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Customers Bancorp closes senior notes offering

Customers Bancorp Inc. on Sept. 23 completed a public offering of $25 million of senior notes due 2024.

The price to the purchasers was 100% of the principal amount of the notes representing a yield-to-maturity of 4.50%.

Net proceeds from the offering, after deducting underwriting discounts and estimated expenses, are expected to be about $24.4 million.

Customers Bancorp expects to use the net proceeds for general corporate purposes, which may include working capital and the funding of organic growth at unit Customers Bank. A part of the net proceeds may also be used to redeem Customers Bancorp's outstanding preferred stock, repurchase its common shares or fund possible future acquisitions of other financial services businesses.

The senior notes, which will mature Sept. 25, 2024, are senior unsecured obligations of the company. These will bear interest at a rate of 4.50% per year, payable semiannually on March 25 and Sept. 25 of each year, starting March 25, 2020.

Deutsche Bank Securities Inc. and B. Riley FBR Inc. were the underwriters of the offering.