Customers Bancorp in Wyomissing, Pa., is raising another $52.5 million from the latest in a series of public offerings this year.
As in previous stock sales, the $9.6 billion-asset Customers said it would use the proceeds for general purposes that may include working capital to fund organic growth at its bank. Chief Executive Jay Sidhu is placing a premium on technology at Customers, including the January 2015 launch of BankMobile, a digital-only unit that aims to attract young and underbanked customers.
The company said Friday that it had priced the new public offering for 2.1 million shares of common stock at $25 each.
Customers expects to grant underwriters FBR Capital Markets and Keefe, Bruyette & Woods a 30-day option to purchase an additional 315,000 shares, potentially increasing the proceeds to $60.3 million. The offering is expected to close on or about Nov. 9.
In September, the company announced it had raised $133.5 million from the combination of a preferred stock offering and secondary sales of common stock that had begun in August.