Investment Banking - Customers Bancorp, Inc.

Transactions | Banking

Client: Customers Bancorp, Inc.
Industry: Banking
Transaction Type: Common Stock Offering
Role: Co-Manager

  • Customers Bancorp, Inc. (NASDAQ:CUBI) is the holding company for Wyomissing, Pennsylvania based Customers Bank.
  • As of March 31, 2013, the Company had $3.5 billion in assets up from $1.9 billion on March 31, 2012.
  • The Company’s CEO Jay Sidhu joined Customers Bank as CEO in 2009. Customers Bank offers financial products and services in Southeastern Pennsylvania, Rye new York, and Hamilton New Jersey.
  • The Company had been experiencing significant growth due to its active participation in providing liquidity to the mortgage market through its warehouse lending business.
  • Through an underwritten public offering, the Company sold 6,179,104 shares of common stock, at a price of $16.75 per share for total gross proceeds of $103 million.
  • In conjunction with the offering, the Company moved from trading in the over-the-counter market to being listed on the Nasdaq Global Select Market under the symbol “CUBI”.
  • Use of proceeds from the offering were to be used to fund its organic growth and for working capital and other general corporate purposes.
  • Boenning acted as Co-Manager on the offering.