Customers Bancorp closes $100M offering of 6.875% subordinated notes due 2036

Customers Bancorp, Inc.

Offered $100M aggregate principal of 6.875% Fixed-to-Floating Subordinated Notes due 2036 at par.
Net proceeds estimated at ~$98M after underwriting discounts and expenses.
Proceeds for general corporate purposes, including possible partial redemption of Bank's 6.125% notes due 2029.
Underwriters: Keefe, Bruyette & Woods, Piper Sandler & Co., and Raymond James & Associates.
Notes are subordinated and not FDIC-insured; not deposits of the Bank.

item 1.01item 9.01

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