Customers Bancorp in Wyomissing, Pa., is looking to raise $75 million in a stock sale and intends to use the proceeds to fund organic growth and acquisitions.
The $3.5 billion-asset company, whose shares are traded over the counter, has also applied to have its shares traded on the Nasdaq in hopes of raising its profile with investors. If the application is approved its stock symbol would change from "CUUU" to "CUBI."
Chairman Jay Sidhu had said earlier this year that the bank intended to list on a national exchange sometime during the second quarter. He has also made no secret of the banks' intention to continue growing through acquisitions. Customers has acquired three banks since late 2010; its deal for Acacia Federal Savings Bank in Falls Church, Va., announced in mid-2012, was called off last month.
The price of the stock, number of shares to be sold and date of the offering were not disclosed in the offering prospectus filed with the Securities and Exchange Commission Thursday.
Underwriters FBR Capital Markets, Sterne, Agee and Boenning & Scattergood will have the option of buying an additional 15% of the common shares offered, Customers said.
Customers stock was trading over the counter at $16.34 a share Friday afternoon. The company had planned to sell stock at $12 to $15 a share in a public offering that it canceled last year.
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