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Customers Bancorp, 6.45% Fix/Float Rate Non-Cumul Perp Preferred Stock Series E
Ticker Symbol: CUBI-E CUSIP: 23204G605 Exchange: NYSE
Security has been Called for: Sunday, June 15, 2025
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July 31, 2023 -- 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 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”). May 01, 2023 -- the Board of Directors has declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (NYSE: CUBI-E of $0.63929075 per share. The dividend is payable on June 15, 2023, to shareholders of record on May 31, 2023. January 07, 2023 -- 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 $0.61931250 per share. The dividend is payable on March 15, 2023, to shareholders of record on February 28, 2023.
May 14, 2025: All Preferred E Shares being called on June 15, 2025. CLICK HERE for more information.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Customers Bancorp, Inc., 6.45% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/15/2021 at $25 per share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.45% per annum ($1.6125 per annum or $0.403125 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be the 15th calendar day prior to the payment date or such other record date fixed by the board, not more than 30 days or less than 15 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From 6/15/2021, distributions will be paid at a floating rate equal to three-month LIBOR CME Three Month Term SOFR plus 0.26161% plus a spread of 5.14% per annum. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-26 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
May 14, 2025: All Preferred E Shares being called on June 15, 2025. CLICK HERE for more information.
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Go to Parent Company's Record (CUBI)
IPO - 4/21/2016 - 2.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: CUBBP Changed: 4/29/2016
Market Value $ Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 701 Reading Avenue, West Reading PA 19611 |
| Main Phone Number |
610-933-2000 |
| Fax Number |
Not Available |
| Investor Relations
David W. Patti
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484-926-7109
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| Toll Free Phone Number |
866-476-2265 |
| CEO - Jay S. Sidhu |
CFO - Carla Leibold |
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