Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 10:53 PM
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Slide #313. Customers Bancorp, Inc. — Preferred Stock Offering
Customers Bancorp, Inc. (NYSE:CUBI)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Customers Bancorp, Inc. (the "Company") (NYSE: CUBI), the parent company for Customers Bank, today announced the pricing of its public offering of 1,000,000 shares of the Company's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (the "Series D Preferred Stock") at a price of $25.00 per share. Dividends on the Series D Preferred Stock will accrue and be payable quarterly in arrears, at a fixed rate per annum equal to 6.50% from the original issue date to, but excluding, March 15, 2021, and thereafter at a floating rate per annum equal to three-month LIBOR on the related dividend determination date plus a spread of 5.09% per annum.
Customers Bancorp is a bank holding company. Through its subsidiary, Customers Bank, Co. provides banking products, primarily loans and deposits, to businesses and consumers. Co. provides an array of lending products to cater to its customers' needs, including commercial mortgage warehouse loans, multi-family and commercial real estate loans, business banking, small business loans, equipment financing, residential mortgage loans and installment loans. Co. also provides deposit products, including commercial and consumer checking accounts, non-interest-bearing demand accounts, Money Market Deposit Accounts, savings accounts, time deposit accounts and cash management services.
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Buy (3.12 out of 4)
(ranked lower than approx. 59% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com