Customers Bancorp, Inc. Declares Quarterly Cash Dividend on Its Series E and Series F Preferred Stock

Rhea-AI Summary

Customers Bancorp, Inc. (NYSE:CUBI) declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E and Series F. The dividend for Series E is $0.68163044 per share, payable on March 15, 2024, and for Series F is $0.65774294 per share, also payable on March 15, 2024. 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 preferred stocks. The company has replaced the reference rate with the CME Term SOFR Reference Rate published for three-month tenor as administered by CME Group Benchmark Administration, Ltd. The dividend rates for Series E and Series F Preferred Stock are determined by adding a spread to the New Reference Rate. Customers Bancorp, Inc. is one of the nation’s top-performing banking companies with over $21 billion in assets and is a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation.

WEST READING, Pa.--(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240129649848/en/

David Patti, Communications Director 610-451-9452

Source: Customers Bancorp, Inc.

FAQ

What is the quarterly cash dividend for Customers Bancorp, Inc.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (NYSE: CUBIPrE)?

The quarterly cash dividend for Series E is $0.68163044 per share.

When is the dividend payable for Customers Bancorp, Inc.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F (NYSE: CUBIPrF)?

The dividend for Series F is payable on March 15, 2024.

What reference rate has Customers Bancorp Inc. replaced the three-month LIBOR with for determining the dividend rate of the Company’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E and Series F?

Customers Bancorp Inc. has replaced the three-month LIBOR with the CME Term SOFR Reference Rate published for three-month tenor as administered by CME Group Benchmark Administration, Ltd.

How are the dividend rates for Series E and Series F Preferred Stock determined after June 30, 2023?

The dividend rates for Series E and Series F Preferred Stock are determined by adding a spread to the New Reference Rate.

What are some accolades received by Customers Bancorp, Inc.?

Customers Bancorp, Inc. has been ranked #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.