WYOMISSING, Pa., May 22, 2013 /PRNewswire/ -- Customers Bancorp, Inc. (Nasdaq: CUBI) ("Customers"), the holding company for Customers Bank, today announced the closing of its previously announced underwritten public offering of voting common stock. Customers raised $103.5 million in gross proceeds by issuing 6,179,104 shares of its voting common stock, which includes the issuance of an additional 805,970 shares of voting common stock as a result of the underwriters' exercise of their over-allotment option, at a price to the public of $16.75 per share. FBR Capital Markets & Co., Sterne, Agee & Leach, Inc., and Boenning & Scattergood, Inc. acted as the underwriters for the offering.
The net proceeds to Customers after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $97.75 million. Customers intends to use the net proceeds from the offering to fund organic growth, and for working capital and other general corporate purposes. Customers may also use a portion of the net proceeds to pursue acquisitions in its current and prospective markets.
A shelf registration statement relating to the public offering of the shares of voting common stock was filed previously with the Securities and Exchange Commission ("SEC") and is effective. A final prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website located at www.sec.gov. Copies of the prospectus and related prospectus supplement also may be obtained from FBR Capital Markets & Co., Prospectus Department, 1001 19th Street North, Arlington, VA 22209, (703) 312-9726 or email@example.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Customers, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.