Customers Announces Plans for Tax-Free Spin-Off and Merger of BankMobile With Flagship Community Bank
Customers Bancorp, Inc (CUBI)
Last customers bancorp, inc earnings: 1/22 04:54 pm
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Source: GlobeNewswire
WYOMISSING, Pa., Oct. 19, 2017 (GLOBE NEWSWIRE) -- Customers Bancorp, Inc. (NYSE:CUBI), the parent company of Customers Bank (collectively, “Customers”), today announced plans to spin-off its BankMobile business to shareholders. The tax-free spin-off is expected to be followed by a merger of Customers’ BankMobile Technologies, Inc. subsidiary (“BMT”) into Clearwater Florida based Flagship Community Bank (“Flagship”), with Customers’ shareholders receiving shares of Flagship common stock in exchange for shares of BMT they receive in the spin-off. Flagship is expected to separately purchase BankMobile deposits directly from Customers for cash. Following completion of the spin-off and merger and other transactions contemplated in a purchase and sale agreement between Customers and Flagship, Customers’ shareholders would receive collectively more than 50% of Flagship common stock, valued at approximately $110 million. The common stock of the merged entities, to be called BankMobile,
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CUBI
Earnings
- 1/25/24 - Beat
CUBI
Sec Filings
- 4/17/24 - Form DEFA14A
- 4/17/24 - Form DEF
- 4/15/24 - Form 4
- CUBI's page on the SEC website