WYOMISSING, Pa., July 22, 2013 /PRNewswire/ -- Customers Bancorp, Inc. (Nasdaq: CUBI) ("Customers"), the holding company of Customers Bank, today announced that it has commenced an underwritten public offering of $25 million non-callable five-year senior notes, with interest payable quarterly. Customers expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the aggregate principal amount of the senior notes sold in the offering, solely to cover over-allotments, if any. The interest rate and certain other terms of the senior notes and the offering will be determined at the time of pricing. The offering is subject to market conditions, and there can be no assurance as to whether the offering will be completed, or as to the actual size or terms of the offering.
Customers intends to use the net proceeds from the offering to invest in Customers Bank, fund our organic growth and for working capital and other general corporate purposes. Customers may also use a portion of the net proceeds to pursue acquisitions or investments in its current and prospective markets.
Janney Montgomery Scott and Boenning & Scattergood, Inc. are acting as joint book-running managers for the offering.
A shelf registration statement relating to the public offering of the senior notes was filed previously by Customers with the Securities and Exchange Commission ("SEC") and is effective. A preliminary 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. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained, when available, from Janney Montgomery Scott LLC, Attention: Fixed Income Capital Markets, 1717 Arch Street, Philadelphia, PA 19103 or by emailing email@example.com; or Boenning & Scattergood, Inc., Attention: Fixed Income Capital Markets, 4 Tower Bridge, 200 Barr Harbor Drive, West Conshohocken, PA 19428, (800) 883-1212 or by emailing firstname.lastname@example.org.This press release does 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.