Customers Bancorp, Inc 8-K, filed Aug 11, 2021
Customers Bancorp, Inc. (CUBI)
8-K
2021-08-11
For: 2021-08-11
View Original
Added on
April 09, 2026
About this 8-K
Customers Bancorp, Inc filed this 8-K on August 11, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): August 11, 2021
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices, including zip code)
(610 ) 933-2000
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
Preferred Stock, Series C, par value $1.00 per share | ||||||||||||||
Preferred Stock, Series D, par value $1.00 per share | ||||||||||||||
Preferred Stock, Series E, par value $1.00 per share | ||||||||||||||
Preferred Stock, Series F, par value $1.00 per share | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On August 11, 2021, Customers Bancorp, Inc. (the "Company") issued a press release announcing that it will redeem on September 15, 2021 (the “Series C Redemption Date”) all 2,300,000 shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”). After giving effect to the redemption on the Series C Redemption Date, no shares of the Series C Preferred Stock will remain outstanding.
The Company also announced in that press release that it will redeem on September 15, 2021 (the “Series D Redemption Date”) all 1,000,000 shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”). After giving effect to the redemption on the Series D Redemption Date, no shares of the Series D Preferred Stock will remain outstanding.
A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit | Description | |||||||
| Press Release dated August 11, 2021. | ||||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| CUSTOMERS BANCORP, INC. | |||||
By: /s/ Carla A. Leibold | |||||
| Name: Carla A. Leibold | |||||
| Title: Executive Vice President - Chief Financial Officer | |||||
Date: August 11, 2021
EXHIBIT INDEX
| Exhibit | Description | |||||||
| Press Release dated August 11, 2021. | ||||||||
Customers Bancorp
701 Reading Avenue
West Reading, PA 19611
Contacts:
Carla Leibold, CFO 484-923-8802
Sam Sidhu, President 484-744-8985
Customers Bancorp Announces Full Redemptions of its Series C Preferred Stock and Series D Preferred Stock
West Reading, PA August 11, 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.
Customers Bancorp also announced that on September 15, 2021, it will redeem all 1,000,000 shares (the “Redeemed Series D Preferred Shares”) of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (ticker “CUBIPrD”) (the “Series D Preferred Stock”). The redemption price will be equal to $25 per Redeemed Series D Preferred Share. After giving effect to the redemption, no shares of the Series D Preferred Stock will remain outstanding.
Because the redemption date is also a dividend payment date for the Series C Preferred Stock and the Series D Preferred Stock, the redemption prices noted herein do not include declared and unpaid dividends. Regular quarterly dividends will be paid separately in the customary manner on September 15, 2021 to holders of record on the close of business on August 31, 2021.
“We announced a planned redemption of preferred stock during our recent earnings call as step one in a multiphase strategy to increase shareholder value,” said Jay Sidhu, executive chairman and CEO of Customers Bancorp, Inc.
Computershare Trust Company, N.A. (“Computershare”) is the paying agent for the Redeemed Series C Preferred Shares and the Redeemed Series D Preferred Shares. The paying agent’s address is Computershare Trust Company, Attn: Corporate Actions, 150 Royall Street, Canton, MA 02021. Questions relating to the notice of redemption and related materials should be directed to Computershare via telephone at 1-800-546-5141.
About Customers Bancorp, Inc.
Customers Bancorp, Inc. (NYSE:CUBI) is a bank holding company located in West Reading, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank, a full-service bank with $19.6 billion in assets at June 30, 2021. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through mobile-first apps, online portals, and a network of offices and branches.