""Customers Bancorp, Inc."":http://customersbank.com/customers_bancorp, announced Thursday the acquisition of ""Acacia Federal Savings Bank"":https://www.acaciafederal.com/home/home from Ameritas Mutual Holding Company.[IMAGE]
Bancorp, the parent company of $2 billion asset Customers Bank, will acquire all of the stock of Acacia Federal from Ameritas for a consideration of $65 million. Bancorp will issue its voting and non-voting common stock for about $45 million at 115 percent of GAAP book value at time of closing.
Approximately $20 million of Tier 1 qualifying non-cumulative Perpetual Preferred Stock will be issued by Bancorp to Ameritas at a rate of 3.72 fixed for the first five years.
As of closing, Ameritas will hold 9.9 percent of voting stock of Bancorp. It will also have a 19.9 percent economic ownership and will own all preferred stock issued by Bancorp.[COLUMN_BREAK]
Bancorp will not acquire any non-performing loans or other assets it deems to be high risk. It will also not be responsible for severance obligations, charges associated with early termination of O.S.I. technology contract, or lease termination charges on Acacia Federal's corporate headquarters building beyond one year.
Acacia Federal had about $1 billion in assets as of March 31, 2012. It also possessed a deposit, lending, and mortgage operation covering the greater Washington, D.C., market area and about $125 million in tangible common equity.
""We are excited about having Ameritas as a partner and look forward to providing the many individuals, families, and small and medium sized business customers of Acacia Federal Savings Bank with our ├â┬ó├óÔÇÜ┬¼├ï┼ôhigh touch, high tech' bank services and products,"" said Jay S. Sidhu, chairman and CEO of Bancorp and Customers Bank.
""From our perspective, Customers Bank is a great partner to insure that our customers continue to receive personalized service across all channels and have access to innovative bank products and technology,"" said James Barber, chairman and CEO of Acacia Federal. ""There will be new growth and expansion prospects for Customers Bank in the Washington, D.C. market.""
Closing is expected to take place in Q4 2012. At closing, Bancorp expects to be about a $3 billion asset bank holding company. The acquisition will expand its number of offices to 15.
At closing, which is expected to take place during the fourth quarter of 2012, Banc expects to be about a $3 billion asset bank holding company with 15 offices from Metro Washington, D.C., market to New York.