Customers Bancorp in Wyomissing, Pa., has postponed its initial public offering of common stock.
The $2 billion-asset company run by veteran banker Jay Sidhu said in a press release Tuesday that it would postpone the offering because of market conditions.
"We are committed to raising capital to support our growth but will do so in a very disciplined way in order to protect our existing shareholders," Sidhu said in a press release.
The company filed its registration statement to go public in March and last week in an updated version of the filing said it planned to sell as many as 8.2 million shares for $13 to $15 a share. The equity was going to be used fuel organic growth and acquisitions.
Sidhu, the chairman and chief executive of Customers, is known for growing Sovereign Bank's assets from $500 million to more than $90 billion before its sale to Banco Santander SA in 2009. Sidhu resigned as head of that company in 2006 because of credit and integration problems.
In 2009, Sidhu led a $17 million recapitalization of Customers, then known as New Century Bank. Under his direction, the company has grown from $300 million of assets to $2 billion through loan growth, one open-bank deal and two failed-bank acquisitions.
Late last month Sidhu stepped down as the chairman of Atlantic Coast Financial (ACFC) because, he said, the Jacksonville, Fla., company was failing to "mitigate or significantly reduce risks facing the bank."