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Issuer:
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Customers Bancorp, Inc.
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Title of Security:
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Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”)
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Size:
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$50,000,000 (representing 2,000,000 shares), or $57,500,000 (representing 2,300,000 shares) if the underwriters exercise their option to purchase additional shares in full
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Maturity:
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Perpetual
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Liquidation Preference:
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$25 per share
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Dividend Rate (Non-Cumulative):
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At a rate per annum equal to 7.00% up to but excluding June 15, 2020; from and including June 15, 2020 until the redemption date (if any), at a floating rate per annum equal to three-month U.S. dollar LIBOR plus a spread of 5.30% per annum; in each case, only when, as and if declared.
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Dividend Payment Dates:
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March 15, June 15, September 15 and December 15 each year, commencing September 15, 2015
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Redemption:
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At the Issuer’s option (i) on any dividend payment date occuring on or after June 15, 2020, in whole or in part, at a redemption price equal to $25 per share, plus the per share amount of any declared and unpaid dividends and (ii) in whole but not in part at any time within 90 days following the occurrence of a “regulatory capital treatment event,” as described in the prospectus supplement, at a redemption price equal to $25 per share, plus any declared and unpaid dividends.
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Trade Date:
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May 11, 2015
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Settlement Date:
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May 18, 2015 (T+5)
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Public Offering Price:
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$25 per share
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Underwriting Discount:
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$0.7875 per share
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Net Proceeds (before expenses) to the Issuer:
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$48,425,000, or $55,688,750 if the underwriters exercise their option to purchase additional shares in full
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Listing:
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The Issuer intends to file an application to list the shares of Series C Preferred Stock on the New York Stock Exchange under the symbol “CUBIPrC”.
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CUSIP/ISIN:
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23204G 407 / US23204G4073
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Joint Book-Running Managers:
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Morgan Stanley & Co. LLC
UBS Securities LLC
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Co-Manager:
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Janney Montgomery Scott LLC
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