Customers Bancorp in Wyomissing, Pa., is planning to raise at least $48 million by selling preferred stock.

The $7.1 billion company said in a press release Tuesday that it is planning to sell 2 million shares of preferred stock at $25 each. The company said it could raise as much as $56 million if underwriters exercise their rights to buy an additional 300,000 shares.

Customers said it intends to split the proceeds evenly with its bank. The offering is expected to close next Monday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.