{"id":773702,"date":"2023-07-31T08:41:20","date_gmt":"2023-07-31T12:41:20","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/customers-bancorp-inc-declares-quarterly-cash-dividend-on-its-series-e-and-series-f-preferred-stock-8\/"},"modified":"2023-07-31T08:41:20","modified_gmt":"2023-07-31T12:41:20","slug":"customers-bancorp-inc-declares-quarterly-cash-dividend-on-its-series-e-and-series-f-preferred-stock-8","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/customers-bancorp-inc-declares-quarterly-cash-dividend-on-its-series-e-and-series-f-preferred-stock-8\/","title":{"rendered":"Customers Bancorp, Inc. Declares Quarterly Cash Dividend on Its Series E and Series F Preferred Stock"},"content":{"rendered":"

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Customers Bancorp, Inc. Declares Quarterly Cash Dividend on Its Series E and Series F Preferred Stock<\/b><\/p>\n

WEST READING, Pa.–(BUSINESS WIRE<\/a>)–
\nCustomers 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.<\/p>\n

\nThe 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.<\/p>\n

\nThe company also announced that, in accordance with Federal Reserve Board rules implementing the Adjustable Interest Rate (the \u201cLIBOR Act\u201d), 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\u2019s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $1.00 per share (\u201cSeries E Preferred Stock\u201d), and Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share (\u201cSeries F Preferred Stock\u201d).<\/p>\n

\nCustomers 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 \u201cNew Reference Rate\u201d).<\/p>\n

\nEffective 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.<\/p>\n

Institutional Background<\/b><\/p>\n

\nCustomers Bancorp, Inc. (NYSE:CUBI) is one of the nation\u2019s 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\u2019s 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:<\/p>\n