Customers Bancorp in Wyomissing, Pa., plans to raise $30 million in an aggregate offering of its common stock.
The $7.5 billion-asset company said in a Dec. 23 Securities and Exchange Commission filing that it has agreed to sell its stock on the New York Stock Exchange through FBR Capital Markets and Maxim Group.
The shares are being issued and sold under a $250 million shelf registration filed in 2013, according to Jay Sidhu, chief executive of Customers Bank.
Sidhu did not say what the bank plans to do with the proceeds of the sale. He maintained that this is not an equity offering but an opportunity to add share market. He anticipates market demand of at least $28 per share. Customers' shares were trading at $27.45 midday Thursday.
"Demand is there. We can sell some shares off of our shelf," Sidhu said in an interview. "We're having a strong quarter, business is very strong and loan demands exceed our expectations."
Customers also recently announced it would pay $42 million for the disbursements business of Higher One, the financial aid company for U.S. higher-education students. That deal, which could add $65 million to $75 million to Customers' annual income, is expected to close in the second quarter.