REORGANIZATION AND ACQUISITION ACTIVITY

3 Months Ended

Mar. 31, 2012

REORGANIZATION AND ACQUISITION ACTIVITY [Abstract]

REORGANIZATION AND ACQUISITION ACTIVITY

NOTE 2 - REORGANIZATION AND ACQUISITION ACTIVITY

Reorganization into Customers Bancorp, Inc.

The Bancorp and the Bank entered into a Plan of Merger and Reorganization effective September 17, 2011 pursuant to which all of the issued and outstanding common stock of the Bank was exchanged on a three to one basis for shares of common stock and Class B Non-voting common stock of the Bancorp.  The Bank became a wholly-owned subsidiary of the Bancorp (the "Reorganization").  The Bancorp is authorized to issue up to 100,000,000 shares of common stock, 100,000,000 shares of Class B Non-Voting Common Stock and 100,000,000 shares of preferred stock.  All share and per share information has been retrospectively restated to reflect the Reorganization, including the three-for-one consideration used in the Reorganization.

In the Reorganization, the Bank's issued and outstanding shares of common stock of 22,525,825 shares and Class B Non-Voting common stock of 6,834,895 shares converted into 7,508,473 shares of the Bancorp's common stock and 2,278,294 shares of the Bancorp's Class B Non-Voting common stock.  Cash was paid in lieu of fractional shares.  Outstanding warrants to purchase 1,410,732 shares of the Bank's common stock with an weighted-average exercise price of $3.55 per share and 243,102 shares of the Bank's Class B Non-Voting common stock with an weighted-average exercise price of $3.50 per share were converted into warrants to purchase 470,260 shares of the Bancorp's common stock with a weighted average exercise price of $10.64 per share and warrants to purchase 81,036 shares of the Bancorp's Class B Non-Voting common stock with a weighted-average exercise price of $10.50 per share.  Outstanding stock options to purchase 2,572,404 shares of the Bank's common stock with a weighted-average price of $3.50 per share and stock options to purchase 231,500 shares of the Bank's Class B Non-Voting common stock with a weighted-average price of $4.00 per share were converted into stock options to purchase 855,774 shares of the Bancorp's common stock with a weighted-average exercise price of $10.49 per share and stock options to purchase 77,166 shares of the Bancorp's Class B Non-Voting common stock with a weighted-average exercise price of $12.00 per share.