Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank, completed a public offering of its common stock. The offering involved over two million shares sold at $68.50 per share.
The offering generated gross proceeds of roughly $150 million for the company. Underwriters were granted an option to purchase additional shares within a 30-day period.
Several investment banks acted as underwriters for the offering. Morgan Stanley, Keefe, Bruyette & Woods (a Stifel company), and Raymond James & Associates served as joint book-running managers. B. Riley Securities, D.A. Davidson & Co., Hovde Group, and Maxim Group acted as co-managers.
Customers Bancorp intends to use the net proceeds from the stock offering for various corporate purposes. These include refinancing existing debt, repurchasing shares of its own stock, and making investments in its subsidiaries. The company also plans to potentially use funds for acquisitions and business expansion.
The company expects the offering to close around September 5, 2025, pending customary closing conditions. The offering was made under a previously effective registration statement filed with the Securities and Exchange Commission (SEC).
Customers Bancorp is a significant banking company with over $22 billion in assets, ranking among the 80 largest bank holding companies in the United States. The bank offers a range of commercial and consumer banking services, emphasizing technology-driven solutions and personalized customer service. Its services include commercial and industrial lending, commercial real estate lending, and multifamily lending, in addition to national corporate banking services.
The press release explicitly states that it does not constitute an offer to sell or a solicitation to buy securities. Any sale of securities will be subject to applicable securities laws.
The release also includes a cautionary statement regarding forward-looking statements. The company warns that actual results may differ materially from projections due to various factors, including those outlined in its SEC filings.
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