December 18, 2019 — Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank and its operating division BankMobile, has closed its underwritten public offering of $74,750,000 aggregate principal amount of 5.375% Subordinated Notes.
The notes, due 2034, included $9,750,000 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 payable quarterly, beginning on March 30, 2020.
The net proceeds from the offering is expected to be $72,075,375, 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 Customers Bank. The firm also may use a portion of the net proceeds to redeem shares of its preferred stock once they become redeemable, repurchase shares of its common stock, or fund, in whole or in part, possible future acquisitions of other financial services businesses.
The team from Janney included Greg Gersack, Managing Director, Head of Equity Capital Markets; Matthew Veneri, Co-Head of Investment Banking; Tom Bajus, Managing Director, Head of Fixed Income; Lozan Aleksandrov, Managing Director, Equity Capital Markets; Dan Flaherty, Managing Director, FIG Group; Peter Reinhart, Managing Director, Fixed Income Capital Markets; and Brian Flaherty, Associate, FIG Group.
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