Customers Bancorp, Inc. (CUUU.OB), parent company for Customers Bank, announced that it has priced underwritten public offering of 5.375 million shares of its voting common stock at $16.75 per share. The offering is expected to close on May 21, 2013.
The $90 million offering represents an increase of $15 million from the planned $75 million offering previously announced by the company.
Customers also announced that, effective May 16, its voting common stock will begin trading on the Nasdaq Global Select Market under the symbol "CUBI".
Customers granted underwriters a 30-day option to buy additional 805,970 shares of voting common stock, solely to cover over-allotments.
Then company estimates sale net proceeds after underwriting discounts and estimated offering expenses to be about $84.925 million. If the underwriters exercise their over-allotment option in full, net proceeds from the offering will be approximately $97.750 million.
Customers intends to use offering net proceeds 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.
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.
For comments and feedback: editorial@rttnews.com