WYOMISSING, Pa. – Customers Bancorp Inc, the parent company of Customers Bank, announced the pricing Thursday for its previously-announced five year senior notes. The $55 million offering more than doubles the planned $25 million offering initially announced.
In a release, the company said it plans to use proceeds from the notes “to invest in Customers Bank, fund organic growth and for working capital and other general corporate purposes.” Customers expects about $52.6 million in net proceeds from the sale, according to the release.
Customers Bank moved into the Rhode Island market with the March 29 acquisition of the regional business of Flagstar Bank. Customers Bank has regional headquarters in Providence and a second regional office in Boston.