Customers Bancorp, Inc. announced the full redemption of all 2,300,000 shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (CUBIPrE). The total value of the redemption is $57.5 million, with a declared dividend rate of 9.70%.
The redemption date for the Series E Preferred Stock is scheduled for June 16, 2025, with a cash redemption price of $25 per share. Holders of record on May 31, 2025, will separately receive the regular quarterly dividend of $0.61304235 per share.
This strategic move is consistent with Customers Bancorp's efforts to enhance the efficiency of its funding and capital structure. The redemption is expected to be accretive to earnings per share at an annualized rate of 12 cents per share, improving long-term profitability and delivering shareholder value.
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