Investment Banking - Customers Bancorp, Inc.

Transactions | Banking

Client: Customers Bancorp, Inc.
Industry: Banking
Transaction Type: Senior Notes Offering
Role: Joint Book Running Manager

  • Customers Bancorp, Inc. (NASDAQ:CUBI) is the holding company for Wyomissing, Pennsylvania based Customers Bank.
  • As of June 30, 2013, the Company had $3.8 billion in assets up from $2.3 billion on June 30, 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.
  • The five year notes were priced at 6.375%, are not callable or redeemable is listed on the NASDAQ Global Select Market under the symbol “CUBIL”.
  • CUBI intends to use the net proceeds from the sale of the notes to fund organic growth and for working capital and other general purposes. The company may also use a portion of the net proceeds to pursue acquisitions in its current and prospective markets.
  • The Company generated gross proceeds of $63.25 million (including the over-allotment) from the offering, up from the $25 million originally filed.
  • The Firm acted as a joint book running manager in connection with the offering.