Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, December 4, 3:16 AM
|This Slide: #326 of 573|
Slide #326. Customers Bancorp, Inc. — Preferred Stock Offering
Customers Bancorp, Inc. (NYSE:CUBI)
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 2,000,000 shares of the Company's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C (the "Series C Preferred Stock") at a price of $25.00 per share. The underwriters have been granted a 30-day option to purchase up to an additional 300,000 shares of Series C Preferred Stock from the Company at the public offering price less the underwriting discount. Dividends on the Series C Preferred Stock will accrue and be payable quarterly in arrears, at a fixed rate per annum equal to 7.00% from the original issue date to, but excluding, June 15, 2020, and thereafter at a floating rate per annum equal to three-month LIBOR on the related dividend determination date plus a spread of 5.30% per annum.
Customers Bancorp is a bank holding company. Through its subsidiary, Customers Bank, Co. provides a range of loan and deposit banking products and financial services, and other products and services to its commercial and consumer customers. Co. provides a range of lending products, 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, time deposit accounts and cash management services.
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Buy (3.33 out of 4)
(ranked lower than approx. 57% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com