Monday, November 24, 2014
Inquirer Daily News

Customers Bank beats IPO share target

New Pa.-based bank seeks East Coast deals

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.

Joseph N. DiStefano
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.

Joseph N. DiStefano
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