Mortgage

Customers Bank acquires Acacia Federal Savings for mortgage boost

Customers Bank acquired Acacia Federal Savings Bank as part of a strategy to significantly boost the latter’s mortgage banking platform.

The purchase marks Wyomissing, Pa.-based Customers’ entrance into Washington, D.C.. Customers said it is not acquiring non-performing loans or other real estate owned assets that it deems to possess higher risk.

Customers Bancorp will acquire 100% of the Acacia’s stock from Ameritas Mutual Holding Company for $65 million. It will issue its voting and non-voting common stock for about $45 million at 115% of GAAP book value at time of closing, which will take place in the fourth quarter. Ameritas will hold 9.9% of all voting stock of Customers, have a 19.9% economic ownership and own all preferred stock issued by Customers.

Acacia held about $1 billion in assets and about $125 million in tangible common equity on March 31.

The acquisition will turn Customers into a $3 billion asset bank holding company with 15 offices from D.C. to New York.

— Justin T. Hilley

Most Popular Articles

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please