Customers Bancorp to redeem series C, D preferreds in full Sept. 15

By Marisa Wong

Los Angeles, Aug. 11 – Customers Bancorp, Inc. will redeem all of its 2.3 million outstanding shares of series C fixed-to-floating rate non-cumulative perpetual preferred stock on Sept. 15, according to a press release.

Customers Bancorp said it will also redeem all of its 1 million outstanding shares of series D fixed-to-floating rate non-cumulative perpetual preferred stock on Sept. 15.

The redemption price will be $25.00 per series C or series D preferred.

Because the redemption date is also a dividend payment date for the preferreds, the redemption prices do not include unpaid dividends. Regular quarterly dividends will be paid separately on Sept. 15.

The redemption will be funded with proceeds from an offering of new fixed-to-floating rate senior notes due 2031, as previously announced.

The bank holding company is based in Wyomissing, Pa.

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