Customers Bancorp Inc (CUBS)

FINANCE: BANKS
SIC: STATE COMMERCIAL BANKS
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Customers Bancorp, Inc. operates as a bank holding company. The Bank, through its subsidiaries, provides state-chartered, full-service retail and corporate banking. Customers Bancorp, 6.375% Senior Notes due 2018, issued in $25 denominations, are not redeemable prior to maturity, and mature 7/31/2018. Interest distributions of 6.375% per annum ($1.59375 per annum or $0.3984375 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be 3/1, 6/1, 9/1 & 12/1 respectively (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. This security was not rated by Moodys or S&P at the time of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured senior indebtedness of the company.