Customers Bancorp, Inc. Declares Quarterly Cash Dividend on Its Series E and Series F Preferred Stock
31 Luglio 2023 - 2:00PM
Business Wire
Customers Bancorp, Inc. (NYSE:CUBI) announced that the Board of
Directors has declared a quarterly cash dividend on its
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock,
Series E (NYSE: CUBIPrE) of $0.6831 per share. The dividend is
payable on September 15, 2023, to shareholders of record on August
31, 2023.
The Board of Directors has also declared a quarterly cash
dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series F (NYSE: CUBIPrF) of $0.65895 per share.
The dividend is payable on September 15, 2023, to shareholders of
record on August 31, 2023.
The company also announced that, in accordance with Federal
Reserve Board rules implementing the Adjustable Interest Rate (the
“LIBOR Act”), after June 30, 2023, Customers Bancorp Inc. will no
longer use the three-month LIBOR as a reference rate for
determining the dividend rate of the Company’s Fixed-to-Floating
Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value
$1.00 per share (“Series E Preferred Stock”), and Fixed-to-Floating
Rate Non-Cumulative Perpetual Preferred Stock, Series F, par value
$1.00 per share (“Series F Preferred Stock”).
Customers Bancorp will replace the reference rate on Series E
Preferred Stock and Series F Preferred Stock with the replacement
reference rate determined by the Federal Reserve Board rules
implementing the LIBOR Act, which specify that three-month LIBOR be
replaced with the CME Term SOFR Reference Rate published for
three-month tenor as administered by CME Group Benchmark
Administration, Ltd. (or any successor administrator thereof) plus
0.26161 percent (the “New Reference Rate”).
Effective with the dividend payment scheduled for December 15,
2023 (and determined after June 30, 2023), for the Series E
Preferred Stock (cusip 23204G605) the calculation agent will
determine the dividend rate by adding the spread of 5.14% per annum
to the New Reference Rate as determined on the applicable dividend
determination date; for the Series F Preferred Stock (cusip
23204G704) the calculation agent will determine the dividend rate
by adding the spread of 4.762% per annum to the New Reference Rate
as determined on the applicable dividend determination date.
Institutional Background
Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s
top-performing banking companies with over $21 billion in assets
making it one of the 100 largest bank holding companies in the US.
Customers Bank’s commercial and consumer clients benefit from a
full suite of technology-enabled tailored product experiences
delivered by best-in-class customer service. In addition to
traditional lines such as C&I lending, commercial real estate
lending, and multifamily lending, Customers Bank also provides a
number of national corporate banking services to Specialty Lending
clients. Major accolades include:
- #5 in top-performing banks with assets between $10 billion and
$50 billion in 2022 per American Banker;
- #34 out of the 100 largest publicly traded banks in 2023 per
Forbes; and
- #64 on Fortune Magazine’s 2022 list of the 100 fastest growing
companies in America; and
A member of the Federal Reserve System with deposits insured by
the Federal Deposit Insurance Corporation, Customers Bank is an
equal opportunity lender. Learn more: www.customersbank.com.
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David Patti, Communications Director 610-451-9452
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