Customers Bancorp Inc Announces Pricing And Increase In Size Of Common Stock Offering

Wednesday, 15 May 2013 10:37pm EDT 

Customers Bancorp Inc announced the pricing of previously announced underwritten public offering of 5,373,134 shares of voting common stock at a price to the public of $16.75 per share. FBR Capital Markets & Co. is acting as the sole book-running manager for the offering and Sterne, Agee & Leach, Inc. and Boenning & Scattergood, Inc. are acting as co-managers for the offering. The $90 million offering represents an increase of $15 million from the planned $75 million offering previously announced by the Company. The shares of voting common stock are scheduled to begin trading on the Nasdaq Global Select Market on May 16, 2013 under the symbol CUBI. Customers has granted the underwriters a 30-day option to purchase up to an additional 805,970 shares of voting common stock, solely to cover over-allotments, if any. Net proceeds from the sale of the shares after underwriting discounts and estimated offering expenses are expected to be approximately $84,925,000. If the underwriters exercise their over-allotment option in full, net proceeds from the offering will be approximately $97,750,000. Customers intends to use the net proceeds from the offering to fund organic growth, and for working capital and other general corporate purposes. The offering is expected to close on May 21, 2013. 

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