<SEC-DOCUMENT>0000950159-19-000251.txt : 20191204
<SEC-HEADER>0000950159-19-000251.hdr.sgml : 20191204
<ACCEPTANCE-DATETIME>20191204075823
ACCESSION NUMBER:		0000950159-19-000251
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20191204
DATE AS OF CHANGE:		20191204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Customers Bancorp, Inc.
		CENTRAL INDEX KEY:			0001488813
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				272290659
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-218483
		FILM NUMBER:		191267365

	BUSINESS ADDRESS:	
		STREET 1:		1015 PENN AVENUE
		STREET 2:		SUITE 103
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610
		BUSINESS PHONE:		484-359-7113

	MAIL ADDRESS:	
		STREET 1:		1015 PENN AVENUE
		STREET 2:		SUITE 103
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Customers 1st Bancorp, Inc.
		DATE OF NAME CHANGE:	20100408
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>cubi424b5.htm
<DESCRIPTION>CUSTOMERS BANCORP, INC. FORM 424B5
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; color: red"><B>The information in this preliminary prospectus
supplement and the accompanying prospectus is not complete and may be changed. This preliminary prospectus supplement and the accompanying
prospectus are not an offer to sell these securities and are not soliciting an offer to buy these securities in any jurisdiction
where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: red">Subject to Completion, dated December
4, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PRELIMINARY PROSPECTUS SUPPLEMENT</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(to Prospectus dated June 23, 2017)</B></P></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Filed Pursuant to Rule 424(b)(5)</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Registration No. 333-218483</P></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 86px; width: 486px"></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Customers Bancorp, Inc.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>% Subordinated Notes due 2034</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>___________________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are offering $ in aggregate principal
amount of % Subordinated Notes due 2034, or the notes. The notes will bear interest at a rate of % per year. We will pay
interest on the notes on March 30, June 30, September 30 and December 30 of each year, commencing on March 30, 2020. The notes
will mature on December 30, 2034, unless earlier redeemed by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes will be unsecured and subordinated
obligations of ours. The notes will be subordinated in right of payment to the payment of all of our existing and future Senior
Indebtedness (as defined in the Indenture and described under &ldquo;Description of the Notes&mdash;Ranking&rdquo; in this prospectus
supplement), whether secured or unsecured, including payment to all of our existing and future general creditors, will be effectively
subordinated to any of our secured subordinated indebtedness, and will rank equally with any other senior subordinated indebtedness
of ours. The notes will be obligations of Customers Bancorp, Inc. only and will not be obligations of, and will not be guaranteed
by, any of our subsidiaries. As a result, the notes also will be structurally subordinated to all existing and future indebtedness,
deposits and other obligations and any preferred equity of our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because we are a holding company, our cash flows
and consequent ability to service our obligations, including the notes and our other debt securities, are dependent on distributions
and other payments to us by our subsidiaries, and funds raised from borrowings or in the capital markets. Accordingly, our right
to receive any assets of our subsidiaries upon their liquidation or reorganization, and the consequent right of the holders of
the notes to participate in those assets, will be effectively subordinated to the claims of our subsidiaries&rsquo; creditors and
any preferred equity holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may redeem the notes, in whole or in part,
at our option, beginning with the interest payment date of December 30, 2029 and on any interest payment date thereafter at a redemption
price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid interest to but excluding
the redemption date. In addition, we may redeem the notes at any time, including prior to December 30, 2029, in whole, but not in
part, at our option at a redemption price equal to 100% of the principal amount of the notes, plus any accrued and unpaid interest
to but excluding the redemption date, upon the occurrence of a Tax Event, a Tier 2 Capital Event or an Investment Company Event,
each as more fully described under &ldquo;Description of the Notes&mdash;Optional Redemption&rdquo; in this prospectus supplement.
The notes will not otherwise be redeemable by us prior to maturity. Any redemption of the notes will be subject to the prior approval
of the Board of Governors of the Federal Reserve System, which we refer to as the Federal Reserve, to the extent that such approval
is then required. The notes will not be subject to repayment at the option of the holder at any time prior to maturity and will
not be entitled to any sinking fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes are a new issue of securities with
no established trading market. We will apply to list the notes on the New York Stock Exchange under the symbol &ldquo;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.&rdquo;
If approved for listing, we expect trading in the notes to begin within 30 days after the notes are first issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Beneficial interests in the notes will be issued
in book-entry form  without coupons and in minimum denominations of $25 and integral multiples of $25 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>The notes are not savings accounts, deposits
or other obligations of our bank or non-bank subsidiaries and are not insured or guaranteed by the Federal Deposit Insurance Corporation,
or the FDIC, or any other government agency.</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Investing in the notes involves risks. See
&ldquo;Risk Factors&rdquo; beginning on page S-6 of this prospectus supplement, as well as those risk factors contained in our
Annual Report on Form 10-K for the year ended December 31, 2018 and our Quarterly Report on Form 10-Q for the quarter ended September
30, 2019, to read about other risk factors you should consider before making a decision to invest in the notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>None of the Securities and Exchange Commission,
which we refer to as the SEC, any state securities commission, the Federal Reserve, the FDIC or any other regulatory body has approved
or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement or the accompanying prospectus.
Any representation to the contrary is a criminal offense. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Note</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 71%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public offering price<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting discount and commissions<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds, before offering expenses, to us</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">________</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plus accrued interest, if any, from December&nbsp;&nbsp;&nbsp;, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For a description of the compensation payable to the underwriters, see &ldquo;Underwriting.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have granted the underwriters an option to
purchase up to an additional $ aggregate principal amount of notes within 30 days from the date of this prospectus supplement solely
to cover any overallotments. If the underwriters exercise this option in full, the total public offering price, underwriting discount
and commissions and proceeds, before offering expenses, to us will be $ , $ and $ , respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriters expect to deliver the notes
in book-entry only form through the facilities of The Depository Trust Company against payment in New York, New York on December
, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>Joint Book-Running Managers</I></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>B. Riley FBR</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>D.A. Davidson &amp; Co.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Janney Montgomery Scott</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>Lead Managers</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>William Blair</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Boenning &amp; Scattergood</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>Co-Managers</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incapital</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maxim
    Group LLC</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wedbush Securities</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The date of this prospectus supplement is December
, 2019.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Prospectus Supplement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>PAGE</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS SUPPLEMENT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-ii</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-iii</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUPPLEMENT SUMMARY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF NOTES</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BOOK-ENTRY, DELIVERY AND FORM OF NOTES</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN ERISA CONSIDERATIONS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNDERWRITING</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-32</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-35</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-35</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-35</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-36</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>PAGE</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF THE SECURITIES</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF DEBT SECURITIES</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF COMMON STOCK</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF PREFERRED STOCK</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF DEPOSITARY SHARES</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF PURCHASE CONTRACTS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF UNITS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>ABOUT THIS PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This document is in two parts. The first part
is this prospectus supplement, which describes the specific terms of this offering and also supplements and, in certain cases,
updates information contained in the accompanying prospectus and the documents incorporated by reference in this prospectus supplement
and the accompanying prospectus. The second part, the accompanying prospectus, provides more general information, some of which
may not apply to this offering. You should read both this prospectus supplement and the accompanying prospectus, as well as the
information in the documents to which we have referred you in the sections entitled &ldquo;Incorporation of Certain Documents by
Reference&rdquo; and &ldquo;Where You Can Find More Information&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the information set forth in this prospectus
supplement differs from the information set forth in the accompanying prospectus, you should rely on the information set forth
in this prospectus supplement. Similarly, if the information set forth in this prospectus supplement differs from the information
contained in any document incorporated by reference that was filed prior to the date of this prospectus supplement, you should
rely on the information set forth in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should not consider any information in this
prospectus supplement or the accompanying prospectus to be investment, legal or tax advice. You should consult your own counsel,
accountant and other advisors for legal, tax, business, financial and related advice regarding an investment in the notes. We are
not making any representation to you regarding the legality of an investment in the notes by you under applicable investment or
similar laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should rely only on the information contained
in or incorporated by reference in this prospectus supplement, the accompanying prospectus and any free writing prospectus filed
by us with the SEC. This prospectus supplement may be used only for the purpose for which it has been prepared. No one is authorized
to give information or to make any representation other than as contained or incorporated by reference in this prospectus supplement,
the accompanying prospectus or any free writing prospectus filed by us with the SEC. We have not, and the underwriters have not,
authorized any other person to provide you with different or additional information. If anyone provides you with different or additional
information, you should not rely on it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither this prospectus supplement nor the accompanying
prospectus constitutes an offer, or an invitation on our behalf or on behalf of the underwriters, to subscribe for and purchase
any of the securities and may not be used for or in connection with an offer or solicitation by anyone, in any jurisdiction in
which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.
You should not assume that the information appearing in this prospectus supplement, the accompanying prospectus or any free writing
prospectus filed by us with the SEC or any document incorporated by reference is accurate as of any date other than the date of
the applicable document. Our business, financial condition, liquidity, results of operations and prospects may have changed since
that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">All references in this prospectus supplement
and the accompanying prospectus to &ldquo;Customers Bancorp,&rdquo; &ldquo;Customers,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our,&rdquo; or similar references refer to Customers Bancorp, Inc., and its subsidiaries on a consolidated
basis, except where the context otherwise requires or as otherwise indicated.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">This prospectus supplement, the accompanying
prospectus and the documents incorporated by reference herein and therein contain forward-looking information within the meaning
of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to future events
or future predictions, including events or predictions relating to future financial performance, and are generally identifiable
by the use of forward-looking terminology such as &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo;
&ldquo;should,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo; or &ldquo;anticipate&rdquo; or the negative thereof or comparable
terminology. Forward-looking statements reflect numerous assumptions, estimates and forecasts as to future events. No assurance
can be given that the assumptions, estimates and forecasts underlying such forward-looking statements will accurately reflect future
conditions, or that any guidance, goals, targets or projected results will be realized. The assumptions, estimates and forecasts
underlying such forward-looking statements involve judgments with respect to, among other things, future economic, competitive,
regulatory and financial market conditions and future business decisions, which may not be realized and which are inherently subject
to significant business, economic, competitive and regulatory uncertainties and known and unknown risks, including the risks described
under &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K for the year ended December 31, 2018 and our Quarterly Report
on Form 10-Q for the quarter ended September 30, 2019, as such factors may be updated from time to time in our filings with the
SEC. Our actual results may differ materially from those reflected in the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to the risks described under &ldquo;Risk
Factors&rdquo; in this prospectus supplement, the accompanying prospectus, and the documents incorporated by reference herein,
important factors to consider and evaluate with respect to such forward-looking statements include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in external competitive market factors that might impact our results of operations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in laws and regulations, including, without limitation, changes in capital requirements under Basel III;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in our business strategy or an inability to execute our strategy due to the occurrence of unanticipated events;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to identify potential candidates for, and consummate, acquisition or investment transactions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the timing of acquisition, investment or disposition transactions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">constraints on our ability to consummate an attractive acquisition or investment transaction because of significant competition for those opportunities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">local, regional and national economic conditions and events and the impact they may have on us and our customers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs and effects of regulatory and legal developments, including the results of regulatory examinations and the outcome of regulatory or other governmental inquiries and proceedings, such as fines or restrictions on our business activities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to manage our balance sheet under $10 billion;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to attract deposits and other sources of liquidity;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the financial performance and/or condition of our borrowers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the level of our non-performing and classified assets and charge-offs;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in estimates of our future loan loss reserve requirements based upon our periodic review thereof under relevant regulatory and accounting requirements, including the adoption of the Current Expected Credit Losses standard;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inflation, interest rate, securities market and monetary fluctuations, including the discontinuance of LIBOR;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">timely development and acceptance of new banking products and services and perceived overall value of these products and services by users, including the products and services being developed and introduced to the market by the BankMobile division of Customers Bank;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in consumer spending, borrowing and saving habits;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">technological changes;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to increase market share and control expenses;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">continued volatility in the credit and equity markets and its effect on the general economy;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the businesses of Customers Bank and any acquisition targets or merger partners and subsidiaries not being integrated successfully or such integration being more difficult, time-consuming or costly than expected;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">material differences in the actual financial results of merger and acquisition activities compared with our expectations, such as with respect to the full realization of anticipated cost savings and revenue enhancements within the expected time frame;</FONT></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 87%"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to successfully implement our growth strategy, control expenses and maintain liquidity;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Customers Bank&rsquo;s ability to pay dividends to Customers Bancorp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">risks relating to BankMobile, including:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to maintain interchange income with the small issuer exemptions to the Durbin amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Reform Act;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the implementation of Customers Bancorp&rsquo;s strategy to retain BankMobile for 2-3 years, the possibility that the expected benefits of retaining BankMobile for 2-3 years may not be achieved, or the possible effects on Customers Bancorp&rsquo;s results of operations if BankMobile is never divested causing Customers Bancorp&rsquo;s actual results to differ from those in the forward-looking statements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to successfully complete a divestiture of BankMobile and the timing of completion;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the ability of Customers and an acquirer of BankMobile to meet all of the conditions to completion of a proposed divestiture;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to execute on our White Label strategy to grow demand deposits through strategic partnerships;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">material variances in the adoption rate of BankMobile&rsquo;s services by new students;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the usage rate of BankMobile&rsquo;s services by current student customers compared to our expectations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the levels of usage of other BankMobile student customers following graduation of additional product and service offerings of BankMobile or Customers Bank, including mortgages and consumer loans, and the mix of products and services used;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to implement changes to BankMobile&rsquo;s product and service offerings under current and future regulations and governmental policies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to effectively manage revenue and expense fluctuations that may occur with respect to BankMobile&rsquo;s student-oriented business activities, which result from seasonal factors related to the higher-education academic year; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BankMobile&rsquo;s ability to successfully implement its growth strategy and control expenses.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">risks related to planned changes in our balance sheet, including:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to reduce the size of our multi-family portfolios;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to execute our digital distribution strategy; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to manage the risks of change in our loan mix to include a greater portion of consumer loans.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date hereof, or, in the case of other documents referred to herein,
the dates of those documents. We do not undertake any obligation to release publicly or otherwise provide any revisions to these
forward-looking statements to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated
events, except as may be required under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT SUMMARY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in"><I>This summary highlights information contained
elsewhere in this prospectus supplement and the accompanying prospectus and in the documents we incorporate by reference. This
summary does not contain all of the information that you should consider before deciding to invest in the notes. You should read
this entire prospectus supplement and the accompanying prospectus carefully, including the &ldquo;Risk Factors&rdquo; sections
contained in this prospectus supplement and in the accompanying prospectus and our Annual Report on Form 10-K for the year ended
December 31, 2018 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, and our financial statements
and the related notes and the other documents incorporated by reference herein, which are described under the heading &ldquo;Incorporation
of Certain Documents by Reference&rdquo; in this prospectus supplement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center"><B>Customers Bancorp, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">Customers Bancorp, Inc. is a bank holding
company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank.
