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