Customers Bancorp, Inc. Declares Quarterly Cash Dividend on Its Series E and Series F Preferred Stock
January 29 2024 - 4:15PM
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 $0.68163044 per share. The dividend is
payable on March 15, 2024, to shareholders of record on February
29, 2024.
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 $0.65774294 per share.
The dividend is payable on March 15, 2024, to shareholders of
record on February 29, 2024.
The company is reminding shareholders that, in accordance with
Federal Reserve Board rules implementing the Adjustable Interest
Rate (the “LIBOR Act”), after June 30, 2023, Customers Bancorp Inc.
is no longer using 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 has replaced 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 March 15, 2024
(and determined after June 30, 2023), for the Series E Preferred
Stock (cusip 23204G605) the calculation agent determined 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 determined 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 80 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
Customers Bancorp (NYSE:CUBI)
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