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Customers Bancorp, 7.00% Fix/Float Rate Non-Cumul Perp Preferred Stock Series C
Ticker Symbol: CUBI-C* CUSIP: 23204G407 Exchange: NYSE
* NOTE: This security is no longer trading as of 9/15/2021
Security has been Called for: Wednesday, September 15, 2021
August 11th 2021 -- Customers Bancorp, Inc. (NYSE: CUBI) announced today that on September 15, 2021, it will redeem all 2,300,000 shares (the “Redeemed Series C Preferred Shares") of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C (ticker “CUBIPrC”) (the “Series C Preferred Stock”). The redemption price will be equal to $25 per Redeemed Series C Preferred Share. After giving effect to the redemption, no shares of the Series C Preferred Stock will remain outstanding.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Customers Bancorp, Inc., 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/15/2020 at $25 per share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 7.00% per annum ($1.75 per annum or $0.4375 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). 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. 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). From 6/15/2020, distributions will be paid at a floating rate equal to three-month LIBOR plus a spread of 5.30% per annum. 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-25 of 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.
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Go to Parent Company's Record (CUBI)
IPO - 5/11/2015 - 2.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: CUBZP Changed: 5/19/2015
Market Value $50.0 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
Bob Ramsey
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484-926-7118
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| Toll Free Phone Number |
866-476-2265 |
| CEO - Jay S. Sidhu |
CFO - Carla Leibold |
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