growth Rates, Significantly Outperforming SBNY and TCBI in their Early Years
Slide 103: CUBI Loan Growth has Significantly Outpaced SBNY & TCBI
CUBI Loan Growth has Significantly Outpaced SBNY & TCBI Across Comparable Periods in their Early Life Cycles
Slide 104: …with a Similar Outcome on the Deposit Side
…with a Similar Outcome on the Deposit Side
Slide 105: A Recent One-Year Lookback Reveals the Same Exceptional Growth Trajectory
A Recent One-Year Lookback Reveals the Same Exceptional Growth Trajectory
Slide 106: Profitability Metrics In-Line with Peers but Lower than Best in Class
Profitability Metrics In-Line with Peers but Lower than Best in Class
Slide 107: CUBI Trades at a Significant Discount to Peers
Despite High Growth Trajectory and Shareholder Returns, CUBI Trades at a Significant Discount to Peers as Well as High Performing Banks
Slide 108: Illustrative Cost Assessment to CUBI of Crossing $10bn Mark
Illustrative Cost Assessment to CUBI of Crossing $10bn Mark
Slide 109: Alternatives for Monetization of BankMobile
Alternatives for Monetization of BankMobile
Slide 110: Strategic Alternatives for BankMobile
Strategic Alternatives for BankMobile
Slide 111: Conclusions
Conclusions CUBI is option rich with attractive shareholder value creation opportunitiesBankMobile has become the “Bank for Millennials and Middle Income Americans”BankMobile value expected to be monetized over next 15 to 24 monthsVery significant value creation opportunities exist for shareholders