Customers Bank is a community-based, full-service bank. A member of the Federal Reserve System and with deposits insured by the
FDIC, Customers Bank is an equal opportunity lender that provides a range of banking services to small and medium-sized businesses,
not-for-profits, and consumers through offices in Pennsylvania, Illinois, New York, Rhode Island, Massachusetts, New Hampshire
and New Jersey and certain loan and deposit products nationally. Customers differentiates itself through its unique single-point-of-contact
business strategy executed by very experienced management teams. Customers&rsquo; strategic plan is to become a leading regional
bank holding company through organic core loan and deposit growth and value-added acquisitions. Customers differentiates itself
from its competitors through its focus on exceptional customer service supported by state-of-the-art technology. BankMobile is
a division of Customers Bank, offering high-tech, digital banking services to consumers, students, and the &ldquo;under banked&rdquo;
nationwide, along with &ldquo;Banking as a Service&rdquo; offerings with white label partners. At September 30, 2019, Customers
Bancorp had total assets of approximately $11.7 billion, total loans, net of the allowance for doubtful accounts (including held-for-sale
loans) of $10.2 billion, total deposits of $8.9 billion, and shareholders' equity of $1.0 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">Our principal executive offices are located
at 1015 Penn Avenue, Suite 103, Wyomissing, Pennsylvania, 19610. Our telephone number is (610) 993-2000. Our Internet address
is www.customersbank.com. Information on, or accessible through, our web site is not part of this prospectus supplement or the
accompanying prospectus, other than documents that we file with the SEC that are incorporated herein or therein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Summary of the Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customers Bancorp, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Offered</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate principal amount of&nbsp;&nbsp;&nbsp;&nbsp;% Subordinated Notes due 2034 (or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate principal amount of&nbsp;&nbsp;&nbsp;&nbsp;% Subordinated Notes due 2034 if the underwriters exercise their overallotment option to purchase additional notes in full).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;30, 2034, unless earlier redeemed by us.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;% per annum, computed on the basis of a 360-day year of twelve 30-day months, from December&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;30,
    June&nbsp;30, September 30&nbsp;and December&nbsp;30&nbsp;of each year, commencing on
    March&nbsp;30, 2020.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the principal amount, plus accrued interest, if any, from&nbsp;December&nbsp;&nbsp;&nbsp;, 2019.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Principal and Interest</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal and interest on the notes will be payable in U.S. Dollars or other legal tender, coin or currency of the United States of America.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The notes will be evidenced by global notes deposited with the Trustee (as defined below) for the notes, as custodian for The Depository Trust Company, which we refer to as DTC. Beneficial interests in the global notes will be shown on, and transfers of those beneficial interests can only be made through, records maintained by DTC and its participants. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The notes will be issued only in fully registered book-entry form without coupons and in minimum denominations of $25 and integral multiples of $25 in excess thereof.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withholding Taxes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments made by us with respect to the notes will not be subject to withholding or deduction for taxes, unless we are required to withhold or deduct taxes under applicable law. If we are required to withhold or deduct for taxes with respect to any payment made with respect to the notes, we will not pay any additional amounts on the notes to you in respect of such required withholding or deduction. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ranking</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The notes will be the unsecured, subordinated obligations of Customers
        Bancorp and:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 17.25pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will rank junior in right of payment and upon
        our liquidation to any of our existing and all future Senior Indebtedness (as defined in the Indenture);</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt; text-indent: -9pt">&nbsp;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 17.25pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will rank junior in right of payment and upon
        our liquidation to any of our existing and all of our future general creditors;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt">&nbsp;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 17.25pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will rank equal in right of payment and upon our
        liquidation with all of our future subordinated indebtedness unless the terms thereof provide that such subordinated indebtedness
        ranks junior in right of payment and upon our liquidation with the notes;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 17.25pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will rank senior in right of payment and upon
        our liquidation to any of our subordinated indebtedness the terms of which provide that such subordinated indebtedness ranks junior
        in right of payment to the notes; and</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt">&nbsp;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 17.25pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will be effectively subordinated to all of our
        secured subordinated indebtedness to the extent of the value of the assets securing such indebtedness.<BR>
        <BR>
        </FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition, the notes will be structurally subordinated to all
        of the existing and future indebtedness, deposits and other liabilities and any preferred equity of our current and future subsidiaries,
        including, without limitation, the liabilities of Customers Bank to its debt and preferred equity holders, depositors and general
        creditors and liabilities arising in the ordinary course of business or otherwise.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of September 30, 2019:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 17.25pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at the holding company level, we had outstanding
        indebtedness and other liabilities of approximately $125.5&nbsp;million ranking senior to the notes; and</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt">&nbsp;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 17.25pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customers Bank and our other subsidiaries had
        outstanding indebtedness, deposits and other liabilities of approximately $10.6 billion, excluding intercompany liabilities, all
        of which ranks structurally senior to the notes, and had no preferred equity outstanding. </FONT></P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Indenture does not limit the amount of Senior Indebtedness or
        parity indebtedness we may incur in the future or the amount of additional liabilities or preferred equity our subsidiaries may
        incur in the future.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">See &ldquo;Description of the Notes&mdash;Ranking&rdquo; in this
        prospectus supplement.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We may, beginning with the interest payment date of December 30, 2029,
        and on any interest payment date thereafter, redeem the notes, at our option, in whole or in part, at a redemption price equal
        to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We may also redeem the notes at any time, including prior to December
        30, 2029, at our option, in whole, but not in part, if:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 17.25pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a change or prospective change in law occurs that
        could prevent us from deducting interest payable on the notes for U.S. federal income tax purposes, which we refer to as a Tax
        Event;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.25pt">&nbsp;</P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 17.25pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a subsequent event occurs that could preclude
        the notes from being recognized as Tier 2 capital for regulatory capital purposes, which we refer to as a Tier 2 Capital Event;
        or</FONT></P></TD></TR>
</TABLE>
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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 17.25pt; text-indent: -9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are required to register as an investment company
        under the Investment Company Act of 1940, as amended, which we refer to herein as an Investment Company Event</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">in each case, at a redemption price equal to 100% of the principal
        amount of the notes plus any accrued and unpaid interest to but excluding the redemption date. Any redemption of the notes will be subject to the prior approval of the Federal Reserve, to the extent
that such approval is then required. See &ldquo;Description of the Notes&mdash;Optional
        Redemption&rdquo; in this prospectus supplement.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future Issuances</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may, from time to time, without notice to or consent of the holders, increase the aggregate principal amount of the notes outstanding by issuing additional notes in the future with the same terms as the notes, except for the issue date and offering price, and such additional notes shall be consolidated with the notes issued in this offering and form a single series.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sinking Fund</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no sinking fund for the notes.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We expect to receive net proceeds from this offering of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the underwriters exercise their overallotment option to purchase additional notes in full), after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We expect to use the net proceeds for general corporate purposes, which may include working capital and the funding of organic growth at Customers Bank. However, we also may use a portion of the net proceeds to (i) redeem shares of our preferred stock once they become redeemable, (ii) repurchase shares of our common stock or (iii) fund, in whole or in part, possible future acquisitions of other financial services businesses. We currently have no definitive agreements, arrangements or understandings regarding any future acquisitions.&nbsp;&nbsp;The amounts we actually expend for any purpose may vary significantly depending upon numerous factors, including assessments of potential market opportunities and competitive developments. Accordingly, we will retain broad discretion over the use of the net proceeds. See &ldquo;Use of Proceeds&rdquo; in this prospectus supplement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We will issue the notes under an indenture dated as of December
        , 2019 and a first supplemental indenture dated as of December , 2019, which we refer to herein collectively as the Indenture,
        between us and Wilmington Trust, National Association, as the Trustee.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Indenture contains no covenants or restrictions
        restricting the incurrence of indebtedness or other obligations by us or by our subsidiaries. The Indenture contains no
        financial covenants requiring us to achieve or maintain any minimum financial results relating to our financial position or
        results of operations or meet or exceed any financial ratios as a general matter or in order to incur additional indebtedness
        or obligations or to maintain any reserves. Moreover, neither the Indenture nor the notes contain any covenants prohibiting
        us from, or limiting our right to, incur additional indebtedness or obligations, to grant liens on our assets to secure our
        indebtedness or other obligations that are senior in right of payment to the notes, to repurchase our stock or other
        securities, including any of the notes, or to pay dividends or make other distributions to our shareholders (except, in the
        case of dividends or other distributions on junior securities, upon our failure to timely pay the principal of or interest on
        the notes, when the same becomes due and payable).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
</TABLE>
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</DIV>

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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further, although the Indenture provides for certain events of default, these are effectively limited to insolvency events of default, as described in &ldquo;Description of Notes &mdash; Events of Default; Limitation on Suits&rdquo; in this prospectus supplement.&nbsp;&nbsp;There are no acceleration rights applicable to any events of default, except for automatic acceleration in the case of an insolvency event of default.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The notes consist of a new issue of securities with no established trading market. We will apply to list the notes on the New York Stock Exchange.&nbsp;&nbsp;If approved for listing, we expect trading in the notes to begin within 30 days after the notes are first issued.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wilmington Trust, National Association, which we refer to herein as the Trustee or Wilmington Trust.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Indenture and the notes will be governed by, and construed in accordance with, the laws of the State of New York. The Indenture will be subject to the provisions of the Trust Indenture Act of 1939, as amended, which we refer to herein as the Trust Indenture Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &ldquo;Risk Factors&rdquo; beginning on page S-6 of this prospectus supplement, as well as those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2018 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, and other information included or incorporated by reference in this prospectus supplement for a discussion of factors you should consider carefully before making a decision to invest in the notes.</FONT></TD></TR>
</TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RISK FACTORS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>An investment in the notes involves substantial
risks. In consultation with your own advisors, you should carefully consider, among other matters, the factors set forth below
and in the accompanying prospectus as well as the other information included or incorporated by reference in this prospectus supplement
and the accompanying prospectus before deciding whether an investment in the notes is suitable for you. In particular, you should
carefully consider, among other things, the factors described under the caption &ldquo;Risk Factors&rdquo; in our Annual Report
on Form 10-K for the year ended December 31, 2018, the factors described under the caption &ldquo;Risk Factors&rdquo; in our Quarterly
Report on Form 10-Q for the quarter ended September 30, 2019 and any reports we filed subsequent to that Annual Report or file
with the SEC in the future, which may amend, supplement or supersede those factors. If any of the risks contained in or incorporated
by reference into this prospectus supplement or the accompanying prospectus develop into actual events, our business, financial
condition, liquidity, results of operations and prospects could be materially and adversely affected, the market price of the notes
could decline and you may lose all or part of your investment. Some statements in this prospectus supplement, including statements
in the following risk factors, constitute forward-looking statements. See the &ldquo;Cautionary Note Regarding Forward-Looking
Statements&rdquo; sections in this prospectus supplement and in the accompanying prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Risks Related to Our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For a discussion of additional risks applicable
to our business and operations, please refer to the section entitled &ldquo;Risk Factors&rdquo; in Part I, Item 1A of our Annual
Report on Form 10-K for the year ended December 31, 2018, the section entitled &ldquo;Risk Factors&rdquo; in Part 1, Item 1A of
our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 and the other reports we have filed or may in the future
file with the SEC, which may amend, supplement or supersede the information contained in that &ldquo;Risk Factors&rdquo; section,
each of which is incorporated by reference into this prospectus supplement and the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Risks Related to this Offering and the Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The notes will be unsecured and subordinated to any current and
future Senior Indebtedness.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes will be unsecured and subordinated
obligations of Customers Bancorp. They will rank junior in right of payment and upon our liquidation to any of our existing and
all future Senior Indebtedness (as defined in the Indenture and described under &ldquo;Description of the Notes&mdash;Ranking&rdquo;
in this prospectus supplement) and any of our existing and future general creditors. In addition, the notes will not be secured
by any of our assets and, as a result, the notes will be effectively subordinated to all of our future secured subordinated indebtedness
to the extent of the value of the assets securing such indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of September 30, 2019, we had outstanding
indebtedness and other liabilities of approximately $125.5 million ranking senior to the notes, and Customers Bank and our other
subsidiaries had outstanding indebtedness, deposits and other liabilities of approximately $10.6 billion, excluding intercompany
liabilities, all of which ranks structurally senior to the notes, and had no preferred equity outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Since our payment obligation under the notes
will be unsecured and will rank junior in right of payment and upon our liquidation to all of our Senior Indebtedness on the terms
set forth in the Indenture pursuant to which the notes will be issues, we cannot make any payments on the notes if (i) we have
defaulted on the payment of any of our Senior Indebtedness and the default is continuing, (ii) the maturity of any Senior Indebtedness
has been or would be permitted upon notice or the passage of time to be accelerated as a result of a default and the default is
continuing and such acceleration has not been rescinded or annulled or (iii) we have filed for bankruptcy or are liquidating, dissolving
or winding-up or in receivership, and our Senior Indebtedness has not been repaid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a result of these subordination provisions,
holders of the notes may not be fully repaid in the event of our bankruptcy, liquidation, reorganization or similar proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Indenture does not limit the amount of Senior
Indebtedness that we may incur in the future. Our Senior Indebtedness could inadvertently and adversely affect our ability to pay
our obligations on the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The notes will be obligations of Customers Bancorp and not obligations
of Customers Bank or any of our other subsidiaries and will be structurally subordinated to the existing and future indebtedness,
deposits and other liabilities and preferred equity of Customers Bank and our other subsidiaries.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes are obligations solely of Customers
Bancorp and are not obligations of Customers Bank or any of our other subsidiaries. Customers Bank and Customer Bancorp&rsquo;s
other subsidiaries are separate and distinct legal entities from Customers Bancorp. Customers Bancorp&rsquo;s rights and the rights
of its creditors, including the holders of the notes, to participate in any distribution of the assets of Customers Bank or any
other subsidiary (either as a shareholder or as a creditor) upon an insolvency, bankruptcy, liquidation, dissolution, winding up
or similar proceeding of Customers Bank or such other subsidiary (and the consequent right of the holders of the notes to participate
in those assets) will be subject to the claims of the creditors of Customers Bank or such other subsidiary, including debt holders
and depositors, and any preferred equity holders. Accordingly, the notes are structurally subordinated to all of the existing and
future indebtedness, deposits and other liabilities and preferred equity of Customers Bank and Customers Bancorp&rsquo;s other
subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of September 30, 2019, Customers Bank and
our other subsidiaries had outstanding indebtedness, deposits and other liabilities of $10.6 billion, excluding intercompany liabilities,
all of which would rank structurally senior to the notes, and no preferred equity. The Indenture does not limit the amount of indebtedness,
deposits or other liabilities or preferred equity that Customers Bank or any of Customer Bancorp&rsquo;s other subsidiaries may,
all of which would rank structurally senior to the notes. Any additional indebtedness or deposits, other liabilities or preferred
equity that our subsidiaries incur or issue may adversely affect our ability to pay our obligations on the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our existing and potential future indebtedness may adversely
affect our ability to make payments on the notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We and our subsidiaries have substantial indebtedness
outstanding. Our indebtedness, including the indebtedness we or our subsidiaries may incur in the future, could have important
consequences for the holders of the notes, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limiting our ability to satisfy our obligations with respect to the notes;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increasing our vulnerability to general adverse economic and industry conditions, as well as competitive pressure;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limiting our ability to obtain additional financing to fund future working capital, capital expenditures and other general corporate requirements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">requiring a substantial portion of our cash flow from operations for the payment of principal of, and interest on, our indebtedness and thereby reducing our ability to use our cash flow to fund working capital, capital expenditures and general corporate requirements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">losing assets foreclosed upon by secured lenders;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limiting our flexibility in planning for, or reacting to, changes in our business and industry; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">putting us at a disadvantage compared to competitors with less indebtedness.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we are not restricted under the
Indenture from granting security interests in our assets, except to the extent described under &ldquo;Description of Notes &mdash;
Merger, Consolidation, Sale, Lease or Conveyance&rdquo; in this prospectus supplement, or from paying dividends or issuing or repurchasing
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Moreover, the Indenture does not require us
to maintain any financial ratios or specific levels of net worth, revenues, income, cash flows or liquidity and, accordingly, does
not protect holders of the notes in the event that we experience material adverse changes in our financial condition, liquidity
or results of operations. You are also not protected under the Indenture in the event of a highly leveraged transaction, reorganization,
default under our existing indebtedness, restructuring, merger or similar transaction that may adversely affect you, except to
the extent described under &ldquo;Description of Notes &mdash; Merger, Consolidation, Sale, Lease or Conveyance&rdquo; and &ldquo;&mdash;
Certain Covenants&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Holders of the notes will have limited rights if there is an
event of default.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Payment of principal on the notes may be accelerated
only in the case of certain events of bankruptcy or insolvency or reorganization involving Customer Bancorp or receivership of
Customers Bank. There is no automatic acceleration or right of acceleration in the case of default in the payment of principal
or interest on the notes or in the performance of any of our other obligations under the notes. In addition, the holders of Senior
Indebtedness and certain other instruments that we or our subsidiaries have issued or may issue from time to time may declare such
indebtedness in default and accelerate the due date of such indebtedness if an event of default under that instrument shall have
occurred and be continuing, which may adversely impact our ability to pay obligations on the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>An investment in the notes is not a bank deposit, is not FDIC
insured and is subject to risk of loss.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes are not savings accounts, deposits
or other obligations of our bank or non-bank subsidiaries and are not insured or guaranteed by the FDIC or any other government
agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Customers Bank&rsquo;s ability to pay dividends or lend funds
to us is subject to regulatory limitations which, to the extent we need but are not able to access such funds, may prevent us from
making principal and interest payments due on our debt obligations, including our obligations under the notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes will be exclusively our obligations
and not those of our subsidiaries. We are a Pennsylvania registered bank holding company currently regulated by the Board of Governors
of the Federal Reserve, and almost all of our operating assets are owned by Customers Bank. We rely primarily on dividends from
Customers Bank to pay cash dividends to our preferred shareholders, to pay principal and interest on our debt obligations and for
distributions, if any, to our shareholders or to repurchase shares. The Federal Reserve regulates all capital distributions, such
as dividends, by Customers Bank directly or indirectly to us, including dividend payments. Generally, Customers Bank is required
to pay dividends only from current earnings and from funds lawfully available, and cannot pay dividends in excess of its current
year&rsquo;s earnings, plus the last two years&rsquo; earnings, without prior Federal Reserve approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, Customers Bank may not pay dividends
to us if, after paying those dividends, it would fail to meet the required minimum levels under risk-based capital guidelines and
the minimum leverage and tangible capital ratio requirements or the Federal Reserve notified Customers Bank that it was in need
of more than normal supervision. Under the prompt corrective action provisions of the Federal Deposit Insurance Act, or the FDIA,
an insured depository institution such as Customers Bank is prohibited from making a capital distribution, including the payment
of dividends, if, after making such distribution, the institution would become &ldquo;undercapitalized&rdquo; (as such term is
used in the FDIA). Payment of dividends by Customers Bank also may be restricted at any time at the discretion of the Federal Reserve
if it deems the payment to constitute an unsafe or unsound banking practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Furthermore, capital standards imposed on us
and similarly situated institutions have been and continue to be refined by bank regulatory agencies under the Reform Act. Deterioration
of economic conditions and further changes to regulatory guidance could result in revised capital standards that may indicate the
need for us or Customers Bank to maintain greater capital positions, which could lead to limitations in dividend payments to us
by Customers Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to regulatory restrictions on the
payment of dividends, Customers Bank is subject to certain restrictions imposed by federal law on any extensions of credit it makes
to its affiliates and on investments in stock or other securities of its affiliates. We are considered an affiliate of Customers
Bank. These restrictions prevent affiliates of Customers Bank, including us, from borrowing from Customers Bank, unless various
types of collateral secure the loans. Federal law limits the aggregate amount of loans to and investments in any single affiliate
to 10% of Customers Bank&rsquo;s capital stock and surplus and also limits the aggregate amount of loans to and investments in
all affiliates to 20% of Customers Bank&rsquo;s capital stock and surplus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Reform Act imposes further restrictions
on transactions with affiliates and extensions of credit to executive officers, directors and principal shareholders, by, among
other things, expanding covered transactions to include securities lending, repurchase agreement and derivatives activities with
affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There can be no assurance that Customers Bank
will be able to pay dividends at past levels, or at all, in the future. If we do not receive sufficient cash dividends or are unable
to borrow from Customers Bank, then we may not have sufficient funds to service our debt obligations, including our obligations
under the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>We may not be able to generate sufficient cash to service our
debt obligations, including our obligations under the notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our ability to make payments on and to refinance
our indebtedness, including the notes, will depend on our financial and operating performance, including dividends payable to us
from Customers Bank, which are subject to prevailing economic and competitive conditions and to certain financial, business and
other factors beyond our control. We may be unable to maintain a level of cash flows from operating activities sufficient to permit
us to pay the principal and interest on our indebtedness, including the notes. If our cash flows and capital resources, and dividends
from Customers Bank, are insufficient to fund our debt service obligations, we may be unable to obtain new loans or other means
of financing to fund our obligations to existing customers and otherwise implement our business plans, or to pay the principal
and interest on the notes. As a result, we may be unable to meet our scheduled debt service obligations. In the absence of sufficient
operating results and resources, we could face substantial liquidity problems and might be required to dispose of material assets
or operations to meet our debt service and other obligations, or seek to restructure our indebtedness, including the notes. We
may not be able to consummate these transactions, and these proceeds may not be adequate to meet our debt service obligations then
due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>There may be no active trading market for the notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes are a new issue of securities with
no established trading market. We will apply to list the notes on the New York Stock Exchange. If approved for listing, we expect
trading in the notes to begin within 30 days after the notes are first issued. However, listing the notes on the New York Stock
Exchange does not guarantee that a trading market will develop or, if a trading market does develop, the depth or liquidity of
that market or the ability of holders to sell their notes easily. Although the underwriters have advised us that, following completion
of the offering of the notes, the underwriters currently intend to make secondary markets in the notes, they are not obligated
to do so and may discontinue any market-making activities at any time without notice. If an active trading market for the notes
does not develop or is not maintained, the market or trading price and liquidity of the notes may be adversely affected. If the
notes are traded after their initial issuance, they may trade at a discount to their initial offering price, depending upon prevailing
interest rates, the market for similar securities, general economic conditions and our financial condition, liquidity, and results
of operations, including our levels of indebtedness, and other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The price at which you will be able to sell your notes prior
to maturity will depend on a number of factors and may be substantially less than the amount you originally invest.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that the value of the notes in any
secondary market will be affected by the supply and demand of the notes, the interest rate, the ranking and a number of other factors.
