financial services

Customers offering $75M in common stock

Posted 5/14/13

WYOMISSING, Pa. - Customers Bankcorp Inc., the parent company for Customers Bank, announced an underwritten public offering of $75 million of its voting common stock, according to a May 9 press release.

Customers intends to use the net proceeds from the offering to fund organic growth, for working capital and other general corporate purposes, and may use a portion to pursue acquisitions in its current and prospective markets.

Customers Bank moved into the Rhode Island market with the March 29 acquisition of Flagstar Bank. Customers Bank New England Market President Steve Issa also headed the regional Flagstar office and has been a long-time presence in regional banking.

A second regional office for Customers Bank is located in Boston.

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