Customers Bancorp of Pennsylvania Files For IPO

Customers Bancorp, Inc. is the latest IPO filing with the Securities and Exchange Commission.  The terms are not set other than that the offering will be for up to $115 million in common stock.  Investors may want to pay attention here because it is not every day that you get to see a filing where a new bank wants to come public in an IPO.

Macquarie Capital and Keefe Bruyette & Woods are leading the offering and the bank intends to list its shares under the stock ticker of “CUBI” on NASDAQ.

Be advised that this is a reorganized bank.  In December 2010, Customers Bank changed its name from New Century Bank.  New Century Bank was incorporated in 1994 and is a Pennsylvania state chartered bank and a member of the Federal Reserve System.

The filing noted, “Customers Bancorp was incorporated in Pennsylvania in April 2010 to facilitate a reorganization into a bank holding company structure pursuant to which Customers Bank became a wholly-owned subsidiary of Customers Bancorp on September 17, 2011.”

At December 31, 2011, Customers Bancorp had total assets of $2.08 billion, including net loans (including held for sale loans) of $1.50 billion, total deposits of $1.58 billion and shareholders’ equity of $147.8 million.

As a part of the reorganization, all of the issued and outstanding shares of toting common stock and Class B non-voting common stock of Customers Bank were exchanged on a three-to-one basis for shares of Voting Common Stock and Class B Non-Voting Common Stock.

FULL FILING 

JON C. OGG