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CUBI

Customers Bancorp

$27.04

0.28 (1.05%)

18:04
11/20/17
11/20
18:04
11/20/17
18:04

Customers Bancorp: Flagship could raise capital in IPO transaction in 1H18

Customers Bancorp, the parent company of Customers Bank, provided updates on its planned spin-off and merger of its BankMobile business and progress at the core bank. Additionally, this morning Customers disclosed the execution of the definitive agreement relating to the spin-off and merger with Flagship Community Bank in a Form 8-K filing with the SEC. The spin-off and merger are currently expected to close in mid-2018. Customers expects that Flagship could raise capital in an IPO transaction in the first half of 2018. Compared to a private placement, an IPO structure would offer investors greater transparency with a publicly filed registration statement, reduces execution risk, and likely narrows the window of time for investors between committing capital and owning an exchange traded security. After closing, Customers Bancorp shareholders are expected to own over 50% of outstanding shares in BankMobile/Flagship. Customers also commented that it is already operating with approximately $10B in total assets, on track with its plans. Customers expects December 31, 2017 total assets to be below $10B, allowing the company to strengthen its capital ratios, and continue to qualify as a small issuer of debit cards and maintain our current interchange revenues through June 30, 2019. "We expect that the reduction in assets, coupled with retained earnings should result in a sequential increase of at least 50 basis points in all capital ratios during the fourth quarter, making our capital ratios much stronger; however, we expect that the temporary reduction in assets will have a short-term adverse effect on Q4 earnings," commented Jay Sidhu, Chairman and CEO of Customers Bancorp, Inc.

CUBI Customers Bancorp
$27.04

0.28 (1.05%)

10/20/17
BOSC
10/20/17
DOWNGRADE
BOSC
Neutral
Customers Bancorp downgraded to Neutral at Boenning & Scattergood
01/27/17
MAXM
01/27/17
NO CHANGE
Target $40
MAXM
Buy
Customers Bancorp may announce BankMobile divestiture shortly, says Maxim
Maxim analyst Michael Diana noted that Customers Bancorp CEO Jay Sidhu indicated on the company's earnings call that management is "in final negotiations" to sell BankMobile and an announcement is seen coming within 60 days. However, it is unclear how much, if any, of BankMobile that Customers will retain and the gain on the BankMobile divestiture should be taxed as ordinary income, Diana tells investors. He keeps a Buy rating and $40 price target on the stock, but sees potential upside dependent on what happens with BankMobile.
12/19/16
MAXM
12/19/16
NO CHANGE
MAXM
Maxim raises FY17 estimates, targets for several regional banks
Maxim analyst Michael Diana raised his price targets and 2017 EPS estimates for a number of small to mid-cap regional banks - including Access National (ANCX), Cullen/Frost (CFR), ConnectOne Bancorp (CNOB), Customers Bancorp (CUBI), First Community Financial Partners (FCFP), First Republic (FRC), County Bancorp (ICBK), M B T Financial (MBTF), Nicolet Bankshares (NCBS), QCR Holdings (QCRH), SVB Financial (SIVB), Sterling Bancorp (STL) TriState Capital (TSC) - citing interest rate hikes and rising valuations amid expectations for faster economic growth and lower regulatory burdens. He notes, however, that his revised 2017 EPS estimates assume fewer than three Fed rate hikes in 2017.

TODAY'S FREE FLY STORIES

WBS

Webster Financial

$56.01

-0.15 (-0.27%)

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CMCSA

Comcast

$38.58

-0.93 (-2.35%)

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GOOG

Alphabet

$1,040.61

0.13 (0.01%)

, GOOGL

Alphabet Class A

$1,051.39

2.62 (0.25%)

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Alphabet

$1,040.61

0.13 (0.01%)

GOOGL

Alphabet Class A

$1,051.39

2.62 (0.25%)

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SN

Sanchez Energy

$4.65

0.0246 (0.53%)

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NFLX

Netflix

$187.86

2.13 (1.15%)

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KMB

Kimberly-Clark

$117.84

0.4475 (0.38%)

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MKGAY

Merck KGaA

13:28
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Periodicals
Merck KGaA revives efforts to enter U.S. MS pill market, Reuters reports »

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PRGO

Perrigo

$84.14

-1.88 (-2.19%)

, MKGAY

Merck KGaA

13:27
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Periodicals
Perrigo prepping bid for Merck KGaA's consumer health division, Reuters reports »

