PROVIDENCE – Customers Bancorp Inc.’s planned spin-off its BankMobile business to Flagship Community Bank is expected to close in mid-2018.
Pennsylvania-based Customers, with offices in Providence, provided an update on the deal last week. The bank said Flagship could raise capital in an initial public offering transaction during the first half of next year, which could impact the deal, according to a release.
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“Compared to a private placement, an IPO structure would offer investors greater transparency with a publicly filed registration statement, reduces execution risk and likely narrows the window of time for investors between committing capital and owning an exchange traded security,” according to a statement.
The closing could result in Customers Bancorp customers to own more than 50 percent of outstanding shares in the BankMobile Flagship company. The bank said it’s on target to end 2017 operating less than $10 billion in assets, with all capital ratios increased from the third quarter.
For more details on the deal, visit www.customersbank.com.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