Some of these factors are interrelated in complex ways. As a result, the effect of any one factor may be offset or magnified by
the effect of another factor. The following factors, among others, may have an impact on the market value of the notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prevailing interest rates and expectations about future interest rates;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated changes in our financial condition, liquidity or results of operations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our other existing and future liabilities, including Senior Indebtedness and other obligations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated changes in our credit ratings or outlook;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic conditions and expectations regarding the effects of national policies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">views of securities issued by both holding companies and similar financial service firms;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the market for similar subordinated securities; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other factors beyond our control, including economic, financial, geopolitical, regulatory or judicial events that affect us or the financial markets generally (including the occurrence of market disruption events).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Because the notes may be redeemed at our option under certain
circumstances prior to their maturity, you may be subject to reinvestment risk.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may, at our option, redeem the notes (i)
in whole or in part, beginning with the interest payment date of December 30, 2029 and on any interest payment date thereafter and
(ii) in whole, but not in part, at any time upon the occurrence of a Tax Event, a Tier 2 Capital Event or an Investment Company
Event, in each case at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus any accrued and
unpaid interest to, but not including, the date of redemption. Any redemption of the notes by us will be subject to prior approval
of the Federal Reserve, to the extent such approval is then required. We cannot assure you that the Federal Reserve will approve
any redemption of the notes that we may propose. Furthermore, you should not expect us to redeem any notes when they first become
redeemable or on any particular date thereafter. If we redeem the notes for any reason, you will not have the opportunity to continue
to accrue and be paid interest to the stated maturity date and you may not be able to reinvest the redemption proceeds you receive
in a similar security or in securities with an equivalent level of risk bearing similar interest rates or yields.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Our credit ratings may not reflect all risks of an investment
in the notes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our credit ratings are an assessment of our
ability to pay our obligations as they become due. Accordingly, real or anticipated changes in our credit ratings or their outlook
will generally affect the market price of the notes. Our credit ratings, however, may not reflect the potential risks related to
the market or other factors on the market price of the notes. Furthermore, because your return on the notes depends upon factors
in addition to our ability to pay our obligations, an improvement in our credit ratings will not reduce the other investment risks
related to the notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by
the rating agency at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>We have broad discretion to determine how to use the net proceeds
of this offering, and we may not use the net proceeds effectively.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our management will have broad discretion over
the use of proceeds from this offering. While we may use a portion of the net proceeds of this offering to (i) redeem shares of
our preferred stock once they become redeemable, (ii) repurchase shares of our common stock or (iii) fund, in whole or in part,
possible future acquisitions of other financial services businesses, we have not allocated the net proceeds from this offering
for any specific purposes, and we could spend the net proceeds from this offering in ways that do not improve our results of operations
or enhance the value of the notes or otherwise in ways with which you do not agree. We have not established a timetable for the
effective deployment of the net proceeds and we cannot predict how long that will take. If we do not invest or apply the net proceeds
of this offering effectively and on a timely basis, it could have a material adverse effect on our business and could cause the
market price, if any, of the notes to decline.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We estimate that our net proceeds to us from
the sale of the notes in this offering will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the underwriters exercise their overallotment option to
purchase additional notes in full), after deducting underwriting discounts and commissions and estimated offering expenses payable
by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We expect to use the net proceeds for general
corporate purposes, which may include working capital and the funding of organic growth at Customers Bank. However, we also may
use a portion of the net proceeds to (i) redeem shares of our preferred stock once they become redeemable, (ii) repurchase shares
of our common stock, or (iii) fund, in whole or in part, possible future acquisitions of other financial services businesses. We
currently have no definitive agreements, arrangements or understandings regarding any future acquisitions. The amounts we actually
expend for any purpose may vary significantly depending upon numerous factors, including assessments of potential market opportunities
and competitive developments. Accordingly, we will retain broad discretion over the use of the net proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CAPITALIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.5in">The following table sets forth our capitalization
as of September 30, 2019 (i) on an actual basis and (ii) on an as adjusted basis to give effect to the sale of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate principal
amount of notes offered hereby and assuming we retain the net proceeds for working capital as described in &ldquo;Use of Proceeds.&rdquo;
The amounts shown in the table assume no exercise by the underwriters of their overallotment option to purchase additional notes.
You should read this table in conjunction with &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations&rdquo; and our consolidated financial statements and related notes to those statements, incorporated by reference
into this prospectus supplement and the accompanying prospectus.<BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><B>As of September 30, 2019</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Actual</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><B>As Adjusted</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><B>(unaudited)</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<B>(dollars in thousands)</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Cash and cash equivalents</TD><TD STYLE="width: 8%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">182,218</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-left: 5.4pt">Debt:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% Senior Notes due 2022<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">99,126</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">99,126</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% Senior Notes due 2024<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">24,402</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">24,402</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Subordinated Notes due 2034</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-to-Floating Subordinated Notes due 2029<SUP>(2)</SUP></FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">109,050</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">109,050</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">373,000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">373,000</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,040,800</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,040,800</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total Debt:</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,646,378</TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Shareholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-left: 5.4pt">Preferred stock, par value $1.00 per share; liquidation preference $25.00 per <BR>share; 100,000,000 shares authorized, 9,000,000 shares issued and outstanding</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">217,471</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">217,471</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-left: 5.4pt">Common stock, par value $1.00 per share; 200,000,000 shares authorized; <BR>32,526,395 shares issued and 31,003,028 shares outstanding</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">32,526</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">32,526</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">441,499</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">441,499</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">357,608</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">357,608</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(8,174</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(8,174</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost; 1,280,619 shares</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(21,780</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">(21,780</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total shareholders&rsquo; equity</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,019,150</TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,019,150</TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total regulatory capital (Tier 1 and Tier 2)</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">1,155,499</TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Regulatory capital ratios:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 common equity</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">7.811</TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">7.811</TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 capital ratio</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">9.949</TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">9.949</TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total risk-based capital ratio</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">11.357</TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 leverage ratio</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right">9.013</TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif; text-align: left"></TD></TR>
</TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">__________</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(1) The 3.95% Senior Notes due 2022 and 4.50% Senior Notes due 2024
were issued by Customers Bancorp.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(2) The Fixed-to-Floating Subordinated Notes due 2029 were issued
by Customers Bank and currently bear interest at an annual fixed rate of 6.125%; from and including June 26, 2024, the Fixed-to-Floating
Subordinated Notes due 2029 will bear an annual interest rate equal to the three-month LIBOR, reset quarterly, plus 344.3 basis
points through their maturity date or early redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DESCRIPTION OF NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>The notes will be a series of our subordinated
debt securities. The notes will be issued under the Indenture between us and Wilmington Trust. The following description of the
notes and the Indenture may not be complete and is subject to and qualified in its entirety by reference to all of the provisions
of the notes and the Indenture. Wherever we refer to particular sections or defined terms of the Indenture, it is our intent that
those sections or defined terms will be incorporated by reference in this prospectus supplement. We urge you to read the Indenture
because it, and not this description, defines your rights as a holder of the notes. The following description of the particular
terms of the notes supplements and replaces any inconsistent information set forth under the heading &ldquo;Description of Debt
Securities&rdquo; in the accompanying prospectus. References in this section to &ldquo;we,&rdquo; &ldquo;our,&rdquo; and &ldquo;us&rdquo;
mean Customers Bancorp, Inc. and not its subsidiaries.&#9;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes will be our unsecured and subordinated
obligations and are intended to qualify as Tier 2 Capital under the guidelines established by the Federal Reserve for bank holding
companies. The notes will be issued in an initial aggregate principal amount of $ and will mature on December 30, 2034, unless earlier
redeemed by us. The notes will rank equally among themselves, junior to our existing and future Senior Indebtedness, effectively
junior to our secured subordinated indebtedness to the extent of the value securing the same and effectively subordinated to all
existing and future indebtedness, deposits and other liabilities and preferred equity of Customers Bank and Customer Bancorp&rsquo;s
other subsidiaries. See &ldquo;&mdash;Ranking&rdquo; below. The notes will not be subject to, or entitled to the benefits of, a
sinking fund or repurchase by us at the option of the holders. The notes will be issued only in fully registered book-entry form
without coupons and in minimum denominations of $25 and integral multiples of $25 in excess thereof. Currently, there is no public
market for the notes. We will apply to list the notes on the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The registered holder of a note will be treated
as the owner of it for all purposes. Only registered holders have rights under the Indenture. Payment of the principal of, and
interest on, the notes represented by a global note registered in the name of or held by DTC or its nominee will be made in immediately
available funds to DTC or its nominee, as the case may be, as the registered owner and holder of such global note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Holders of the notes and the Trustee have no
right to accelerate the maturity of the notes in the event we fail to pay interest or principal on the notes, fail to perform any
other obligation under the notes or in the Indenture or default on any other securities issued by us. See &ldquo;&mdash;Events
of Default; Limitation on Suits&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Indenture contains no covenants or restrictions
restricting the incurrence of Senior Indebtedness, parity indebtedness or secured subordinated indebtedness by us or the incurrence
or issuance by our subsidiaries of any indebtedness, deposits or other liabilities or any preferred stock. The Indenture contains
no financial covenants and does not restrict us from paying dividends or issuing or repurchasing other securities, and does not
contain any provision that would provide protection to the holders of the notes against a sudden and dramatic decline in credit
quality resulting from a merger, takeover, recapitalization or similar restructuring or any other event involving us or our subsidiaries
that may adversely affect our credit quality, except to the extent described under the headings &ldquo;&mdash; Merger, Consolidation,
Sale, Lease or Conveyance&rdquo; and &ldquo;&mdash; Certain Covenants&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes will not be savings accounts, deposits
or other obligations of any of our subsidiaries and will not be insured or guaranteed by the FDIC or any other governmental agency
or instrumentality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may, without notice to or the consent of
the holders of notes, but in compliance with the terms of the Indenture, issue additional notes having the same ranking, interest
rate, maturity date and other terms as the notes other than issue date and offering price. Any such additional notes, together
with the notes being issued hereby, will constitute a single series under the Indenture; provided, however, that no additional
notes may be issued unless they will be fungible with the notes offered hereby for U.S. federal income tax and securities law purposes;
and provided, further, that the additional notes have the same CUSIP number as the notes offered hereby. No additional notes may
be issued if any event of default (as defined below) has occurred and is continuing with respect to the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Interest on the notes will accrue at the
rate of % per annum. Interest on the notes will be payable quarterly in arrears on March 30, June 30, September 30 and
December 30 of each year, commencing on March 30, 2020. We will make each interest payment on the applicable interest payment
date to the registered holders of notes at the close of business on the fifteenth day (whether or not a business
day) immediately preceding the applicable interest payment date. Interest on the notes at the maturity date or earlier
redemption will be payable to the persons to whom principal is payable. Interest on the notes will be computed on the basis
of a 360-day year consisting of twelve 30-day months. Interest payments on the notes will be the amount of interest accrued
from and including December , 2019 or the most recent interest payment date on which interest has been paid to but excluding
the interest payment date or the maturity date or earlier redemption, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Methods of Payment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any interest payment date or the stated maturity
or earlier redemption of the notes is not a business day, then the related payment of interest or principal payable, as applicable,
on such date will be paid on the next succeeding business day with the same force and effect as if made on such interest payment
date or stated maturity and no further interest will accrue as a result of such delay. A &ldquo;business day&rdquo; means any day
other than a Saturday, Sunday or a day in the City of New York, New York, the City of Wilmington, Delaware or a place of payment
on which banking institutions or trust companies are authorized or required by law, regulation or executive order to remain closed.
