Customers Bancorp, Inc. (the “Company”) (NYSE:CUBI), the parent
company for Customers Bank, today announced the closing of its
previously announced underwritten public offering of common
stock. In the offering, the Company sold an aggregate of
2,415,000 shares at a price to the public of $25.00 per
share. The 2,415,000 shares sold include 315,000 shares sold
pursuant to the exercise in full by the underwriters of their
option to purchase additional shares.
FBR Capital Markets & Co. and Keefe,
Bruyette & Woods, A Stifel Company, acted as the joint
book-running managers for the offering.
The net proceeds to the Company after deducting
the underwriting discount and estimated offering expenses are
expected to be approximately $58.4 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 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 final prospectus supplement related to the
offering has been filed with the SEC. Copies of the shelf
registration statement (including the base prospectus), the final
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. Copies of the
prospectus and prospectus supplement relating to the offering may
be obtained 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 or Keefe, Bruyette & Woods, Inc.,
Attention: Capital Markets, 787 Seventh Avenue, 4th Floor, New
York, NY 10019, or by calling toll-free at 1-800-966-1559 or by
emailing uscapitalmarkets@kbw.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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