Sunday, May 3, 2015

Customers Bank seeks investors for $25M

To fund "organic growth," and maybe acquisitions

Customers Bank seeks investors for $25M

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. 

About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

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

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