For notes held in definitive form, payments of interest may be made, at our option, by (i) mailing a check for such interest payable
to or upon the written order of the person entitled thereto, to the address of such person as it appears on the security register
or (ii) transfer to an account maintained by the payee located inside the United States. For notes held in global form, payments
shall be made through DTC, or its nominee, as the registered owner of the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Ranking</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/9.45pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-indent: 0.5in">Our obligation to make any payment
on account of the principal of, or interest on, the notes will be subordinate and junior in right of payment to the prior payment
in full of all of our Senior Indebtedness.</P>

<P STYLE="font: 10pt/9.45pt Times New Roman, Times, Serif; margin: 0 0 0 2pt">&nbsp;</P>

<P STYLE="font: 10pt/9.45pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-indent: 0.5in">&ldquo;<FONT STYLE="letter-spacing: 0.2pt">Senior
Indebtedness&rdquo;</FONT> <FONT STYLE="letter-spacing: 0.1pt">i</FONT>s <FONT STYLE="letter-spacing: 0.1pt">define</FONT>d <FONT STYLE="letter-spacing: 0.1pt">t</FONT>o
<FONT STYLE="letter-spacing: 0.1pt">includ</FONT>e <FONT STYLE="letter-spacing: 0.1pt">principa</FONT>l <FONT STYLE="letter-spacing: 0.1pt">o</FONT>f
<FONT STYLE="letter-spacing: 0.1pt">(an</FONT>d <FONT STYLE="letter-spacing: 0.1pt">premium</FONT>, <FONT STYLE="letter-spacing: 0.1pt">i</FONT>f
<FONT STYLE="letter-spacing: 0.1pt">any</FONT>) <FONT STYLE="letter-spacing: 0.1pt">an</FONT>d <FONT STYLE="letter-spacing: 0.1pt">interest</FONT>,
<FONT STYLE="letter-spacing: 0.1pt">i</FONT>f <FONT STYLE="letter-spacing: 0.1pt">any</FONT>, <FONT STYLE="letter-spacing: 0.1pt">on</FONT>,
<FONT STYLE="letter-spacing: 0.1pt">an</FONT>d <FONT STYLE="letter-spacing: 0.1pt">an</FONT>y <FONT STYLE="letter-spacing: 0.1pt">othe</FONT>r
<FONT STYLE="letter-spacing: 0.1pt">paymen</FONT>t <FONT STYLE="letter-spacing: 0.1pt">du</FONT>e <FONT STYLE="letter-spacing: 0.1pt">pursuant
</FONT><FONT STYLE="letter-spacing: 0.05pt">to</FONT>, <FONT STYLE="letter-spacing: 0.05pt">an</FONT>y <FONT STYLE="letter-spacing: 0.05pt">o</FONT>f
<FONT STYLE="letter-spacing: 0.05pt">th</FONT>e <FONT STYLE="letter-spacing: 0.05pt">following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our obligations for money borrowed;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">indebtedness evidenced by bonds, debentures, notes or similar instruments;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">similar obligations arising from off-balance sheet guarantees and direct credit substitutes;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reimbursement obligations with respect to letters of credit, bankers&rsquo; acceptances or similar facilities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obligations issued or assumed as the deferred purchase price of property or services (but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">capital lease obligations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obligations associated with derivative products, including but not limited to securities contracts, foreign currency exchange contracts, swap agreements (including interest rate and foreign exchange rate swap agreements), cap agreements, floor agreements, collar agreements, interest rate agreements, foreign exchange rate agreements, options, commodity futures contracts, commodity option contracts and similar financial instruments;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">debt of others described in the preceding clauses that we have guaranteed or for which we are otherwise liable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any deferrals, renewals or extensions of debt, guarantees or other liabilities described in the preceding clauses; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Obligations (as defined below);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt">unless, in any case,
in the instrument creating or evidencing any such indebtedness or obligation, or pursuant to which the same is outstanding, it
is expressly provided that such indebtedness or obligation is not superior in right of payment to the notes or to other debt that
is <I>pari passu</I> with or subordinate to the notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt">Senior Indebtedness
will not include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt"><FONT STYLE="letter-spacing: 0.05pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">indebtedness owed by us to Customers Bank or other subsidiaries; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any indebtedness the terms of which expressly provide that such indebtedness ranks equally with, or junior to, the notes or to other debt that is equal with or junior to the notes, including guarantees of such indebtedness.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: left">
&ldquo;General Obligations&rdquo; are defined as all of our obligations to pay claims of general creditors, other than obligations on the notes
and our indebtedness for money borrowed ranking equally or subordinate to the notes. Notwithstanding the foregoing, if the Federal
Reserve (or other competent regulatory agency or authority) promulgates any rule or issues any interpretation that defines general
creditor(s), the main purpose of which is to establish a criteria for determining whether the subordinated debt of a bank holding
company is to be included in its capital, then the term &ldquo;General Obligations&rdquo; will mean obligations to general creditors
as described in that rule or interpretation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">
If certain events in bankruptcy, insolvency or reorganization occur, we will first pay all Senior Indebtedness, including any
interest accrued after the events occur, in full before we make any payment or distribution, whether in cash, securities or other
property, on account of the principal of or interest on the notes. In such an event, we will pay or deliver directly to the holders
of Senior Indebtedness any payment or distribution otherwise payable or deliverable to holders of the notes. We will make the
payments to the holders of Senior Indebtedness according to priorities existing among those holders until we have paid all Senior
Indebtedness, including accrued interest, in full. If, notwithstanding the preceding sentence, the Trustee or the holder of any
note receives any payment or distribution before all Senior Indebtedness is paid in full, and if such fact shall, at or prior
to the time of such payment or distribution, have been made known to the Trustee or such holder, then such payment or distribution
shall be paid over or delivered for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary
to pay all Senior Indebtedness in full, after giving effect to any concurrent payment or distribution to or for the holders of
Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</p>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">
If such events of bankruptcy, insolvency or reorganization occur, after we have paid in full all amounts owed on Senior Indebtedness,
the holders of notes together with the holders of any of our other obligations that rank equally with the notes will be entitled
to receive from our remaining assets any principal, premium or interest due at that time on the notes and such other obligations
before we make any payment or other distribution on account of any of our capital stock or obligations ranking junior to the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</p>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">
In addition, if any principal, premium or interest in respect of Senior Indebtedness is not paid within any applicable grace
period (including at maturity) or any other default on Senior Indebtedness occurs and the maturity of such Senior Indebtedness
is accelerated in accordance with its terms, we may not pay the principal of, or interest on, the notes or repurchase, redeem
or otherwise retire any notes, unless, in each case, the default has been cured or waived and any such acceleration has been rescinded
or such Senior Indebtedness has been paid in full in cash, subject to certain exceptions as provided in the Indenture. If the
notes are accelerated before their stated maturity, the holders of Senior Indebtedness outstanding at the time the notes so become
due and payable shall be entitled to receive payment in full of all amounts due or to become due on or in respect of such Senior
Indebtedness before the holders of the notes are entitled to receive any payment on the notes. If, notwithstanding the foregoing,
we make any payment to the Trustee or the holder of any note prohibited by the preceding sentences, and if such fact shall, at
or prior to the time of such payment, have been made known to the Trustee or such holder, such payment must be paid over and delivered
to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because of the subordination provisions of
the Indenture, if we become insolvent, holders of Senior Indebtedness may receive more, ratably, and holders of the notes may
receive less, ratably, than our other creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed above, neither the notes nor the indenture contains any limitation
on the amount of Senior Indebtedness, parity indebtedness or secured subordinated indebtedness that we may incur or any indebtedness,
deposits or other liabilities or any preferred stock that Customers Bank or any of our other subsidiaries may incur or issue.
Indebtedness, deposits and other liabilities and any preferred equity of Customers Bank or our other subsidiaries do not fall
within the definition of Senior Indebtedness, but the notes are structurally subordinated to all of them.</p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of September 30, 2019, we had outstanding indebtedness and other liabilities of approximately $125.5 million ranking senior
to the notes, and Customers Bank and our other subsidiaries had outstanding indebtedness, deposits and other liabilities of approximately
$10.6 billion, excluding intercompany liabilities, all of which ranks structurally senior to the notes, and had no preferred equity
outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Optional Redemption </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We may, at our option, beginning with the interest
payment date of December , 2029 and on any interest payment date thereafter, redeem the notes, in whole or in part, at a redemption
price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the
date of redemption, subject to prior approval of the Federal Reserve, to the extent that such approval is required. In case of
any such election, notice of redemption must be provided to the holders of the notes not less than 30 days nor more than 60 days
prior to the redemption date. The selection of notes to be redeemed in any partial redemption will be made in accordance with DTC&rsquo;s
applicable procedures. If any note is to be redeemed in part only, the notice of redemption relating to such note shall state it
is a partial redemption and the portion of the principal amount thereof to be redeemed. If we redeem only a portion of the notes
on any date of redemption, we may subsequently redeem additional notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we may, at our option and subject
to prior approval of the Federal Reserve, to the extent that such approval is required, redeem the notes, in whole but not in part,
at any time prior to the stated maturity date, at a redemption price equal to 100% of the principal amount of the notes, plus accrued
and unpaid interest to, but excluding, the date of redemption, in the event of the occurrence of a Tax Event, a Tier 2 Capital
Event or an Investment Company Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A &ldquo;Tax Event&rdquo; is defined as the
receipt by us of an opinion of independent tax counsel to the effect that as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an amendment to or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any of its political subdivisions or taxing authorities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an amendment to or change in any official position with respect to, or any interpretation of, a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement or a law or regulation of the United States that differs from the previously generally accepted position or interpretation, or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a threatened challenge asserted in writing in connection with an audit of our federal income tax returns or positions or a similar audit of any of our subsidiaries or a publicly known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the notes,</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">in each case, which change or amendment or challenge becomes effective
or which pronouncement, decision or challenge is announced on or after the original issue date of the notes, there is more than
an insubstantial risk that interest payable by us on the notes is not, or, within 90 days of the date of such opinion, will not
be, deductible by us, in whole or in part, for United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A &ldquo;Tier 2 Capital Event&rdquo; is defined
to mean our reasonable determination that, as a result of (a) any amendment to, or change in, the laws, rules, regulations, policies
or guidelines of the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States,
including the Federal Reserve and other federal bank regulatory agencies) or any political subdivision of or in the United States
that is enacted or becomes effective after the initial issuance of the notes; (b) any proposed change in those laws, rules, regulations,
policies or guidelines that is announced or becomes effective after the initial issuance of the notes; or (c) any official administrative
decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws, rules,
regulations, policies or guidelines or policies with respect thereto that is announced after the original issue date of the notes,
there is more than an insubstantial risk that we will not be entitled to treat the notes then outstanding as &ldquo;Tier 2 capital&rdquo;
(or its equivalent) for purposes of the capital adequacy rules or regulations of the Federal Reserve (or, as and if applicable,
the capital adequacy rules or regulations of any successor appropriate federal banking agency) as then in effect and applicable,
for so long as any notes are outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An &ldquo;Investment Company Event&rdquo; is
defined to mean our becoming required to register as an investment company pursuant to the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our election to redeem any notes upon the occurrence
of any of the enumerated events above will be provided to the Trustee in the form of an officers&rsquo; certificate at least 60
days prior to the redemption date, or such shorter notice as may be acceptable to the Trustee. In case of any such election, notice
of redemption must be provided to the holders of the notes not less than 30 days nor more than 60 days prior to the redemption
date. Any such redemption may be subject to the satisfaction of conditions precedent as may be set forth in the applicable notice
of redemption. If any such conditions precedent have not been satisfied, we shall provide written notice to the Trustee and each
holder of the notes prior to the close of business of the business day prior to the redemption date in the same manner in which
the notice of redemption was given. Upon receipt of such notice, the notice of redemption shall be rescinded or delayed as provided
in such notice. In no event shall the Trustee be responsible to satisfy any such condition precedent, including making a deposit
of money required to effectuate the redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes are not subject to repurchase at the
option of the holders of the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Events of Default; Limitation on Suits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Indenture, an event of default will
occur with respect to the notes only upon the occurrence of any one of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the entry of a decree or order for relief in respect of Customers Bancorp by a court having jurisdiction in the premises in an involuntary case under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, and such decree or order shall have continued unstayed and in effect for a period of 60 consecutive days; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the commencement by Customers Bancorp of a voluntary case under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, or the consent by Customers Bancorp to the entry of a decree or order for relief in an involuntary case under any such law; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull; </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the event a receiver, conservator or similar official is appointed for Customers Bancorp&rsquo;s major subsidiary depository institution (currently, Customers Bank).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If an event of default occurs, the outstanding
principal amount and all accrued but unpaid interest on the notes will become due and payable immediately. The foregoing provision
would, in the event of the bankruptcy or insolvency involving Customers Bancorp, be subject as to enforcement to the broad equity
powers of a federal bankruptcy court and to the determination by that court of the nature and status of the payment claims of the
holders of the notes. Subject to certain conditions, but before a judgment or decree for payment of the money due has been obtained,
an acceleration may be annulled by the holders of a majority in principal amount of the outstanding notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There is no automatic acceleration or right
of acceleration in the case of a default in the payment of principal of or interest on the notes or in our non-performance of any
other obligation under the notes or the Indenture. If we default in our obligation to pay any interest on the notes when due and
payable and such default continues for a period of 30 days, or if we default in our obligation to pay the principal amount due
upon maturity, or if we breach any covenant or agreement contained in the Indenture, then the Trustee may, subject to certain limitations
and conditions, seek to enforce its rights and the rights of the holders of the notes of the performance of any covenant or agreement
in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Indenture provides that, subject
to the duty of the Trustee upon the occurrence of an event of default to act with the required standard of care, the
Trustee will be under no obligation to exercise any of its rights or powers under the Indenture at the request or direction
of any of the holders of notes unless such holders shall have offered to the Trustee indemnity or security satisfactory to it
against the costs, expenses and liabilities which may be incurred by it in complying with such request or direction. Subject
to certain provisions, the holders of a majority in principal amount of the outstanding notes will have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or
power conferred on the Trustee with respect to the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No holder of a note will have any right to institute
any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any
other remedy under the Indenture, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such holder has previously given written notice to the Trustee of a continuing event of default with respect to the notes;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 89%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the holders of not less than 25% in principal amount of the notes shall have made written request to the Trustee to institute proceedings in respect of such event of default in its own name as Trustee under the Indenture;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    holder or holders have offered to the Trustee indemnity satisfactory to it against the costs, expenses, and liabilities to
    be     incurred in complying with such request;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Trustee for 60 days after its receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no direction inconsistent with such written request has been given to the Trustee during such 60 day-period by the holders of a majority in principal amount of the outstanding notes.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Merger, Consolidation, Sale, Lease or Conveyance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Indenture provides that we may not merge
or consolidate with or into any person, or sell, lease or convey, in a single transaction or in a series of transactions, all or
substantially all of our assets to any person, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are the continuing corporation, or the successor corporation or the person that acquires all or substantially all of our assets is a corporation organized and existing under the laws of the United States or a state thereof or the District of Columbia and expressly assumes all our obligations under the notes and the Indenture;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">immediately after giving effect to such merger, consolidation, sale, lease or conveyance there is no default (as defined above) or event of default under the Indenture; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we shall have delivered to the Trustee an officers&rsquo; certificate and an opinion of counsel, each stating, among other things, that such transaction complies with the terms of the Indenture and that all conditions precedent provided for in the Indenture relating to such transaction have been complied with.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon any such consolidation or merger, sale,
lease or conveyance, the successor corporation formed, or into which we are merged or to which such sale, conveyance or transfer
is made, shall succeed to, and be substituted for, us under the Indenture with the same effect as if it had been an original party
to the Indenture. As a result, we will be released from all our liabilities and obligations under the Indenture and under the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although there is a limited body of case law
interpreting the phrase &ldquo;substantially all&rdquo; and similar phrases, there is no precise established definition of the
phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular
transaction would involve &ldquo;substantially all&rdquo; of the property or assets of a person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Satisfaction and Discharge</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Indenture will be discharged and will cease
to be of further effect as to all notes, when:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;either:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
notes that have been authenticated, except lost, stolen or destroyed notes that have been replaced or paid and notes for whose
payment money has been deposited in trust and thereafter repaid to us or discharged from such trust, have been delivered to the
Trustee for cancellation; or</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
such notes not previously delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice
of redemption or otherwise, or will become due and payable within one year and we have irrevocably deposited with the Trustee (or
the paying agent if other than the Trustee), in trust, for the benefit of the holders of the notes, cash in United States dollars,
non-callable government securities or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay and discharge the entire indebtedness on the notes not delivered to the
Trustee for cancellation for principal and accrued interest, to the date of maturity or redemption;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have paid or caused to be paid all sums payable by us under the Indenture with respect to the notes;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the notes at maturity
or on the redemption date, as the case may be; and</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered to the Trustee an officers&rsquo; certificate and an opinion of counsel stating that the conditions precedent to
the satisfaction and discharge of the notes have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Defeasance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will be deemed to have paid and will be discharged
from any and all obligations in respect of the notes and the Indenture on the 91st day after we have made the deposit referred
to below, and the provisions of the Indenture will cease to be applicable with respect to the notes (except for, among other matters,
certain obligations to register the transfer of or exchange of the notes, to replace stolen, lost or mutilated notes, to maintain
paying agencies and to hold funds for payment in trust) if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have irrevocably deposited with the Trustee, in trust, for the benefit of the holders of the notes, cash in United States dollars,
non-callable government securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of and accrued interest on the notes at the time such payments
are due in accordance with the terms of the Indenture;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered to the Trustee:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
opinion of counsel to the effect that holders of the notes will not recognize income, gain or loss for U.S. federal income tax
purposes as a result of the defeasance and will be subject to U.S. federal income tax on the same amounts and in the same manner
and at the same times as would have been the case if such defeasance had not occurred, which opinion of counsel must be based upon
a ruling of the U.S. Internal Revenue Service, referred to as the IRS, to the same effect or a change in applicable U.S. federal
income tax law or related treasury regulations after the date of the Indenture;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
opinion of counsel confirming that, among other things, the defeasance trust does not constitute an &ldquo;investment company&rdquo;
within the meaning of the Investment Company Act of 1940, as amended; and</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
opinion of counsel to the effect that (subject to customary qualifications and assumptions) after the 91st day following the deposit,
the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting
creditors&rsquo; rights generally;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
default (as defined above) or event of default with respect to the notes will have occurred and be continuing on the date of such
deposit, or insofar as events of default due to certain events of bankruptcy, insolvency or reorganization in respect of us are
concerned, during the period ending on the 91st day after the date of such deposit, and such deposit shall not (i) cause the Trustee
to have a conflicting interest within the meaning of the Trust Indenture Act in respect of the notes or (ii) result in a breach
or violation of, or constitute a default under, any material agreement or instrument (other than the Indenture) to which we are
a party or by which we are bound;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered to the Trustee an officers&rsquo; certificate stating that the deposit was not made by us with the intent of preferring
the holders of notes over any other creditors of ours or with the intent of defeating, hindering, delaying or defrauding any other
creditors of ours;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered to the Trustee an officers&rsquo; certificate and an opinion of counsel, each stating that, subject to customary
assumptions and exclusions, all conditions precedent provided for or relating to the defeasance have been complied with; and</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall have received such other documents, assurances and opinions of counsel as the Trustee shall have reasonably required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Supplemental Indentures/Amendments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as set forth below, we and the Trustee
may enter into an indenture supplemental to the Indenture, with the consent of the holders of a majority in principal amount of
the notes then outstanding affected by such amendment, voting as a single class. However, without the consent of each affected
