Monday, July 6, 2015

Customers Bank seeks investors for $25M

To fund "organic growth," and maybe acquisitions

Customers Bank seeks investors for $25M

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Customers Bank
Customers Bank

Customers Bancorp Inc., the fast-growing Wyomissing-based lender run by Jay S. Sidhu, who built Philadelphia's former Sovereign Bank into the biggest bank based in eastern Pennsylvania, has hired Janney Montgomery Scott of Philadelphia and Boenning & Scattergood of West Conshohocken to sell $25 milion of 5-year, non-callable notes, at an interest rate still to be determined.

The money will fund "organic growth" by Customers, which has nearly $4 billion in assets and branches in metro Philadelphia, Boston and New York. It may also fund new acquisitions, Customers said in a statement. 

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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