WYOMISSING, Pa. – Customers Bancorp Inc., the parent company of Customers Bank, began an underwritten public offering of $25 million non-callable five-year senior notes, with interest payable quarterly, the bank announced Monday.
Customers plans to use the net proceeds from the offering to invest in the bank, fund organic growth and use for working capital. Customers may also use some of the net proceeds to pursue acquisitions or investments in its current and prospective markets.
The interest rate and other terms of the senior notes will be determined at the time of pricing. The offering is subject to market conditions.
Customers Bancorp recently announced a collaboration with Religare Enterprises Ltd., one of India’s leading diversified financial services companies. In its June 27 announcement, the bank said it plans to invest $51 million in Religare.
Customers Bank moved into the Rhode Island market with the March 29 acquisition of the regional business of Flagstar Bank. Customers Bank has regional headquarters in Providence and a second regional office in Boston.