Customers Bancorp Inc. of Wyomissing, the holding company of Customers Bank, announced that it has priced its previously announced underwritten public offering of its senior notes.
The $55 million offering represents an increase of $30 million from the planned $25 million offering previously announced by Customers. Customers has granted the underwriters a 30-day option to purchase up to an additional $8.25 million of the senior notes to cover over allotments, if any.
Janney Montgomery Scott LLC and Boenning & Scattergood Inc. are acting as joint book-running managers for the offering, and MLV & Co. LLC is acting as co-manager.
The 6.375 percent non-callable five-year senior notes will have interest payable quarterly.
Net proceeds from the sale are expected to be approximately $52.63 million or approximately $60.56 million if the underwriters exercise their over allotment option in full.
The company said it intends to use the proceeds to invest in Customers Bank, 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.