Wyomissing-based Customer Bancorp has announced plans to raise up to $50 million in a public offering. The proceeds will be used for general corporate purposes, possibly used as funding for organic growth and could include working capital. Proceeds are slated to be divided evenly between Customers Bancorp and its Customer Bank subsidiary.

Chairman and CEO Jay Sidhu has seen Customers grow from $265 million in assets to more than $7 billion since taking over in June 2009. Sidhu is a banking industry veteran, previously running Sovereign Bancorp (now Santander Bancorp). At the time of joining Customers, then known as New Century Bank and based in Phoenixville, the bank was riddled with troubled assets and in the midst of the economic downturn.

Sidhu raised millions in capital, shying away from large acquisitions while focusing on organic growth. The strategy proved successful and while Sidhu would lead the purchase of three smaller banks along the way, the focus was placed more on technology as opposed to branching. The bank now has locations in Pennsylvania, Massachusetts, New Jersey, New York and Rhode Island.

The offering is scheduled to close on May 18th and offers 2 million shares of its stock at $25 per share. Customers could potentially raise up to $55.7 million if underwriters exercise their 30-day option to purchase an additional 300,000 shares. Morgan Stanley & Co. and UBS Securities are overseeing the offering as joint book-running managers, Janney Montgomery Scott is assisting as co-manager.  You can read more about the offering here.