Customers raises $103.5M through offering

WYOMISSING, Pa. – Customers Bancorp Inc., the holding company for Customers Bank, closed the underwritten public offering of voting common stock on May 22, according to a press release from the bank.
Customers raised $103.5 million in gross proceeds by issuing 6,179,104 shares of its voting common stock at the public price of $16.75 per share. Net proceeds are expected to be approximately $97.75 million.
Customers intends to use the net proceeds from the offering to fund organic growth and for working capital and other general corporate expenses.
Customers Bank moved into the Rhode Island market with the March 29 acquisition of the regional business of Flagstar Bank. Customers Bank has its regional headquarters in Providence with a second regional office in Boston.
“We are a rapidly growing bank, as indicated by our expansion into Providence and Boston, and we expect to continue that growth in the New England area, along with other areas,” Customers Bancorp Chief Financial Officer James Hogan told the Providence Business News in mid-May. The bank’s footprint is from Boston to Washington, D.C.