Jessie John Deano Velasquez
Customers BancorpAbout Jessie John Deano Velasquez
Executive Vice President and Chief Accounting Officer (principal accounting officer) of Customers Bancorp since April 2020; age 46 and six years of service as of the 2025 proxy . Previously Senior Vice President and Head of Accounting Policy and External Reporting at Webster Bank . Company incentive design emphasizes risk-balanced performance metrics including Net Interest Margin, liquidity vs uninsured deposits, CET1, with long-term PBRSUs tied to relative TSR, ROACE, and credit quality vs peers . No individual TSR/revenue/EBITDA performance attribution is disclosed for the Chief Accounting Officer.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Customers Bancorp, Inc. | EVP, Chief Accounting Officer (Principal Accounting Officer) | 6 | Leads accounting policy and external reporting control environment; serves as principal accounting officer signatory |
| Webster Bank | SVP, Head of Accounting Policy & External Reporting | — | Led accounting policy and SEC/external reporting function |
External Roles
No public company directorships, committee roles, or outside board positions are disclosed in the 2025 proxy .
Fixed Compensation
Not disclosed. The Chief Accounting Officer is not a Named Executive Officer in the proxy, and individual base salary/bonus paid amounts are not provided for this role .
Performance Compensation
Not disclosed for the Chief Accounting Officer. Company incentive frameworks disclosed in the proxy for NEOs provide insight into prevailing design and metrics:
| Metric | Weighting | Target Definition | Vesting/Payout |
|---|---|---|---|
| Q4 2024 Net Interest Margin (tax-equivalent) | 50% | Minimum 3.25% | Short-term annual incentive; linear interpolation around threshold/target/outperform/max |
| Liquidity coverage vs uninsured deposits | 25% | Immediately available liquidity at least 150% of uninsured deposits | Short-term annual incentive |
| CET1 capital ratio | 25% | At least 11.25% | Short-term annual incentive |
| Time-based RSUs (LTI component) | 40% of LTI | Time-based award | 3-year ratable vesting (annual tranches) |
| Performance-based RSUs (PBRSUs) | 60% of LTI | Relative 3-year metrics: TSR, ROACE, and average non-performing assets to total assets | 3-year cliff vest; vesting 50–150% vs peer-based thresholds |
Note: The above applies to disclosed plans for NEOs; specific CAO targets/weights are not disclosed .
Equity Ownership & Alignment
| Policy/Disclosure | Detail |
|---|---|
| Executive Stock Ownership Guidelines | Other Executive Officers must hold stock equal to 1x annual base salary; five-year compliance window from hire/promotion; RSUs count (excluding unvested PBRSUs); options excluded |
| Hedging/Short Selling Policy | Officers are prohibited from short selling, hedging, or derivative transactions in Company securities |
| Rule of 65 Retirement Vesting | Future equity awards continue to vest upon retirement if age + years of service ≥ 65, with minimum age 60 and ≥5 years of service |
| Section 16 Compliance | In 2023, a late Form 4 was filed by “Jesse Velasquez” reporting one late transaction; otherwise officers were compliant per review |
Insider trading filings (2025 activity):
| Date | Form | Note |
|---|---|---|
| 2025-03-18 | Form 4 | Statement of changes in beneficial ownership filed by Velasquez |
| 2025-03-25 | Form 4 | Statement of changes in beneficial ownership filed by Velasquez |
| 2025-04-08 | Form 4 | Statement of changes in beneficial ownership filed by Velasquez |
Note: Beneficial ownership share counts, vested/unvested breakdown, and pledge status are not disclosed for the Chief Accounting Officer in the 2025 proxy’s named tables .
Employment Terms
| Term | Disclosure |
|---|---|
| Role start date | Chief Accounting Officer since April 2020 |
| Contract/severance | No employment agreement, severance, or change-in-control terms disclosed for CAO in 2025 proxy; named agreements are detailed for NEOs only |
| Non-compete/Clawback | Company-wide policies include ownership guidelines and hedging prohibitions; specific CAO non-compete/clawback terms not disclosed. SERPs for certain NEOs include clawback/non-compete, but CAO is not listed among SERP participants |
| Equity vesting on retirement | Rule of 65 applies to future equity grants for participants, enabling continued vesting post-retirement |
Investment Implications
- Alignment: The CAO role is under executive ownership guidelines and anti-hedging policies, which support alignment but are less stringent than CEO/President/CFO multiples; the Rule of 65 reduces forced selling from retirement-triggered separations .
- Retention/pressure: Absence of disclosed guaranteed compensation or severance terms for the CAO implies standard executive program participation; multiple Form 4s in Mar–Apr 2025 warrant monitoring for patterns of tax-driven RSU sales vs discretionary selling pressure .
- Governance risk: A single late Section 16 filing in 2023 is a minor process flag but not indicative of systemic issues; CAO oversight of reporting makes continuity important amid industry regulatory scrutiny .
- Actionables: Track upcoming Form 4 activity and any 8-K Item 5.02 updates for employment terms; confirm compliance with the 1x salary ownership guideline timeline given hire in April 2020 and five-year window ending April 2025 .