Customers Bank beats IPO share target

Shares of Customers Bancorp Inc., the $4 billion-asset, Wyomissing-based bank set up by former Sovereign Bank chief executive Jay S. Sidhu, opened at $17.40 this morning, a 65-cent premium to yesterday's initial public offering price. Customers sold 55% of its shares to the public on the Nasdaq stock market under the symbol "CUBI"..

Customers said it expects to raise a total of $97.75 milion, up from a targeted $75 milion, when broker allottments are exercized later this month. The bank sold an initial 5.37 miillion shares through brokers FBR Capital Markets, aided by Sterne Ageee & Leach Inc. and by Boenning & Scattergood of West Conshohocken. Lawyers from Stradley Ronon represented Customers in the sale.

The bank plans to use some of the proceeds to continue buying additional banks; its current ofice network stretches across urban New England and the mid-Atlantic states.

Continue Reading