Customers Bancorp, Inc. Subordinated Notes to Convert from Fixed to Floating Rate

WEST READING, Pa.--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE:CUBI) announced that subordinated notes issued in 2014 will, on June 26, 2024, convert from an annual fixed rate of 6.125% to a floating rate. On June 24, 2014, Customers Bancorp, Inc. (“Customers”) and its wholly-owned subsidiary, Customers Bank, (the “Bank”) entered into subscription agreements with accredited investors under which the Bank issued $110.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due ...