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Customers Bancorp Inc Announces Closing Of $103.5 Million Underwritten Public Offering Of Voting Common Stock, Including Exercise Of Underwriters' Over-allotment Option


Wednesday, 22 May 2013 04:21pm EDT 

Customers Bancorp Inc announced that 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. 

Company Quote

18.3
-0.34 -1.82%
24 Oct 2014