Wyomissing, Pa.-based Customers Bancorp Inc. priced an offering of $25 million aggregate principal amount of 4.50% senior notes due Sept. 25, 2024.
Net proceeds to the company after discounts and commissions but before expenses are expected to be about $24.4 million.
The company 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.
Interest on the notes will be paid semiannually March 25 and Sept. 25 of each year, commencing March 25, 2020.
Deutsche Bank Securities and B. Riley FBR are the joint book-running managers of the offering.
