Customers Bancorp (CUBI) sold $103.5 million of common stock in a public offering.
The Wyomissing, Pa., company sold the stock at $16.75 a share in a sale that closed on Wednesday, it said. Customers sold $90 million of stock to the public, and the underwriters - FBR Capital Markets, Sterne, Agee & Leach and Boenning & Scattergood - exercised an option to buy another $13.5 million of shares.
Customers' stock was trading at $17.24 a share on Thursday morning. It began trading on the Nasdaq last week in conjunction with the offering.
The $3.5 billion-asset company said it will use the roughly $97.8 million of net proceeds to fund growth, which could include acquisitions.