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.
JON C. OGG