Customers Bancorp Has No IPO Plans: CEO Sidhu

Customers Bancorp in Wyomissing, Pa., will look to give its shareholders better liquidity this year, but it is not reconsidering an initial public offering.

"We will look to list our stock on Nasdaq or the New York Stock Exchange this year but are not doing an IPO," said Jay Sidhu, the chief executive of the $3.2 billion-asset company, in an interview on Wednesday. The stock currently trades over the counter under the symbol CUUU.

Customers attempted an IPO last year and had planned to raise between $92 million and $123 million by selling stock at $13 to $15 a share, but called it off in May because of poor market conditions.

Instead, the company looked to add capital through private placements. It raised $15 million in a private placement in July and August and then completed a separate $85 million private raise in September. Both were priced at $14 per share.

Customers reported fourth-quarter earnings of $7.57 million, up 138% from a year earlier and 14% higher from the previous quarter. The results were driven by a 42% year-over-year increase in net revenue and a 44% decrease in provision for loan losses.