holder of the notes, an amendment may not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce the principal amount of the outstanding notes the consent of whose holders is required for any amendment, supplement or waiver;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce the rate of or extend the time for payment of interest on any note; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce the principal of or change the maturity date of any note;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce the amount of the principal which would be due and payable upon an acceleration of the stated maturity thereof;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 89%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">waive a default or event of default in the payment of the principal or interest on any note; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make any note payable in money other than those stated in the notes;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">waive a redemption payment with respect to the notes;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">impair the right of any holder to institute suit for the enforcement of any payment with respect to the notes; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">change the definition of Senior Indebtedness except to reduce the scope thereof; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make any changes to the sections of the Indenture regarding waiver of past defaults, the unconditional rights of holders to receive payment or the prohibition on amendments reducing the principal amount of or interest on, or extending the time for payment on, any note without the consent of each affected holder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We and the Trustee may enter into one or more
indentures supplemental to the Indenture, without the consent of any holder of the notes, for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to cure any ambiguity, defect or inconsistency;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to provide for the assumption of the Company&rsquo;s obligations to holders of the notes by a successor to the Company pursuant to the Indenture;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to make any change that would provide any additional rights or benefits to the holders of the notes or that does not adversely affect the legal rights under the Indenture of any such holder;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to provide for the issuance of and establish the form and terms and conditions of notes&nbsp;&nbsp;as permitted by the Indenture;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to comply with requirements of the SEC in order to effect or maintain the qualification of an indenture under the TIA;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to conform the text of the Indenture or the notes to any provision of the description thereof set forth in this prospectus supplement, the accompanying prospectus or term sheet;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to add any guarantor or to provide any collateral to secure any notes;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to add additional obligors under the Indenture and the notes; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the debt securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to the requirements for the holders
to waive a default and to pursue a remedy with respect to the Indenture or the notes and the rights of any holder of a note to
receive payment of principal of and interest on such note, holders of a majority in aggregate principal amount of the notes voting
as a single class may waive compliance in a particular instance by us with any provision of the Indenture or the note, except as
otherwise stated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Outstanding Notes; Determinations of Holders&rsquo; Actions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notes outstanding at any time are the notes
authenticated by the Trustee except for those cancelled by it, those mutilated, destroyed, lost or stolen that have been replaced
by the Trustee, those delivered to the Trustee for cancellation and those described below as not outstanding. A note does not cease
to be outstanding because we or an affiliate of us holds the note; provided, however, that in determining whether the holders of
the requisite principal amount of notes have given or concurred in any request, demand, authorization, direction, notice, consent,
amendment or waiver, notes owned by us or an affiliate of us will be disregarded and deemed not to be outstanding. If the paying
agent holds on a redemption date money or securities sufficient to pay notes payable on that date, then immediately after such
redemption date such notes will cease to be outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee may make reasonable rules for action
by or at a meeting of holders of the notes. The registrar or paying agent may make reasonable rules and set reasonable requirements
for its functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Limitation on Individual Liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No director, officer, employee, incorporator
or stockholder of us, as such, will have any liability for any obligations of us under the notes or the Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each holder of a note, by accepting a note waives
and releases such liability. The waiver and release are part of the consideration for the issuance of the notes. Such waiver may
not be effective to waive liabilities under the federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Wilmington Trust will act as Trustee for the
notes under the Indenture, as permitted by the terms thereof. At all times, the Trustee must be a corporation organized and doing
business under the laws of the United States or any state thereof that is authorized under such laws to exercise corporate trustee
power, that is subject to supervision and examination by federal or state authorities and that, together with its direct parent,
if any, has a combined capital and surplus of at least $250,000,000. The Indenture shall always have a trustee that satisfies the
applicable requirements of the Trust Indenture Act. The Trustee may resign at any time by giving us written notice; and may be
removed as Trustee with respect to the notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by the holders of a majority in aggregate principal amount of the then outstanding notes by notification in writing to us and the Trustee; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by us if (i) the Trustee fails to comply with the eligibility requirements described above; (ii) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any bankruptcy law; (iii) a custodian or public officer takes charge of the Trustee or its property; or (iv) the Trustee otherwise becomes incapable of acting.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Trustee resigns or is removed or if a
vacancy exists in the office of the Trustee for any reason, we will promptly appoint a successor Trustee. A successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to us. Thereupon, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee will mail a notice of its succession to holders of the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The occurrence of any default under the Indenture
could create a conflicting interest for the Trustee under the Trust Indenture Act. If that default has not been cured or waived
within 90 days after the Trustee has or acquired a conflicting interest, the Trustee would generally be required by the Trust Indenture
Act to eliminate that conflicting interest or resign as Trustee with respect to the notes issued under the Indenture. If the Trustee
resigns, we are required to promptly appoint a successor trustee with respect to the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust Indenture Act also imposes certain
limitations on the right of the Trustee, as a creditor of ours, to obtain payment of claims in certain cases, or to realize on
certain property received in respect of any cash claim or otherwise. The Trustee will be permitted to engage in other transactions
with us, provided that, if it acquires a conflicting interest within the meaning of Section 310 of the Trust Indenture Act, it
must generally either eliminate that conflict or resign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Wilmington Trust and/or certain of its affiliates
have in the past and may in the future provide banking, investment and other services to us. A trustee under the Indenture may
act as trustee under any of our other indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Notes Intended to Qualify as Tier 2 Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes are intended to qualify as Tier 2
Capital under the capital rules established by the Federal Reserve for bank holding companies that became effective January 1,
2014. The rules set forth specific criteria for instruments to qualify as Tier 2 Capital. Among other things, the notes must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">be unsecured;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">have a minimum original maturity of at least five years;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">be subordinated to general creditors and all senior indebtedness of the Company: that is, the notes must be subordinated at a minimum to all borrowed money, similar obligations arising from off-balance sheet guarantees and direct credit substitutes, and obligations associated with derivative products such as interest rate and foreign exchange contracts, commodity contracts, and similar arrangements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not contain provisions permitting the holders of the notes to accelerate payment of principal prior to maturity except in the event of receivership, insolvency, liquidation or similar proceedings of the Company or of a major subsidiary institution of the Company;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by their terms be callable by the Company only after five years, unless there occurs (i) a Tax Event, (ii) a Tier 2 capital&nbsp;&nbsp;or (iii) an Investment Company Event;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not contain credit sensitive features, such as an interest rate reset, based in whole or in part, on the credit standing of the Company;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">redemption or repurchase of the notes requires prior Federal Reserve approval; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not contain provisions permitting the institution to redeem or repurchase the notes prior to the maturity date without prior approval of the Federal Reserve.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><BR>
Notices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any notices required to be given to the holders
of the notes will be given to DTC, and DTC will communicate these notices to DTC participants in accordance with its standard procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Governing Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Indenture and the notes are governed by,
and will be construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BOOK-ENTRY, DELIVERY AND FORM OF NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>General </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes will be issued in registered, global form
in minimum denominations of $25 and integral multiples of $25 thereof. The notes will be issued on the issue date therefor only
against payment in immediately available funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">
The notes initially will be represented by one or more permanent global certificates (which may be subdivided) in definitive
fully registered form without interest coupons, referred to as the global notes. The global notes will be deposited with, or on
behalf of, DTC and will be registered in the name of DTC or its nominee. Investors may hold their beneficial interests in a global
note directly through DTC or indirectly through organizations which are participants in the DTC system.<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</p>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">
Except as set forth in this prospectus supplement, the global notes may be transferred, in whole and not in part, only to another
nominee of DTC or to a successor of DTC or its nominee. Beneficial interests in the global notes may not be exchanged for notes
in certificated form except in the limited circumstances described below under &ldquo;&mdash; Exchange of Book-Entry Notes for
Certificated Notes.&rdquo; Transfer of beneficial interests in the global notes will be subject to the applicable rules and procedures
of DTC and its direct and indirect participants, which may change from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.5pt 0 0"><B>Depositary Procedures </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following description of the operations and procedures
of DTC are provided solely as a matter of convenience. These operations and procedures are solely within the control of the respective
settlement systems and are subject to changes by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">
We do not take any responsibility for these operations and procedures and urge investors to contact the systems or their participants
to directly discuss these matters. DTC has advised us that it is a limited-purpose trust company organized under the New York Banking
Law, a &ldquo;banking organization&rdquo; within the meaning of the New York Banking Law, a member of the Federal Reserve System,
a &ldquo;clearing corporation&rdquo; within the meaning of the Uniform Commercial Code and a &ldquo;clearing agency&rdquo; registered
pursuant to the provisions of Section 17A of the Exchange Act. DTC was created to hold securities for its participating organizations,
referred to as participants, and to facilitate the clearance and settlement of transactions in those securities between participants
through electronic, computerized book-entry changes in accounts of its participants, thereby eliminating the need for physical
movement of certificates. Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing
corporations and certain other organizations. Indirect access to DTC&rsquo;s system is also available to banks, securities brokers,
dealers, trust companies and clearing corporations that clear through or maintain a custodial relationship with a participant,
either directly or indirectly, referred to as indirect participants. Persons who are not participants may beneficially own securities
held by or on behalf of DTC only through participants or indirect participants. The ownership interest and transfer of ownership
interest of each actual purchaser of each security held by or on behalf of DTC are recorded on the records of participants and
indirect participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">DTC has advised us that, pursuant to procedures
established by it:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon deposit of the global notes, DTC will credit the accounts of participants designated by the underwriters with portions of the principal amount of the global notes; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ownership of interests in the global notes will be shown on, and the transfer of ownership of the global notes will be effected only through, records maintained by DTC (with respect to participants) or by participants and indirect participants (with respect to other owners of beneficial interests in the global notes).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon issuance, a holder may hold its interests in the
global notes directly through DTC if it is a participant, or indirectly through organizations that are participants or indirect
participants. The depositaries, in turn, will hold interests in the notes in customers&rsquo; securities accounts in the depositaries&rsquo;
names on the books of DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">
All interests in a global note will be subject to the procedures and requirements of DTC. The laws of some jurisdictions require
that certain persons take physical delivery in certificated form of securities that they own. Consequently, the ability to transfer
beneficial interests in a global note to those persons will be limited to that extent. Because DTC can act only on behalf of participants,
which in turn act on behalf of indirect participants and certain banks, the ability of a person having beneficial interests in
a global note to pledge its interests to persons or entities that do not participate in the DTC system, or otherwise take actions
in respect of its interests, may be affected by the lack of a physical certificate evidencing its interests. For certain other
restrictions on the transferability of the notes, see &ldquo;&mdash; Exchange of Book-Entry Notes for Certificated Notes.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as described below, owners of interests in the global
notes will not have notes registered in their name, will not receive physical delivery of notes in certificated form and will not
be considered the registered owners or holders thereof under the Indenture for any purpose.
</P>
<P></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Payments on the global notes registered in the name of DTC, or its nominee, will be payable in immediately available
funds by the Trustee (or the paying agent if other than the Trustee) to DTC or its nominee in its capacity as the registered
holder under the Indenture. We and the Trustee, as applicable, will treat the persons in whose names the notes, including the
global notes, are registered as the owners thereof for the purpose of receiving such payments and for any and all other
purposes whatsoever. Neither the Trustee nor any agent thereof has or will have any responsibility or liability for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any aspect of DTC&rsquo;s records or any participant&rsquo;s or indirect participant&rsquo;s records relating to, or payments made on account of, beneficial ownership interests in the global notes, or for maintaining, supervising or reviewing any of DTC&rsquo;s records or any participant&rsquo;s or indirect participant&rsquo;s records relating to the beneficial ownership interests in the global notes; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other matter relating to the actions and practices of DTC or any of its participants or indirect participants.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">DTC has advised us that its current practice,
upon receipt of any payment in respect of securities such as the notes (including principal and interest), is to credit the accounts
of the relevant participants with the payment on the payment date, in amounts proportionate to their respective holdings in the
principal amount of the relevant security as shown on the records of DTC, unless DTC has reason to believe it will not receive
payment on such payment date. Payments by participants and indirect participants to the beneficial owners of notes will be governed
by standing instructions and customary practices and will be the responsibility of participants or indirect participants and will
not be the responsibility of DTC, the Trustee, as applicable, or us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><BR>
</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither we nor the Trustee will be liable for any delay by DTC or any of its participants or indirect participants in identifying
the beneficial owners of the notes, and we and the Trustee may conclusively rely on and will be protected in relying on instructions
from DTC or its nominee for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><BR>
</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If less than all of the notes are being redeemed, DTC&rsquo;s current practice is to determine by lot the amount of the interest
of each participant in such global notes to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><BR>
</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Initial settlement for the notes will be made in immediately available funds. Any secondary market trading activity in interests
in the global notes will settle in immediately available funds, subject in all cases to the rules and procedures of DTC and its
participants. Transfers between participants in DTC will be effected in accordance with DTC&rsquo;s procedures, and will settle
in same-day funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><BR>
</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">DTC has advised us that it will take any action permitted to be taken by a holder of notes only at the direction of one or
more participants who have an interest in DTC&rsquo;s global notes in respect of the portion of the principal amount of the notes
as to which the participant or participants has or have given direction. However, if an event of default exists under the Indenture,
DTC reserves the right to exchange the global notes for notes in certificated form and to distribute the certificated notes to
its participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><BR>
</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that the information in this section concerning DTC and its book-entry system has been obtained from reliable sources,
but we do not take responsibility for the accuracy or completeness of this information. Although DTC will agree to the procedures
described in this section to facilitate transfers of interests in the global notes among participants in DTC, DTC is not obligated
to perform or to continue to perform these procedures, and these procedures may be discontinued at any time by giving reasonable
notice. Neither we nor the Trustee will have any responsibility or liability for any aspect of the performance by DTC or its participants
or indirect participants of any of their respective obligations under the rules and procedures governing their operations or for
maintaining, supervising or reviewing any records relating to the global notes that are maintained by DTC or any of its participants
or indirect participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exchange of Book-Entry Notes for Certificated Notes </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 0.5in">A global note is exchangeable for certificated
notes in definitive, fully registered form without interest coupons if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC notifies us that it is unwilling or unable to continue as depositary for the global notes and we fail to appoint a successor depositary within 90 days of receipt of DTC&rsquo;s notice, or DTC has ceased to be a clearing agency registered under the Exchange Act and we fail to appoint a successor depositary within 90 days of becoming aware of this condition; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at our request, DTC notifies holders of the notes that they may utilize DTC&rsquo;s procedures to cause the notes to be issued in certificated form, and such holders request such issuance.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">In addition, beneficial interests in a
global note may be exchanged by or on behalf of DTC for certificated notes upon request by DTC, but only upon at least 20 days
prior written notice given to the Trustee in accordance with DTC&rsquo;s customary procedures. In all cases, certificated notes
delivered in exchange for any global note or beneficial interests therein will be registered in the names, and issued in any approved
denominations, requested by or on behalf of the depository in accordance with its customary procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MATERIAL UNITED STATES FEDERAL INCOME TAX
CONSIDERATIONS </B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; text-indent: 15pt"><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the material U.S. federal income tax considerations that may be relevant to you if you
purchase notes in this offering. This summary applies only to holders that purchase notes in the initial offering at their issue
price (i.e., the first price at which a substantial amount of notes is sold to investors) and that hold the notes as capital assets
(within the meaning of Section 1221 of the Internal Revenue Code of 1986, referred to as the Code) for U.S. federal income tax
purposes (generally, assets held for investment). This summary does not purport to deal with all aspects of U.S. federal income
taxation that may be relevant to a particular holder in light of such holder&rsquo;s circumstances (for example, persons subject
to the alternative minimum tax provisions of the Code). In addition, this summary does not apply to you if you are a member of
a class of holders subject to special rules, such as a dealer or broker in securities, commodities or currencies; a trader in securities
that elects to use a mark-to-market method of accounting for your securities holdings; a bank; an insurance company or other financial
institution; a tax-exempt organization; an entity treated as a partnership, S corporation or other pass-through entity for U.S.
federal income tax purposes and investors therein; an accrual method taxpayer subject to special tax accounting rules as a result
of its use of financial statements; a person that owns notes that are a hedge or that are hedged against interest rate risks; a
person that owns notes as part of a straddle, constructive sale or conversion transaction for tax purposes or other integrated
transaction or risk reduction transaction; a person that purchases or sells notes as part of a wash sale for tax purposes; a U.S.
holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar; a U.S. expatriate; a regulated investment
company or real estate investment trust; a controlled foreign corporation or a passive foreign investment company; a person deemed
to sell the notes under the constructive sale provisions of the Code; a retirement plan, individual retirement account, 401(k)
plan or similar tax favored account, or a person that will hold the notes in a retirement plan, individual retirement account,
401(k) plan or similar tax favored account; or a person liable for alternative minimum tax. In addition, this summary does not
address any non-income tax considerations or any non-U.S. or state or local tax consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; text-indent: 15pt">&#9;We believe
that the notes should be treated as debt for U.S. federal income tax purposes and the remainder of this summary assumes that the
notes will be so treated. We have not sought any ruling from the IRS with respect to this tax treatment, or in respect of the statements
made and the conclusions reached in this discussion, and there can be no assurance that the IRS will agree with such statements
and conclusions. A different treatment could adversely affect the amount, timing, and character of income, gain or loss in respect
of an investment in the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; text-indent: 15pt">This section is based on the Code,
its legislative history, existing, temporary and proposed regulations promulgated thereunder, referred to as the Treasury regulations,
and administrative and judicial interpretations thereof, published rulings and court decisions, all as in effect on the date of
this prospectus supplement. The laws and authorities discussed herein are subject to change, possibly on a retroactive basis. No
assurances can be given that any change in these laws or authorities will not affect the accuracy of the discussion set forth in
this summary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; text-indent: 15pt">If a partnership holds the notes, the
U.S. federal income tax treatment of a partner generally will depend on the status of the partner and the tax treatment of the
partnership. A partner in a partnership holding the notes should consult its independent tax advisors with regard to the U.S. federal
income tax treatment of an investment in the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; text-indent: 15pt"><B><I>You should consult your independent
tax advisors regarding the U.S. federal income tax consequences of the purchase, ownership and disposition of the notes in light
of your particular circumstances, as well as any tax considerations arising under other U.S. federal tax laws (such as the estate
or gift tax laws) or under the laws of any state, local, non-U.S. or other taxing jurisdiction or under any applicable tax treaty.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4pt 0 7pt; text-indent: 26pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify"><B>U.S.
Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4pt 0 7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; text-indent: 15pt">This section applies to you if you
are a &ldquo;U.S. holder.&rdquo; As used herein, the term &ldquo;U.S. holder&rdquo; means a beneficial owner of a note who or that
is, for U.S. federal income tax purposes, any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an individual who is a citizen or resident of the United States;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation (or other entity classified as a corporation for federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estate the income of which is subject to U.S. federal income taxation regardless of its source; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trust if (a) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more &ldquo;United States persons&rdquo; (as defined in the Code) have authority to control all substantial decisions of the trust, or (b) the trust has a valid election in effect to be treated as a U.S. person for federal income tax purposes.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you are not a U.S. holder, this section does
not apply to you and you should refer to &ldquo;&mdash;&nbsp;Non-U.S. Holders&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Payments of Interest.</I>&nbsp;&nbsp;We expect,
and the remainder of this summary assumes, that the notes will be issued at par or at a discount that is not more than a <I>de
minimis</I> amount of original issue discount for U.S. federal income tax purposes, and therefore will not be subject to the rules
governing &ldquo;original issue discount.&rdquo; Accordingly, stated interest paid on a note generally will be taxable to you as
ordinary interest income from sources within the United States at the time it accrues or is received, depending on your method
of accounting for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you purchase the notes for an amount that
differs from the principal amount of the notes, you may be subject to special tax rules relating to market discount and debt securities
purchased at a premium. The rules regarding market discount and the purchase of debt securities at a premium are complex and you
should consult your independent tax advisors regarding these rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Purchase, Sale, Exchange, Redemption or Retirement
of the Notes.</I>&nbsp;&nbsp;Your federal income tax basis in your note generally will be its cost. Upon the sale, exchange, redemption,
retirement or other taxable disposition of a note, you generally will recognize gain or loss equal to the difference between the
amount you realized on the sale, exchange, redemption, retirement or other taxable disposition of a note, excluding an amount equal
to any accrued but unpaid interest (which will be taxable as ordinary income to the extent not previously included in income),
and your federal income tax basis in your note. Your amount realized is the sum of cash plus the fair market value of any property
received upon the sale, exchange, redemption, retirement or other taxable disposition of a note. Such gain or loss generally will
be capital gain or loss, and will be long-term capital gain or loss if at the time of sale, exchange, redemption, retirement or
other taxable disposition you have held the note for more than one year or short-term capital gain or loss if the note was held
for one year or less. Under current law, long-term capital gains recognized by certain non-corporate U.S. holders, including individuals,
generally will be subject to reduced tax rates. Your ability to offset capital losses against ordinary income is limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Medicare Tax.</I>&nbsp;&nbsp;Certain U.S.
holders that are individuals, estates or trusts are subject to a 3.8% tax on all or a portion of their net investment income, referred
to as the &ldquo;Medicare tax.&rdquo; For these purposes, &ldquo;net investment income&rdquo; generally includes interest (including
interest paid or accrued with respect to the notes), dividends, annuities, royalties, rents, net gain attributable to the disposition
of property not held in a trade or business (including net gain from the sale, exchange, redemption, retirement or other taxable
disposition of the notes and certain other income), but will be reduced by certain permitted deductions properly allocated to such
income or net gain. If you are a U.S. holder that is an individual, estate or trust, you should consult your independent tax advisors
regarding the applicability of the Medicare tax to your income and gains in respect of your investment in the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Non-U.S. Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This section applies to you if you are a &ldquo;non-U.S.
holder.&rdquo; As used herein, the term &ldquo;non-U.S. holder&rdquo; means a beneficial owner of a note who or that is an individual,
corporation, estate or trust and is not a U.S. holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you are a U.S. holder, this subsection does
not apply to you and you should refer to &ldquo;&mdash;&nbsp;U.S. Holders&rdquo; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Payments of Interest.</I>&nbsp;&nbsp;Under
U.S. federal income tax laws, and subject to the discussion of the Foreign Account Tax Compliance Act, referred to as FATCA, and
backup withholding below, if you are a non-U.S. holder of notes, you generally will not be subject to U.S. federal income tax,
including withholding tax, on payments of interest with respect to the notes provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you do not actually or constructively own 10% or more of the total combined voting power of all classes of our voting stock within the meaning of the Code and the Treasury regulations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you are not a &ldquo;controlled foreign corporation&rdquo; that is related directly or constructively to us through stock ownership;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you are not a bank whose receipt of interest on the notes is described in Section 881(c)(3)(A) of the Code (generally in connection with an extension of credit pursuant to a loan agreement entered into in the ordinary course of the bank&rsquo;s trade or business).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, for this exemption from U.S. federal
withholding tax to apply, a non-U.S. holder must provide the applicable withholding agent with a properly completed and executed
IRS Form W-8BEN or W-8BEN-E, or other appropriate documentation, certifying, under penalties of perjury, that such non-U.S. holder
is not a U.S. person. If the non-U.S. holder holds its notes through a financial institution or other agent acting on its behalf,
such non-U.S. holder will be required to provide appropriate documentation to the agent. Such non-U.S. holder&rsquo;s agent will
then be required to provide such documentation to the applicable withholding agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you cannot satisfy the requirements outlined
above, interest on the notes that is not effectively connected income (as discussed below) generally will be subject to U.S. federal
withholding tax (currently imposed at a 30% rate, or a lower rate if an applicable income tax treaty so provides and you satisfy
the relevant certification requirements). We will not pay any additional amounts to you in respect of any amounts so withheld.
If interest on the notes is effectively connected with the conduct by you of a trade or business within the United States and,
if an income tax treaty applies, such interest is attributable to a permanent establishment or fixed base in the United States,
you generally will be subject to U.S. federal income tax on such interest in the same manner as if you were a U.S. holder and,
if you are a non-U.S. corporation, you may also be subject to the branch profits tax (currently imposed at a rate of 30% or a lower
rate if an income tax treaty so provides). Any such interest will not also be subject to U.S. federal withholding tax, however,
if you deliver to us a properly executed IRS Form W-8ECI or acceptable substitute form in order to claim an exemption from U.S.
federal withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Purchase, Sale, Exchange, Redemption or Retirement
of the Notes.</I>&nbsp;&nbsp;Subject to the discussion of backup withholding below, upon the sale, exchange, redemption, retirement
or other taxable disposition of a note, you generally will not be subject to U.S. federal income or withholding tax on any gain
recognized unless (1) the gain is effectively connected with the conduct by you of a trade or business within the United States
and, if required under an applicable income tax treaty, is attributable to a permanent establishment or fixed base in the United
States, or (2) you are a nonresident alien individual, who is present in the United States for 183 or more days in the taxable
year of the disposition and certain other conditions are met. If you are a non-U.S. holder who is described under (1) above, see
the discussion below under &ldquo;- Effectively Connected Income.&rdquo; If you are a non-U.S. holder who is described under (2)
above, you generally will be subject to a flat 30% tax on the gain derived from the sale, exchange, redemption, retirement or other
taxable disposition of notes, which may be able to be offset by certain U.S. capital losses (notwithstanding the fact that you
are not considered a U.S. resident for U.S. federal income tax purposes). Any amount attributable to accrued but unpaid interest
on the notes generally will be treated in the same manner as payments of interest made to you, as described above under &ldquo;&mdash;&nbsp;Payments
of Interest.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Effectively Connected Income.&nbsp; </I>If
interest or gain recognized on a note is effectively connected with the conduct of a trade or business within the United States
and, if required by an applicable income tax treaty, is attributable to a U.S. permanent establishment (or, in the case of an individual,
a fixed base) maintained by the non-U.S. holder in the United States, then such interest or gain will not be subject to the U.S.
federal withholding tax discussed above if, in the case of interest, the non-U.S. holder provides the applicable withholding agent
with a properly completed and executed IRS Form W-8ECI. Such interest or gain, however, will generally be subject to U.S. federal
income tax on a net income basis at regular U.S. federal income rates. In addition, a non-U.S. holder that is a foreign corporation
may be subject to a branch profits tax equal to 30% of its effectively connected earnings and profits, as adjusted for certain
items, unless such non-U.S. holder qualifies for a lower rate or an exemption from such branch profits tax under an applicable
income tax treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Backup Withholding and Information Reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you are a U.S. holder, information reporting
generally will apply to certain payments of principal of, and interest on the notes and to the proceeds of the sale or other disposition
(including a retirement or a redemption) of a note unless such U.S. holder is an exempt recipient (including, among others, a corporation
or a tax exempt organization).&nbsp; In general, a U.S. holder may be subject to U.S. federal backup withholding on payments on
the notes and the proceeds of a sale or other disposition of the notes if such U.S. holder fails to (i) provide a properly completed
and executed IRS Form W-9 to the applicable withholding agent providing such U.S. holder&rsquo;s taxpayer identification number
and complying with certain certification requirements or (ii) otherwise establish an exemption from backup withholding.&nbsp; Backup
withholding is not an additional tax. We will not pay any additional amounts to you in respect of any amounts so withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Information reporting and backup withholding
generally are not required with respect to the amount of any proceeds from the sale or other disposition of our notes by a non-U.S.
holder outside the United States through a foreign office of a foreign broker that does not have certain specified connections
to the United States unless the proceeds are transferred to an account maintained by the holder in the United States, the payment
of proceeds or the confirmation of the sale is mailed to the holder at a United States address or the sale has some other specified
connection to the United States. However, if a non-U.S. holder sells or otherwise disposes of our notes through a U.S. broker or
the U.S. offices of a foreign broker, the broker will generally be required to report the amount of proceeds paid to the non-U.S.
holder to the IRS and also to backup withhold on that amount unless such non-U.S. holder provides appropriate certification to
the broker of its status as a non-U.S. person or otherwise establishes an exemption (and the payor does not have actual knowledge
or reason to know that such holder is a U.S. person as defined under the Code). Information reporting will also apply if a non-U.S.
holder sells our notes through a foreign broker which derives more than a specified percentage of its income from U.S. sources
or has certain other connections to the United States, unless such broker has documentary evidence in its records that such non-U.S.
holder is a non-U.S. person and certain other conditions are met, or such non-U.S. holder otherwise establishes an exemption (and
the payor does not have actual knowledge or reason to know that such holder is a U.S. person as defined under the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Backup withholding is not an additional tax.
Any amounts withheld under the backup withholding rules from a payment to a holder of notes generally will be allowed as a refund
or a credit against such holder&rsquo;s U.S. federal income tax liability as long as such holder provides the required information
to the IRS in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>FATCA</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">FATCA imposes, under certain circumstances,
a withholding tax of 30% on payments of U.S. source interest made to certain non-U.S. entities (whether such non-U.S. entities
are beneficial owners or intermediaries) unless various information reporting requirements are satisfied. Among other requirements,
&ldquo;foreign financial institutions&rdquo; generally must provide information about their United States account holders and &ldquo;non-financial
foreign entities&rdquo; must provide information about their substantial United States owners. Foreign financial institutions located
in jurisdictions that have an intergovernmental agreement with the United States with respect to FATCA may be subject to different
rules. If an interest payment is subject both to withholding under FATCA and to the U.S. federal withholding tax discussed above
under &ldquo;Non-U.S. Holder&nbsp;&mdash;&nbsp;Payments of Interest,&rdquo; the U.S. federal withholding tax under FATCA may be
credited against, and therefore reduce, such other U.S. federal withholding tax. In addition, under certain circumstances, a non-U.S.
holder might be eligible for refunds or credits of any taxes imposed pursuant to FATCA. We will not pay any additional amounts
to you in respect of any amounts withheld pursuant to FATCA. Prospective purchasers of the notes should consult their own independent
tax advisors regarding these withholding and reporting provisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTAIN ERISA CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<DIV STYLE="padding: 3pt 0in 3pt 3pt; border-top-width: 0in; border-top-color: Black; border-bottom-width: 0in; border-bottom-color: Black; border-left-width: 0in; border-left-color: Black">

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">A fiduciary
of a pension, profit-sharing or other employee benefit plan subject to Part 4 of Title I of the U.S. Employee Retirement Income
Security Act of 1974, as amended, or ERISA, each referred to as a &ldquo;Plan,&rdquo; should consider the fiduciary standards of
ERISA in the context of the Plan&rsquo;s particular circumstances before authorizing an investment in the notes. Among other factors,
the fiduciary should consider whether the investment would satisfy the prudence and diversification requirements of ERISA and would
be consistent with the documents and instruments governing the Plan, and whether the investment would involve a prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Section 406
of ERISA and Section 4975 of the Code prohibit Plans, as well as individual retirement accounts, Keogh plans and other plans that
are subject to Section 4975 of the Code but not Part 4 of Title I of ERISA, also referred to as &ldquo;Plans,&rdquo; from engaging
in certain transactions involving &ldquo;plan assets&rdquo; with persons who are &ldquo;parties in interest&rdquo; under ERISA
or &ldquo;disqualified persons&rdquo; under the Code with respect to the Plan. A violation of these prohibited transaction rules
may result in excise tax or other liabilities under ERISA or the Code for those persons and penalties and liabilities under ERISA
and the Code for the fiduciary of the Plan, unless exemptive relief is available under an applicable statutory, regulatory or administrative
exemption. Employee benefit plans that are governmental plans (as defined in Section 3(32) of ERISA), certain church plans (as
defined in Section 3(33) of ERISA) and non-U.S. plans (as described in Section 4(b)(4) of ERISA), referred to as Non-ERISA Arrangements,
are not subject to the requirements of Section 406 of ERISA or Section 4975 of the Code but may be subject to similar provisions
under other applicable federal, state, local, non-U.S. or other laws, referred to as &ldquo;Similar Laws.&rdquo;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The acquisition
of the notes by a Plan or any entity whose underlying assets include &ldquo;plan assets&rdquo; by reason of any Plan&rsquo;s investment
in the entity, referred to as a &ldquo;Plan Asset Entity,&rdquo; with respect to which we, certain of our affiliates or the underwriters
are or become a party in interest or disqualified person may result in a direct or indirect prohibited transaction under Section
406 of ERISA or Section 4975 of the Code, unless the notes are acquired pursuant to an applicable exemption. The U.S. Department
of Labor has issued prohibited transaction class exemptions, or PTCEs, that may provide exemptive relief if required for direct
or indirect prohibited transactions that may arise from the purchase of the notes. These exemptions include, without limitation,
PTCE 84-14 (for certain transactions determined by independent qualified professional asset managers), PTCE 90-1 (for certain transactions
involving insurance company pooled separate accounts), PTCE 91-38 (for certain transactions involving bank collective investment
funds), PTCE 95-60 (for transactions involving certain insurance company general accounts), and PTCE 96-23 (for transactions managed
by in-house asset managers). In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code provide limited relief
from the prohibited transactions provisions of ERISA and Section 4975 of the Code for certain transactions, provided that neither
the issuer of the notes nor any of its affiliates (directly or indirectly) have or exercise any discretionary authority or control
or render any investment advice with respect to the assets of any Plan involved in the transaction, and provided further that the
Plan pays no more and receives no less than &ldquo;adequate consideration&rdquo; in connection with the transaction, referred to
as the service provider exemption. There can be no assurance that all of the conditions of any such exemptions will be satisfied
with respect to transactions involving the notes.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Because of the
foregoing, the notes should not be acquired by any person investing &ldquo;plan assets&rdquo; of any Plan, Plan Asset Entity or
Non-ERISA Arrangement, unless such acquisition will not constitute a non-exempt prohibited transaction under ERISA and the Code
or similar violation of any applicable Similar Laws.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Each purchaser
or holder of the notes or any interest therein, and each person making a decision to purchase or hold the notes on behalf of any
such purchaser or holder, will be deemed to have represented and warranted in both its individual capacity and its representative
capacity (if any), on each day from and including the day on which the purchaser or holder acquires the notes or any interest therein
through the date on which such purchaser disposes of the notes or its interests in the notes, that by its purchase or holding of
the notes or any interest therein that either (1) it is not a Plan, a Plan Asset Entity or a Non-ERISA Arrangement and is not purchasing
the notes on behalf of or with the assets of any Plan, Plan Asset Entity or Non-ERISA Arrangement, or (2) the acquisition of the
notes will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a similar
violation under any applicable Similar Laws.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">Neither we,
nor the Trustee, nor any underwriter, nor any of our or their respective affiliates, referred to as the &ldquo;Transaction Parties,&rdquo;
will be making an investment recommendation or providing investment advice on which any Plan, or Plan Asset Entity, or the fiduciary
or other person with investment responsibilities over the assets of such Plan or Plan Asset Entity, that is considering an investment
in the notes or any interest therein will rely in connection with the decision to acquire such notes or interest therein, and none
of the Transaction Parties is acting as a fiduciary (within the meaning of Section 3(21) of ERISA or Section 4975(e)(3) of the
Code) to such Plan or Plan Asset Entity in connection with the Plan&rsquo;s or the Plan Asset Entity&rsquo;s acquisition of the
notes or interest therein (unless an applicable prohibited transaction exemption is available to cover the purchase or holding
of such notes or interest therein, or the transaction is not otherwise prohibited), and such person or persons is or are exercising
its or their own independent judgment in evaluating the investment in the notes or interest therein.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P></DIV>

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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The foregoing
discussion is general in nature and is not intended to be all inclusive. Due to the complexity of these rules and the penalties
that may be imposed upon persons involved in non-exempt prohibited transactions, it is important that fiduciaries or other persons
considering acquiring the notes on behalf of or with the assets of any Plan, Plan Asset Entity or Non-ERISA Arrangement consult
with their counsel regarding the potential applicability of ERISA, Section 4975 of the Code and any Similar Laws to such investments
as well as the availability of exemptive relief under any of the PTCEs listed above or the service provider exemption, as applicable.
