Customers Bancorp, Inc. Declares Quarterly Cash Dividend on Its Series E and Series F Preferred Stock
- Customers Bancorp, Inc. (NYSE:CUBI) has declared a quarterly cash dividend on its Preferred Stock, Series E and F. The dividend for Series E is $0.6831 per share, payable on September 15, 2023, to shareholders of record on August 31, 2023. The dividend for Series F is $0.65895 per share, payable on September 15, 2023, to shareholders of record on August 31, 2023.
- Customers Bancorp will no longer use three-month LIBOR as a reference rate for determining the dividend rate of the Preferred Stock.
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
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
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”).
Effective with the dividend payment scheduled for December 15, 2023 (and determined after June 30, 2023), for the Series E Preferred Stock (cusip 23204G605) the calculation agent will determine the dividend rate by adding the spread of
Institutional Background
Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s top-performing banking companies with over
-
#5 in top-performing banks with assets between
and$10 billion in 2022 per American Banker;$50 billion - #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/20230731888630/en/
David Patti, Communications Director
610-451-9452
Source: Customers Bancorp
FAQ
What is the dividend for Customers Bancorp's Preferred Stock, Series E?
When will the dividend for Customers Bancorp's Preferred Stock, Series E be payable?
What is the dividend for Customers Bancorp's Preferred Stock, Series F?
When will the dividend for Customers Bancorp's Preferred Stock, Series F be payable?
What reference rate will Customers Bancorp use for determining the dividend rate of the Preferred Stock?