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PRGO

Perrigo

$84.14

-1.88 (-2.19%)

MKGAY

Merck KGaA

NSRGY

Nestle

$86.67

0.61 (0.71%)

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CDE

Coeur Mining

$7.37

-0.01 (-0.14%)

13:25
12/14/17
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Conference/Events
Coeur Mining to host business news update conference call »

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  • 14

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13:20
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General news
U.S. equities sank back into the red »

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EE

El Paso Electric

$58.63

0.21 (0.36%)

13:17
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El Paso Electric says Texas commission approves rate increase »

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$NSD

NASDAQ Market Internals

13:17
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$NYE

NYSE Market Internals

13:16
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NYSE market internals summary »

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13:15
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Treasury Action: yields have drifted lower from early highs »

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EPE

EP Energy

$1.66

-0.115 (-6.50%)

, CRZO

Carrizo Oil & Gas

$19.55

-1.03 (-5.00%)

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EP Energy reports deal with Carrizo Oil to buy certain properties in Eagle Ford »

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EPE

EP Energy

$1.66

-0.115 (-6.50%)

CRZO

Carrizo Oil & Gas

$19.55

-1.03 (-5.00%)

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BGCP

BGC Partners

$15.79

-0.61 (-3.72%)

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  • 17

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T

AT&T

$37.97

-0.07 (-0.18%)

, CHTR

Charter

$329.00

-0.99 (-0.30%)

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FCC repeals net neutrality in 3-2 vote along party lines »

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T

AT&T

$37.97

-0.07 (-0.18%)

CHTR

Charter

$329.00

-0.99 (-0.30%)

CMCSA

Comcast

$38.58

-0.93 (-2.35%)

CMCSK

Comcast

VZ

Verizon

$52.53

-0.365 (-0.69%)

NFLX

Netflix

$187.86

2.13 (1.15%)

GOOG

Alphabet

$1,040.61

0.13 (0.01%)

GOOGL

Alphabet Class A

$1,051.39

2.62 (0.25%)

AMZN

Amazon.com

$1,164.13

-0.95 (-0.08%)

FB

Facebook

$178.30

1.34 (0.76%)

TWTR

Twitter

$22.54

0.875 (4.04%)

DISH

Dish

$48.99

-0.64 (-1.29%)

SNE

Sony

$44.60

-0.055 (-0.12%)

ETSY

Etsy

$20.16

-0.05 (-0.25%)

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MAC

Macerich

$66.99

0.22 (0.33%)

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13:10
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General news
FX Action: USD-JPY »

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TWTR

Twitter

$22.68

1.02 (4.71%)

12:57
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Technical Analysis
Technical View: Twitter ticks new 52-week high, nearing breakout »

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  • 11

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ORCL

Oracle

$50.20

0.145 (0.29%)

, ADBE

Adobe

$176.83

4.29 (2.49%)

12:55
12/14/17
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Earnings
Notable companies reporting after market close »

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ORCL

Oracle

$50.20

0.145 (0.29%)

ADBE

Adobe

$176.83

4.29 (2.49%)

COST

Costco

$188.28

-0.02 (-0.01%)

JBL

Jabil Circuit

$27.90

-0.635 (-2.23%)

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  • 14

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    Dec

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    Dec

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  • 09

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General news
FX Action: USD-CAD »

FX Action: USD-CAD turned…

SPX

S&P 500

, SPY

SPDR S&P 500 ETF Trust

$266.69

-0.06 (-0.02%)

12:50
12/14/17
12/14
12:50
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Periodicals
House Speaker Ryan considers retirement in 2018, Politico says »

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SPX

S&P 500

SPY

SPDR S&P 500 ETF Trust

$266.69

-0.06 (-0.02%)

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LABD

Daily S&P Biotech Bear 3x Shares

$5.15

0.14 (2.79%)

12:50
12/14/17
12/14
12:50
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12:50
Options
Far upside call buying in 3X leveraged bearish biotech fund »

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CLNT

Cleantech Solutions

$5.81

0.2 (3.57%)

, BITCOIN

Bitcoin

12:49
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12:49
Hot Stocks
Cleantech jumps as September news generates crypto buzz »

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CLNT

Cleantech Solutions

$5.81

0.2 (3.57%)

BITCOIN

Bitcoin

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  • 14

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