Customers Bancorp, Inc. (the “Company”) (NYSE:CUBI), the parent
company for Customers Bank, today announced that it has commenced
an underwritten public offering of 2,600,000 shares of its common
stock. FBR Capital Markets & Co. and Keefe, Bruyette
& Woods, Inc. are acting as the joint book-running managers for
the offering. The Company expects to grant the underwriters a
30-day option to purchase up to an additional 15% of the shares of
common stock sold, at the public offering price less the
underwriting discount, solely to cover over-allotments, if
any. The offering is subject to market conditions, and there
can be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering.
The Company expects to use the net proceeds for general
corporate purposes, which may include working capital and the
funding of organic growth at Customers Bank.
A shelf registration statement on Form S-3 (File No. 333-209760)
relating to the offering was filed previously with the Securities
and Exchange Commission (“SEC”) and is effective. A
preliminary prospectus supplement related to the offering has been
filed with the SEC. Copies of the shelf registration statement
(including the base prospectus), the preliminary prospectus
supplement and other documents that the Company has filed with the
SEC that are incorporated by reference into the registration
statement are available at no charge by visiting EDGAR on the SEC’s
website located at www.sec.gov. A final prospectus supplement
will be filed with the SEC and will be available on the SEC’s
website once filed. The offering may be made only by means of
a prospectus and a related prospectus supplement, copies of which
may be obtained, when available, by contacting: FBR, Attention:
Syndicate Prospectus Department, 1300 North 17th Street, Suite
1400, Arlington, VA 22209, or by telephone at 703-312-9580, or by
email at prospectuses@fbr.com.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company, nor
shall there be any offer or sale of securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Institutional Background
Customers Bancorp, Inc. is a bank holding
company located in Wyomissing, Pennsylvania engaged in banking and
related business through its bank subsidiary, Customers Bank.
Customers Bank is a community-based, full-service bank with assets
of approximately $9.6 billion that was named one of Forbes
magazine's 2016 100 Best Banks in America (there are over 6,200
banks in the United States). A member of the Federal Reserve
System with deposits insured by the Federal Deposit Insurance
Corporation, Customers Bank is an equal opportunity lender that
provides a range of banking services to small and medium-sized
businesses, professionals, individuals and families through offices
in Pennsylvania, New York, Rhode Island, New Hampshire,
Massachusetts, and New Jersey. Committed to fostering
customer loyalty, Customers Bank uses a High Tech/High Touch
strategy that includes use of technology to provide customers
better access to their money, as well as Concierge Banking® by
appointment at customers' homes or offices 12 hours a day, seven
days a week. Customers Bank offers a continually expanding
portfolio of loans to small businesses, multi-family projects,
mortgage companies and consumers. BankMobile is a division of
Customers Bank, offering state of the art high tech digital banking
services with high level of personal customer service.
Customers Bancorp, Inc.’s voting common shares
are listed on the New York Stock Exchange under the symbol
CUBI. Additional information about Customers Bancorp, Inc.
can be found on the Company's website, www.customersbank.com.
Information on, or accessible through, our website is not part of
any prospectus supplement or prospectus relating to the offering
described herein, other than documents that we file with the SEC
that are specifically incorporated by reference into any such
prospectus supplement or prospectus.
“Safe Harbor” Statement
In addition to historical information, this
press release may contain "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements with respect to Customers Bancorp, Inc.'s
strategies, goals, beliefs, expectations, estimates, intentions,
capital raising efforts, financial condition and results of
operations, future performance and business. Statements preceded
by, followed by, or that include the words "may," "could,"
"should," "pro forma," "looking forward," "would," "believe,"
"expect," "anticipate," "estimate," "intend," "plan," or similar
expressions generally indicate a forward-looking statement. These
forward-looking statements involve risks and uncertainties that are
subject to change based on various important factors (some of
which, in whole or in part, are beyond Customers Bancorp, Inc.'s
control). Numerous competitive, economic, regulatory, legal and
technological factors, among others, could cause Customers Bancorp,
Inc.'s financial performance to differ materially from the goals,
plans, objectives, intentions and expectations expressed in such
forward-looking statements. In addition, important factors relating
to the acquisition of the Disbursements business, the combination
of Customers' BankMobile business with the acquired Disbursements
business and the implementation of Customers Bancorp, Inc.'s
strategy regarding BankMobile, including with respect to the
possible disposition of the BankMobile business, depending upon
market conditions and opportunities, also could cause Customers
Bancorp's actual results to differ from those in the
forward-looking statements. Customers Bancorp, Inc. cautions
that the foregoing factors are not exclusive, and neither such
factors nor any such forward-looking statement takes into account
the impact of any future events. All forward-looking statements and
information set forth herein are based on management's current
beliefs and assumptions as of the date hereof and speak only as of
the date they are made. For a more complete discussion of the
assumptions, risks and uncertainties related to our business, you
are encouraged to review Customers Bancorp, Inc.'s filings with the
Securities and Exchange Commission, including its most recent
annual report on Form 10-K for the year ended December 31, 2015,
subsequently filed quarterly reports on Form 10-Q, and current
reports on Form 8-K that update or provide information in addition
to the information included in the Form 10-K and Form 10-Q
filings. Customers Bancorp, Inc. does not undertake to update
any forward-looking statement whether written or oral, that may be
made from time to time by Customers Bancorp, Inc. or by or on
behalf of Customers Bank.
Contacts:
Jay Sidhu, Chairman & CEO 610-935-8693
Richard Ehst, President & COO 610-917-3263
Investor Contact:
Robert Wahlman, CFO 610-743-8074
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