An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Customers Bancorp, Inc. Declares Quarterly Cash Dividend on Its Series E and Series F Preferred Stock
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
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 new reference rate will be based on the CME Term SOFR Reference Rate plus a spread. The calculation agent will determine the dividend rate based on the spread and the new reference rate.
Positive
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.
Negative
Customers Bancorp will no longer use three-month LIBOR as a reference rate for determining the dividend rate of the Preferred Stock.
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 $0.6831 per share. The dividend is payable on September 15, 2023, to shareholders of record on August 31, 2023.
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 $0.65895 per share. The dividend is payable on September 15, 2023, to shareholders of record on August 31, 2023.
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 $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 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 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 will determine 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 100 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.
What is the dividend for Customers Bancorp's Preferred Stock, Series E?
The dividend for Series E is $0.6831 per share.
When will the dividend for Customers Bancorp's Preferred Stock, Series E be payable?
The dividend for Series E will be payable on September 15, 2023.
What is the dividend for Customers Bancorp's Preferred Stock, Series F?
The dividend for Series F is $0.65895 per share.
When will the dividend for Customers Bancorp's Preferred Stock, Series F be payable?
The dividend for Series F will be payable on September 15, 2023.
What reference rate will Customers Bancorp use for determining the dividend rate of the Preferred Stock?
Customers Bancorp will no longer use three-month LIBOR as a reference rate. The new reference rate will be based on the CME Term SOFR Reference Rate plus a spread.
How will the dividend rate be determined for the Preferred Stock?
The calculation agent will determine the dividend rate based on the spread and the new reference rate.
what we believe in: at customers bank, we are dedicated to providing exceptional value, service and convenience as part of an overall effortless banking experience. our high-tech, high-touch approach to banking allows us to deliver a superior selection of products and services. who we serve: we’re a community-based, full-service bank that offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers in pennsylvania, new york, rhode island, new hampshire, massachusetts, and new jersey. our way of banking: our high-tech approach ensures that our customers have access to the all the latest and most convenient mobile and online banking tools. but when high-tech isn’t enough, customers have the convenience of concierge banking® — face-to-face banking by appointment at customers’ homes or offices 12 hours a day, seven days a week. our single-point-of-contact model means that customers have just one phone number to call for virt