Purchasers of the notes have exclusive responsibility for ensuring that their purchase of the notes does not violate the fiduciary
or prohibited transaction rules of ERISA or the Code or any applicable Similar Laws. The sale of any note to a Plan, Plan Asset
Entity or Non-ERISA Arrangement is in no respect a representation by us, the underwriters or any of our or their affiliates or
representatives that such an investment meets all relevant legal requirements with respect to investments by any such Plans, Plan
Asset Entities or Non-ERISA Arrangements generally or any particular Plan, Plan Asset Entity or Non-ERISA Arrangement or that such
investment is appropriate for such Plans, Plan Asset Entities or Non-ERISA Arrangements generally or any particular Plan, Plan
Asset Entity or Non-ERISA Arrangement.</P>

</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDERWRITING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have entered into an underwriting agreement
with B. Riley FBR, Inc., as the representative of the underwriters named below, with respect to the notes being offered pursuant
to this prospectus supplement. Subject to certain conditions, each of the underwriters has agreed, severally and not jointly, to
purchase the aggregate principal amount of notes in this offering set forth next to its name in the following table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriters</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal</B></P>
                    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount&nbsp;of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Notes</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Riley FBR, Inc.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: Transparent">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.A. Davidson &amp; Co.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Janney Montgomery Scott LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: Transparent">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William Blair &amp; Company, L.L.C.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boenning &amp; Scattergood, Inc.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: Transparent">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incapital LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxim Group LLC</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wedbush Securities Inc.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;$</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 78%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriting agreement provides that the
obligation of the underwriters to purchase the notes included in this offering is subject to approval of certain legal matters
by counsel and to certain other conditions. The underwriting agreement provides that the obligations of the underwriters are several,
which means that each underwriter is required to purchase a specific principal amount of the notes, but is not responsible for
the purchase commitment of any other underwriter. Subject to the conditions to the obligations of the underwriters to purchase
the notes, the underwriters are obligated to purchase all of the notes if any of the notes are purchased. The underwriters reserve
the right to reject, cancel or modify any order of notes in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have granted to the underwriters the option
to purchase up to an additional $ of notes at the public offering price, less the underwriting discount and commissions, which
we refer to as the option. If any notes are purchased pursuant to the option, the underwriters will, severally but not jointly,
purchase the additional notes in approximately the same proportions as set forth in the above table. This prospectus supplement
also qualifies the grant of the option and the notes issuable upon the exercise thereof. A purchaser who acquires any notes forming
part of the underwriters&rsquo; overallocation position acquires such notes under this prospectus supplement, regardless of whether
the overallocation position is ultimately filled through the exercise of the option or secondary market purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Discounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriters propose to offer the notes
directly to the public initially at the public offering price set forth on the cover page of this prospectus supplement, plus accrued
interest, if any, from December , 2019 to the date of delivery of the notes. After the initial offering of the notes to the public,
the public offering price and other selling terms may be changed by the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The underwriters propose to offer the notes initially at the public
offering price on the cover page of this prospectus supplement and to selling group members less a concession of % of the principal
amount of the notes. The underwriters and selling group members may allow a discount of % of the principal amount of the notes
on sales to other broker-dealers. After the initial public offering, the public offering price, concession and discount to broker-dealers
may be changed by the representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table shows the per note and total
underwriting discount and commissions we will pay to the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 329px; padding-top: 3pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per Note</FONT></TD>
    <TD STYLE="width: 12px; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="width: 13px; padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-top: 3pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">________</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 91%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the underwriters exercise the option in full, the total underwriting discount and commissions will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriters propose to offer the notes
directly to the public initially at the public offering price set forth on the cover page of this prospectus supplement, plus accrued
interest, if any, from December , 2019 to the date of delivery of the notes. After the initial offering of the notes to the public,
the public offering price and other selling terms may be changed by the underwriters. Certain expenses associated with the offer
and the sale of the notes, exclusive of the underwriting discount and commissions, are estimated to be approximately $ and will
be paid by us. We have agreed to pay certain expenses of the underwriters in connection with the offer and sale of the notes, including
the legal fees and expenses of counsel for the underwriters, not to exceed $100,000 in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>No Sales of Similar Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have agreed, for a period beginning on the
date of the underwriting agreement and continuing to and including the closing date of the offering contemplated hereby, that we
will not, without the prior written consent of B. Riley FBR, Inc., directly or indirectly, issue, sell, offer or contract to sell,
grant any option for the sale of, or otherwise transfer or dispose of, any debt securities or nonconvertible preferred stock of
ours or any of our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have agreed to indemnify the underwriters
against certain liabilities, including liabilities under the Securities Act of 1933, as amended, or to contribute to payments the
underwriters may be required to make in respect of any of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Stock Exchange Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The notes are a new issue of securities with
no established trading market. We will apply to list the notes on the New York Stock Exchange. If approved for listing, we expect
trading in the notes to begin within 30 days after the notes are first issued. We have been advised by the underwriters that they
presently intend to make a market in the notes after completion of this offering. However, they are under no obligation to do so
and may discontinue any market-making activities at any time without any notice. We cannot assure the liquidity of any trading
market for the notes or that an active public market for the notes will develop or be maintained. If an active public trading market
for the notes does not develop or is not maintained, the market price and liquidity of the notes may be adversely affected. If
the notes are traded, they may trade at a discount from their initial offering price, depending on prevailing interest rates, the
market for similar subordinated securities, our operating performance and financial condition, general economic conditions and
other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Price Stabilization, Short Positions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with this offering, the underwriters
may purchase and sell notes in the open market. These transactions may include over-allotment, syndicate covering transactions
and stabilizing transactions. Over-allotment involves sales of notes in excess of the principal amount of notes to be purchased
by the underwriters in this offering, which creates a short position. Covering transactions involve purchases of the notes in the
open market after the distribution has been completed in order to cover short positions. Stabilizing transactions consist of certain
bids or purchases of notes made for the purpose of preventing or retarding a decline in the market price of the notes while the
offering is in progress. The underwriters may also impose a penalty bid. Penalty bids permit the underwriters to reclaim a selling
concession from a syndicate member when the underwriters, in covering short positions or making stabilizing purchases, repurchases
notes originally sold by the syndicate member. Any of these activities may cause the price of the notes to be higher than the price
that otherwise would exist in the absence of such activities. These activities, if commenced, may be discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Extended Settlement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We expect to deliver the notes against payment
for such notes on or about December , 2019, which will be the third business day following the date of the pricing of the notes
(&ldquo;T+3&rdquo;). Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in
two business days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes
on the date of the pricing of the notes will be required, by virtue of the fact that the notes initially will settle in T+3, to
specify an alternative settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the notes
who wish to trade the notes on the date of the pricing of the notes should consult their own advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other Relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The underwriters, and some of their affiliates,
have performed and expect to continue to perform financial and investment banking services for us from time to time in the ordinary
course of their respective businesses, and have received, and may continue to receive, compensation for such services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, in the ordinary course of their
business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively
trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their
own accounts and for the accounts of their customers. Such investments and securities activities may involve securities and/or
instruments of ours or our affiliates. The underwriters and their respective affiliates may also make investment recommendations
and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend
to clients that they acquire, long and/or short positions in such securities and instruments.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The validity of the notes offered hereby will
be passed upon for us by Stradley Ronon Stevens &amp; Young, LLP, Philadelphia, Pennsylvania. Sidley Austin LLP, New York, New
York, will act as counsel to the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXPERTS</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our audited consolidated financial statements
as of December 31, 2018 and 2017, and for each of the three years in the period ended December 31, 2018, and management's assessment
of effectiveness of internal controls over financial reporting as of December 31, 2018 incorporated by reference in this prospectus
supplement have been so incorporated in reliance upon the reports of BDO USA, LLP, an independent registered public accounting
firm, incorporated herein by reference, given on the authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The SEC allows us to incorporate by reference
the information that we file with the SEC, which means that we can disclose important information to you by referring you to those
documents. The information incorporated by reference is considered to be part of this prospectus supplement and the accompanying
prospectus. These documents may include periodic reports, such as our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K and definitive Proxy Statements. Any documents that we subsequently file with the SEC prior to the
termination of this offering will automatically update and replace the information we previously filed with the SEC. Therefore,
in the case of a conflict or inconsistency between information set forth in this prospectus supplement or the accompanying prospectus
and information incorporated by reference into this prospectus supplement or the accompanying prospectus, you should rely on the
information contained in the document that was filed later.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This prospectus supplement incorporates by reference
the documents listed below that we previously have filed with the SEC (other than, in each case, documents or information deemed
to have been furnished and not filed in accordance with SEC rules):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000009/cubi-12312018x10k.htm">March 1, 2019</A> (including the information specifically incorporated by reference therein from our Definitive Proxy Statement on Schedule 14A, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000024/customersbancorp2018proxy.htm">April 17, 2019</A>);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Amended Annual Report on Form 10-K/A for the year ended December 31, 2018, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000031/cubi-12312018x10ka.htm">April 24, 2019</A>;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000036/cubi-2019331x10q.htm">May 9, 2019</A>;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000056/cubi-2019630x10q.htm">August 8, 2019</A>;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000068/cubi-20190930.htm">November 7, 2019</A>; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Current Reports on Form 8-K filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000013/customers8k3-7x19.htm">March 7, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000040/customers8k6-3x19.htm">June 3, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000045/customers8k6-19x19.htm">June 19, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000148881319000047/customers8k7-1x19.htm">July 1, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015919000152/customers8k.htm">September 25, 2019</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015919000187/customers8k.htm">October 25, 2019</A>. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are also incorporating by reference all other
documents that we subsequently file with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than,
in each case, information deemed to have been furnished and not filed in accordance with SEC rules) prior to the termination of
this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You may obtain a copy of any or all of the
documents incorporated by reference in this prospectus supplement and the accompanying prospectus (other than an exhibit to a
document unless that exhibit is specifically incorporated by reference into that document) from the SEC on its web site at
http://www.sec.gov. You also may obtain these documents from us without charge by visiting our web site at
http://www.customersbank.com or by requesting them from Michael De Tommasso, Corporate Secretary, Customers Bancorp, Inc.,
1015 Penn Avenue, Suite 103, Wyomissing, PA 19610; telephone (610) 933-2000. Except as expressly stated herein, the
information found on, or otherwise accessible through, our website is not incorporated into, and does not form a part of,
this prospectus supplement or the accompanying prospectus or any other report or document we file with or furnish to the
SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements
and other information regarding issuers that file electronically with the SEC. The address of the SEC&rsquo;s website is www.sec.gov.
In addition, we maintain a website that contains information about us, including documents we have filed with the SEC, at http://www.customersbank.com.
Except as expressly stated herein, the information found on, or otherwise accessible through, our website is not incorporated into,
and does not form a part of, this prospectus supplement or the accompanying prospectus or any other report or document we file
with or furnish to the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have also filed a registration statement
(No. 333-218483) with the SEC relating to the securities offered by this prospectus supplement and the accompanying prospectus.
This prospectus supplement and the accompanying prospectus are parts of the registration statement. The registration statement
contains more information than this prospectus supplement and the accompanying prospectus regarding us and our securities, including
certain exhibits and schedules. You can obtain a copy of the registration statement and the exhibits and schedules from the SEC
at the website address listed above. The registration statement may contain additional information that may be important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">
  <DIV> </DIV>
    <DIV STYLE="font-weight: bold">PROSPECTUS</DIV>
    <DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: center">$500,000,000</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="font-size: 14pt; font-weight: bold; text-align: center">Customers Bancorp, Inc.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: center">Debt Securities<BR>
        Voting Common Stock<BR>
        Class B Non-Voting Common Stock<BR>
        Preferred Stock<BR>
        Depositary Shares<BR>
        Purchase Contracts<BR>
        Warrants<BR>
        Units</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">We may offer and sell from time to time, in one or more transactions, up to $500,000,000 in aggregate offering amount of the securities
        listed above. This prospectus provides you with a general description of these securities.&#160; Each time we offer any securities pursuant to this prospectus, we will provide the specific terms of the securities being offered, including the specific
        amounts, prices and other terms, in one or more supplements to this prospectus. The prospectus supplements and any related free writing prospectus also may add, update or change information contained in this prospectus.&#160; You should carefully read
        this prospectus, the applicable prospectus supplement and any related free writing prospectus, together with the documents incorporated by reference in this prospectus and any prospectus supplement, before you invest in any of these securities.
