Customers Bancorp in Wyomissing, Pa., plans to raise $24 million in an offering of its preferred stock on the New York Stock Exchange.
The $8.4 billion-asset company plans to use the proceeds of the offering for general corporate purposes, which may include the funding of organic growth, it said in a Jan. 22 Securities and Exchange Commission filing.
Customers will offer 1 million shares at $25 each. Dividends will be payable quarterly and carry an annual fixed rate of 6.5% until March 15, 2021, at which point they will switch to a floating rate based on the then-current three-month London interbank offered rate plus a 5.09% spread.
The shares will be issued and sold under a shelf registration filed in 2013. The offering is expected to close Jan. 29.
UBS Securities and Morgan Stanley are joint book-running managers for the offering.
Customers said in a Dec. 23 SEC filing that it planned to raise $30 million in an aggregate offering of its common stock.