trending Market Intelligence /marketintelligence/en/news-insights/trending/I6FbhkgYw3fO9YAmF8Nfag2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Customers Bancorp closes offering of subordinated notes due 2034

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible


Customers Bancorp closes offering of subordinated notes due 2034

Customers Bancorp Inc. closed a public offering of about $74.8 million aggregate principal amount of 5.375% subordinated notes due 2034, which included about $9.8 million of notes issued pursuant to the full exercise by the underwriters of their overallotment option.

The price to the purchasers was 100% of the principal amount of the notes. Interest will be paid quarterly in arrears on March 30, June 30, Sept. 30 and Dec. 30 of each year, starting March 30, 2020.

The Wyomissing, Pa.-based company expects to receive net proceeds of approximately $72.1 million from the offering, after deducting underwriting discounts and commissions and estimated offering expenses.

Customers Bancorp expects to use the net proceeds for general corporate purposes, which may include working capital and the funding of organic growth at the company's unit, Customers Bank. The company may also use a portion of the net proceeds to redeem shares of its preferred stock once they become redeemable, repurchase common shares or fund possible future acquisitions of other financial services businesses.

Customers Bancorp applied to list the subordinated notes on the NYSE under the symbol CUBB. If approved for listing, trading in the notes is expected to start within 30 days after the closing date.

B. Riley FBR Inc., D.A. Davidson & Co. and Janney Montgomery Scott LLC were the joint book-running managers for the offering, while William Blair & Co. LLC and Boenning & Scattergood Inc. were the lead managers. Incapital LLC, Maxim Group LLC and Wedbush Securities Inc. were the co-managers.

Stradley Ronon Stevens & Young LLP was counsel to Customers Bancorp, while Sidley Austin LLP was counsel to the underwriters in connection with the offering.