Customers Bancorp Postpones Capital Raise
WYOMISSING, Pa., May 8, 2012 /PRNewswire/ -- Customers Bancorp, Inc. today announced that, due to market conditions, it has postponed its public offering of voting common stock. "We are committed to raising capital to support our growth but will do so in a very disciplined way in order to protect our existing shareholders," said Jay Sidhu, Chairman and CEO of Customers Bancorp.
Since mid year 2009, Customers Bank has grown from less than a $300 million asset commercial bank to an approximate $2 billion asset bank and today has about $150 million of equity capital," stated Sidhu, adding, "During this same period, the bank's tangible book value per share has grown by approximately 25%." Sidhu went on to say, "We will continue to assess the financial markets for future opportunities to raise capital in the public market at a price that we believe to be reflective of the inherent value of the company."
"We remain committed to maintaining strong capital ratios and we will also assess other opportunities to enhance shareholder value and add growth capital to support the execution of our strategic plan," Sidhu concluded.
About Customers Bancorp and Customers Bank
Customers Bancorp, Inc. (the "Bancorp") is a bank holding company based in Wyomissing, Pennsylvania. Customers Bank (the "Bank"), a wholly-owned subsidiary of the Bancorp, is a state-chartered, full-service bank headquartered in Phoenixville, Pennsylvania. The Bank is a member of the Federal Reserve System and is insured by the Federal Deposit Insurance Corporation (FDIC). With assets of about $2.0 billion, the Bancorp provides a full range of banking services to small and medium-sized businesses, professionals, individuals and families through branch locations in Pennsylvania, New York and New Jersey. The Bank is focused on serving its targeted markets with a growth strategy that includes strategically placed branches throughout its market area and continually expanding its portfolio of loans to small businesses and consumers.
"Safe Harbor" Statement
In addition to historical information, this press release may contain "forward-looking statements" which are made in good faith by the Bancorp, pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements with respect to the Bancorp's strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, and financial condition, results of operations, future performance and business. Statements preceded by, followed by or that include the words "may," "could," "should," "pro forma," "looking forward," "would," "believe," "expect," "anticipate," "estimate," "intend," "plan," or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond the Bancorp's control). Numerous competitive, economic, regulatory, legal and technological factors, among others, could cause the Bancorp's financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. The Bancorp cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact that any future events. All forward-looking statements and information set forth herein are based on management's current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review the Bancorp's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K, as well as any changes in risk factors that may be identified in its quarterly or other reports filed with the SEC. The Bancorp does not undertake to update any forward looking statement whether written or oral, that may be made from time to time by the Bancorp or by or on behalf of the Bank.
SOURCE Customers Bancorp, Inc.