Tuesday, December 1, 2015

Customers Bank buys $1 billion D.C. lender

$65 million stock premium for Acacia Federal

Customers Bank buys $1 billion D.C. lender


Customers Bancorp Inc., the fast-growing, suburban Reading-based company set up by former Sovereign Bank boss Jay S. Sidhu when he bought out the Phoenixville bank run by publisher Steve Forbes' brother-in-law a couple years back, has agreed to issue $65 million in new non-voting common and preferred stock in exchange for acquiring $1 billion asset Acacia Federal Savings Bank from owner Ameritas Mutual Holding Co.

The deal would make Customers a $3 billion asset bank with 15 offices stretching from Connecticut through New York, New Jersey, and southeast Pennsylvania, to Washington, DC.

The deal will also make Ameritas, a dental-plan and benefits manager, a nearly 10% voting owner (and 20% share owner) of Customers. Sidhu announced, and cancelled, a public share sale earlier this year. The sales agreement excludes "higher risk" an  non-performing loans and real estate, and Ameritas agreed to eat property and technology contract cancellation fees.

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

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