PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sat, April 1, 4:04 PM
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Slide #331. Customers Bancorp, Inc. — Preferred Stock Offering
Company:
Customers Bancorp, Inc. (NYSE:CUBI)
Date announced:
4/21/2016
Shares Offered:
2,000,000
Date of Pricing:
4/21/2016
Price Per Share:
$25.00
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 E (the "Series E 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 E Preferred Stock from the Company at the public offering price less the underwriting discount. Dividends on the Series E Preferred Stock will accrue and be payable quarterly in arrears, at a fixed rate per annum equal to 6.45% from the original issue date to, but excluding, June 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 5.14% per annum.
Customers Bancorp is a bank holding company. Through its subsidiary, Customers Bank, Co. has various branches and provides commercial banking products, primarily loans and deposits. Co. provides a range of conventional loan and deposit banking products and financial services, and non-conventional products and services such as Customers Bank Instant Token™, to its commercial and consumer customers. Co. provides an array of lending products to cater to its customers' needs, including specialty loans, commercial mortgage warehouse loans, multifamily and commercial real estate loans, business banking, small business loans, equipment financing, residential mortgage loans and installment loans.
Preferreds: CUBI.PRC, CUBI.PRD, CUBI.PRE, CUBI.PRF
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Avg. Broker Rec.
 
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Buy (3.17 out of 4) 43rd percentile
(ranked lower than approx. 57% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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