Customers Bancorp Launches $25 Mln Senior Notes Offering

(RTTNews) - Customers Bancorp, Inc. (CUBI), the holding company of Customers Bank, said Monday 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 company said it plans to use the net proceeds from the offering to invest in Customers Bank, fund its 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.