        This prospectus may not be used to sell securities unless it is accompanied by a prospectus supplement that further describes the securities being offered and sold to you.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">We may offer and sell these securities directly or through agents, dealers or underwriters as designated by us from time to time, or
        through a combination of these methods. If any agents, dealers or underwriters are involved in the offer and sale of any securities, the applicable prospectus supplement will set forth any applicable commissions or discounts.&#160; See "Plan of
        Distribution" for a further description of the manner in which we may offer and sell the securities covered by this prospectus.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Our common stock is listed on the New York Stock Exchange under the symbol "CUBI." Unless otherwise indicated in the applicable prospectus
        supplement, the other securities offered hereby will not be listed on a national securities exchange.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left; text-indent: 36pt">These securities are not savings accounts, deposits or other obligations of our bank or non-bank subsidiaries and are
        not insured by the Federal Deposit Insurance Corporation, or the FDIC, or any other government agency.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left; text-indent: 36pt">Investing in our securities involves risks. See "Risk Factors" beginning on page S-2 of this prospectus, as well as
        those risk factors contained in any prospectus supplement and in our reports filed with the Securities and Exchange Commission, or the SEC, that are incorporated or deemed to be incorporated by reference herein or in any applicable prospectus
        supplement, to read about other risk factors you should consider before investing in our securities.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left; text-indent: 36pt">None of the SEC, any state securities commission, the Federal Reserve, the FDIC or any other regulatory body has
        approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: center">The date of this prospectus is&#160;June 23, 2017</DIV>
      <DIV ID="DSPFPageBreakArea" STYLE="margin-bottom: 10pt; clear: both; margin-top: 10pt">
        <DIV ID="DSPFPageBreak" STYLE="page-break-after: always">
          <HR NOSHADE STYLE="border-width: 0px; height: 2px; margin: 4px 0px; color: #000000; clear: both; width: 100%; background-color: #000000">
        </DIV>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: center">TABLE OF CONTENTS</DIV>
      <DIV>&#160;</DIV>
      <DIV><BR>
      </DIV>
      <TABLE ID="z2dd96f7b86ec424caf01a32fcb8426bd" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, serif; border-collapse: collapse; width: 100%">

          <TR>
            <TD STYLE="vertical-align: top; width: 82.89%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; border-bottom: black 2px solid; width: 14.29%">
              <DIV STYLE="text-align: center">PAGE</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 82.89%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 14.29%">&#160;</TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">ABOUT THIS PROSPECTUS</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#ABOUTTHISPROSPECTUS">&#160;ii</A></TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">SUMMARY</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#SUMMARY">&#160;1</A></TD>
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          <TR>
            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</DIV>
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            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#USEOFPROCEEDS">&#160;5</A></TD>
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          <TR>
            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#RATIOOFEARNINGSTOFIXEDCHA">&#160;5</A></TD>
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            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">DESCRIPTION OF THE SECURITIES</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#DESCRIPTIONOFTHESECURITIE">&#160;6</A></TD>
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            <TD STYLE="vertical-align: top; width: 82.89%">
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#DESCRIPTIONOFDEBTSECURITI">&#160;6</A></TD>
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            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: left">DESCRIPTION OF COMMON STOCK</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#DESCRIPTIONOFCOMMONSTOCK">&#160;13</A></TD>
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            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">DESCRIPTION OF PREFERRED STOCK</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#DESCRIPTIONOFPREFERREDSTO">&#160;18</A></TD>
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            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">DESCRIPTION OF DEPOSITARY SHARES</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#DESCRIPTIONOFDEPOSITARYSH">&#160;21</A></TD>
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              <DIV STYLE="text-align: justify">DESCRIPTION OF PURCHASE CONTRACTS</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#DESCRIPTIONOFPURCHASECONT">&#160;24</A></TD>
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              <DIV STYLE="text-align: justify">DESCRIPTION OF WARRANTS</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#DESCRIPTIONOFWARRANTS">&#160;24</A></TD>
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              <DIV STYLE="text-align: justify">DESCRIPTION OF UNITS</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#DESCRIPTIONOFUNITS">&#160;26</A></TD>
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            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">PLAN OF DISTRIBUTION</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#PLANOFDISTRIBUTION">&#160;27</A></TD>
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            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">LEGAL MATTERS</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#LEGALMATTERS">&#160;29</A></TD>
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          <TR>
            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">EXPERTS</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#EXPERTS">&#160;29</A></TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#INCORPORATIONOFCERTAINDOC">&#160;29</A></TD>
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            <TD STYLE="vertical-align: top; width: 82.89%">
              <DIV STYLE="text-align: justify">WHERE YOU CAN FIND MORE INFORMATION</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; text-align: center; width: 14.29%"><A HREF="#WHEREYOUCANFINDMOREINFORM">&#160;30</A></TD>
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      <DIV><BR>
      </DIV>
      <DIV><BR>
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      <DIV STYLE="font-weight: bold; text-align: center"><A ID="ABOUTTHISPROSPECTUS" NAME="ABOUTTHISPROSPECTUS"><!--Anchor--></A>ABOUT THIS PROSPECTUS</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">This prospectus is part of a registration statement that we have filed with the SEC under the Securities Act of 1933, as amended, or the
        Securities Act, using a "shelf" registration process. Under this shelf registration statement, we are registering an unspecified amount of each class of the securities described in this prospectus, and may sell any combination of these securities
        in one or more offerings from time to time in the future, up to an aggregate offering amount of $500,000,000. This prospectus provides you with a general description of the securities we may offer and sell. Each time we sell securities, we will
        provide one or more prospectus supplements containing specific information about the amounts, prices and other terms of the securities and the offering. The prospectus supplements may also add, update or change information contained in this
        prospectus. If there is any inconsistency between the information in this prospectus (including the information incorporated by reference herein) and any prospectus supplement, you should rely on the information in that prospectus supplement.&#160; You
        should read both this prospectus and any prospectus supplement together with the additional information described under the headings "Incorporation of Certain Documents by Reference" and&#160; "Where You Can Find More Information."</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">This prospectus and any accompanying prospectus supplement do not contain all of the information set forth or incorporated by reference in
        the registration statement or the exhibits filed therewith. Statements contained or incorporated by reference in this prospectus and any accompanying prospectus supplement about the provisions or contents of any agreement or other document are only
        summaries. If SEC rules require that we file any agreement or document as an exhibit to the registration statement, you should refer to that agreement or document for its complete contents.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">You should rely only on the information contained or incorporated by reference in this prospectus or any prospectus supplement. No person
        is authorized to give any information or to make any representation other than those contained or incorporated by reference in this prospectus or any prospectus supplement, and, if made, such information or representation must not be relied upon as
        having been given or authorized. Neither this prospectus nor any prospectus supplement constitutes an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus or any such prospectus
        supplement, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful. The delivery of this prospectus or any prospectus supplement will
        not, under any circumstances, create any implication that the information is correct as of any time subsequent to the date of this prospectus or such prospectus supplement. You should assume that the information contained or incorporated by
        reference in this prospectus, any accompanying prospectus supplement or other offering materials is accurate only as of the dates of those documents or the documents incorporated by reference, as applicable. Our business, financial condition,
        results of operations and prospects may have changed since those dates.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">We have not taken any action to permit a public offering of the securities offered by this prospectus or any prospectus supplement outside
        the United States or to permit the possession or distribution of this prospectus outside the United States, unless the applicable prospectus supplement so specifies. Persons outside the United States who come into possession of this prospectus or
        any prospectus supplement must inform themselves about and observe any restrictions relating to the offering of the securities and the distribution of this prospectus or such prospectus supplement outside of the United States.</DIV>
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      <DIV STYLE="font-weight: bold; text-align: center"><A ID="SUMMARY" NAME="SUMMARY"><!--Anchor--></A>SUMMARY</DIV>
      <DIV STYLE="font-style: italic; text-align: left">&#160;</DIV>
      <DIV STYLE="font-style: italic; text-align: left; text-indent: 36pt">This summary highlights information contained elsewhere in this prospectus and in the documents we incorporate by
        reference. This summary does not contain all of the information that you should consider before deciding to invest in our securities. You should read this entire prospectus and any applicable prospectus supplement carefully, including the "Risk
        Factors" sections contained in this prospectus or the applicable prospectus supplement and in our Annual Report on Form 10-K for the year ended December 31, 2016, as may be updated by our subsequently-filed Quarterly Reports on Form 10-Q and
        Current Reports on Form 8-K, which are incorporated by reference herein, and our financial statements and the related notes and the other documents incorporated by reference herein, which are described under the heading "Incorporation of Certain
        Documents by Reference" in this prospectus.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: center">Customers Bancorp, Inc.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Customers Bancorp, Inc. is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through
        its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank. A member of the Federal Reserve System and with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity
        lender that provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, New York, Rhode Island, Massachusetts, New Hampshire and New Jersey. Committed to
        fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of technology to provide customers better access to their money, as well as Concierge Banking&#174; by appointment at customers' homes or offices 12 hours
        a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.&#160; BankMobile is a division of Customers Bank, offering state of the art high
        tech digital banking services with high level of personal customer service.&#160; At March 31, 2017, Customers Bancorp had total assets of $9.9 billion, including total loans, net of the allowance for doubtful accounts (including held-for-sale loans) of
        $8.2 billion, total deposits of $6.6 billion, and shareholders' equity of $880 million.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Our principal executive offices are located at 1015 Penn Avenue, Suite 103, Wyomissing, Pennsylvania, 19610. Our telephone number is (610)
        993-2000. Our Internet address is www.customersbank.com. Information on, or accessible through, our web site is not part of this prospectus or any prospectus supplement, other than documents that we file with the SEC that are incorporated herein or
        therein by reference.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">All references in this prospectus and any prospectus supplement to "Customers Bancorp," "Customers," the "Company," "we," "us," "our," or
        similar references refer to Customers Bancorp, Inc., and its subsidiaries on a consolidated basis, except where the context otherwise requires or as otherwise indicated.</DIV>
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      <DIV STYLE="font-weight: bold; text-align: center"><A ID="RISKFACTORS" NAME="RISKFACTORS"><!--Anchor--></A>RISK FACTORS</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font-style: italic">An investment in our securities involves
          substantial risks. In consultation with your own advisers, you should carefully consider, among other matters, the risk factors and other information we include or incorporate by reference in this prospectus and any prospectus supplement before
          deciding whether to invest in our securities.&#160; In particular, you should carefully consider, among other things, the factors described under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2016</FONT>&#160;<FONT STYLE="font-style: italic">and in our Quarterly Report on Form 10-Q for the quarter ended March 31,
          2017, which is incorporated herein by reference, and any reports we file with the SEC in the future, which may amend, supplement or supersede those factors.&#160; If any of the risks contained in or incorporated by reference into this prospectus or
          any prospectus supplement develop into actual events, our business, financial condition, liquidity, results of operations and prospects could be materially and adversely affected, the market price of our securities could decline and you may lose
          all or part of your investment. Some statements in this prospectus and any prospectus supplement, and in the documents incorporated by reference into this prospectus or any prospectus supplement, including statements relating to the risk factors,
          constitute forward-looking statements. See the "Cautionary Note Regarding Forward-Looking Statements" sections in this prospectus and any prospectus supplement.</FONT></DIV>
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      <DIV STYLE="font-weight: bold; text-align: center"><A ID="CAUTIONARYNOTEREGARDINGFO" NAME="CAUTIONARYNOTEREGARDINGFO"><!--Anchor--></A>CAUTIONARY NOTE&#160;REGARDING FORWARD-LOOKING STATEMENTS</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">This prospectus, any prospectus supplement and the documents incorporated by reference herein and therein, as well as other written or oral communications made from time to time by us contain forward-looking information within the meaning of the safe harbor provisions of the U.S. Private Securities
        Litigation Reform Act of 1995. These statements relate to future events or future predictions, including events or predictions relating to future financial performance, and are generally identifiable by the use of forward-looking terminology such
        as "believe," "expect," "may," "will," "should," "plan," "intend," or "anticipate" or the negative thereof or comparable terminology.&#160; Forward-looking statements reflect
          numerous assumptions, estimates and forecasts as to future events. No assurance can be given that the assumptions, estimates and forecasts underlying such forward-looking statements will accurately reflect future conditions, or that any guidance,
          goals, targets or projected results will be realized. The assumptions, estimates and forecasts underlying such forward-looking statements involve judgments with respect to, among other things, future economic, competitive, regulatory and
          financial market conditions and future business decisions, which may not be realized and which are inherently subject to significant business, economic, competitive and regulatory uncertainties and known and unknown risks, including the
        risks described under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent Quarterly Reports on Form 10-Q, as such factors may be updated from time to time in our filings with the SEC. Our actual
        results may differ materially from those reflected in the forward-looking statements.</DIV>
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      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">In addition to the risks described under "Risk Factors" in this prospectus, any accompanying prospectus supplement and the reports we file
        with the SEC under the Securities Exchange Act of 1934, as amended, important factors to consider and evaluate with respect to such forward-looking statements include:</DIV>
      <DIV><BR>
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              <DIV STYLE="text-align: left">changes in external competitive market factors that might impact our results of operations;</DIV>
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              <DIV STYLE="text-align: left">changes in laws and regulations, including without limitation changes in capital requirements under Basel III;</DIV>
            </TD>
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              <DIV STYLE="text-align: left">changes in our business strategy or an inability to execute our strategy due to the occurrence of unanticipated events;</DIV>
            </TD>
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              <DIV STYLE="text-align: left">our ability to identify potential candidates for, and consummate, acquisition or investment transactions;</DIV>
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              <DIV STYLE="text-align: left">constraints on our ability to consummate an attractive acquisition or investment transaction because of significant competition for these
                opportunities;</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
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              <DIV STYLE="text-align: left">our failure to complete any or all of the transactions we have publicly announced on the terms contemplated;</DIV>
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              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">the impact of the announcement of our plan to divest BankMobile generally and/or the announcement of a particular proposed transaction for the
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
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              <DIV STYLE="text-align: left">our use of the proceeds, if any,&#160;from a divestiture;</DIV>
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              <DIV STYLE="text-align: left">the effect on Customers' business if our planned divestiture of BankMobile is not completed and we are unable to sell or otherwise divest BankMobile
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            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
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              <DIV STYLE="text-align: left">that integration of the Higher One Disbursement business with BankMobile may be less successful, more difficult, time-consuming or costly than
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
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              <DIV STYLE="text-align: left">our ability to effectively manage revenue and expense fluctuations that may occur with respect to BankMobile's student-oriented business activities,
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      <DIV STYLE="text-align: left">You are cautioned not to place undue reliance on any forward-looking statements we make, which speak only as of the date they are made. We do not undertake
        any obligation to release publicly or otherwise provide any revisions to these forward-looking statements to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events, except as may be
        required under applicable law.</DIV>
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      <DIV STYLE="font-weight: bold; text-align: center"><A ID="USEOFPROCEEDS" NAME="USEOFPROCEEDS"><!--Anchor--></A>USE OF PROCEEDS</DIV>
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      <DIV STYLE="text-align: left">&#160;<FONT ID="TRGRRTFtoHTMLTab" STYLE="font-size: 1px; display: inline-block; width: 36pt">&#160;</FONT>Unless we state otherwise in the applicable prospectus supplement, we expect to use the net proceeds from the sale of the securities to fund our organic growth in a manner consistent with our growth
          strategy and for working capital and other general corporate purposes. We have not determined the amount of net proceeds to be used specifically for such purposes. As a result, management will retain broad discretion over the allocation of net
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      <DIV STYLE="text-align: left; text-indent: 36pt">The following table sets forth our historical ratio of earnings to fixed charges for the periods indicated. This information should be
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            <TD COLSPAN="9" STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 54.64%">
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
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            <TD STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 8.32%">
              <DIV STYLE="font-weight: bold; text-align: center">2016</DIV>
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            <TD STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 9.03%">
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            <TD STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: center">2014</DIV>
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            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 9.03%">
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 11.29%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 8.32%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.34%">&#160;</TD>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 11.29%">
              <DIV STYLE="font-weight: bold; text-align: right">6.45x</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 8.32%">
              <DIV STYLE="font-weight: bold; text-align: right">6.62x</DIV>
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            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">5.89x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">5.66x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">16.44x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.34%">
              <DIV STYLE="font-weight: bold; text-align: right">53.69x</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 28.42%">
              <DIV STYLE="text-align: left">Including interest on deposits</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 11.29%">
              <DIV STYLE="font-weight: bold; text-align: right">2.68x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 8.32%">
              <DIV STYLE="font-weight: bold; text-align: right">2.90x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">2.79x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">2.70x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">3.08x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.34%">
              <DIV STYLE="font-weight: bold; text-align: right">2.66x</DIV>
            </TD>
          </TR>

      </TABLE>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The ratio of earnings to fixed charges is calculated in accordance with SEC requirements and computed by dividing earnings by fixed
        charges. For purposes of computing the ratios of earnings to fixed charges, earnings represent earnings from continuing operations before income taxes plus fixed charges. Fixed charges, excluding interest on deposits, include interest expense from
        both continuing and discontinued operations. Fixed charges, including interest on deposits, include the foregoing items plus interest on deposits.&#160; As of December 31, 2016, BankMobile's operating results have been presented as discontinued
        operations in our consolidated financial statements.&#160; Accordingly, prior period amounts have been reclassified to conform to this presentation.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The following table sets forth our historical ratio of earnings to combined fixed charges and preferred stock dividends for the periods
        indicated. This information should be read in conjunction with the consolidated financial statements and the accompanying notes incorporated by reference in this prospectus.</DIV>
      <DIV><BR>
      </DIV>
      <TABLE ID="za18022ec228549bebdcce12e1d650f13" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, serif; border-collapse: collapse; width: 100%">

          <TR>
            <TD COLSPAN="2" STYLE="vertical-align: top; width: 31.25%">&#160;</TD>
            <TD STYLE="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: center; width: 11.29%">
              <DIV>&#160;</DIV>
              <DIV>&#160;</DIV>
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              <DIV STYLE="font-weight: bold">Ended</DIV>
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            <TD STYLE="vertical-align: bottom; width: 2.82%">&#160;</TD>
            <TD COLSPAN="9" STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 54.64%">
              <DIV>&#160;</DIV>
              <DIV>&#160;</DIV>
              <DIV>&#160;</DIV>
              <DIV>&#160;</DIV>
              <DIV>&#160;</DIV>
              <DIV STYLE="font-weight: bold; text-align: center">Year Ended December 31,</DIV>
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          <TR STYLE="height: 20px">
            <TD STYLE="vertical-align: top; width: 28.42%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 11.29%">
              <DIV STYLE="font-weight: bold; text-align: center">2017</DIV>
            </TD>
            <TD STYLE="vertical-align: bottom; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 8.32%">
              <DIV STYLE="font-weight: bold; text-align: center">2016</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: center">2015</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: center">2014</DIV>
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            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: center">2013</DIV>
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            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; border-bottom: #000000 2px solid; width: 9.34%">
              <DIV STYLE="font-weight: bold; text-align: center">2012</DIV>
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            <TD STYLE="vertical-align: top; width: 28.42%">
              <DIV STYLE="font-weight: bold; text-align: left">Ratio of Earnings to Combined</DIV>
              <DIV STYLE="font-weight: bold; text-align: left">&#160;&#160;Fixed Charges and Preferred Stock</DIV>
              <DIV STYLE="font-weight: bold; text-align: left">&#160;&#160;Dividends</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 11.29%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 8.32%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.34%">&#160;</TD>
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          <TR>
            <TD STYLE="vertical-align: top; width: 28.42%">
              <DIV STYLE="text-align: left">Excluding interest on deposits</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 11.29%">
              <DIV STYLE="font-weight: bold; text-align: right">4.11x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 8.32%">
              <DIV STYLE="font-weight: bold; text-align: right">4.78x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">5.22x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">5.66x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">16.44x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.34%">
              <DIV STYLE="font-weight: bold; text-align: right">53.69x</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 28.42%">
              <DIV STYLE="text-align: left">Including interest on deposits</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 11.29%">
              <DIV STYLE="font-weight: bold; text-align: right">2.28x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 8.32%">
              <DIV STYLE="font-weight: bold; text-align: right">2.57x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">2.66x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">2.70x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.03%">
              <DIV STYLE="font-weight: bold; text-align: right">3.08x</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.47%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 9.34%">
              <DIV STYLE="font-weight: bold; text-align: right">2.66x</DIV>
            </TD>
          </TR>

      </TABLE>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The ratio of earnings to combined fixed charges and preferred stock dividends is calculated in accordance with SEC requirements and
        computed by dividing earnings by fixed charges and preferred stock dividends. For purposes of computing the ratios of earnings to combined fixed charges and preferred stock dividends, earnings represent earnings from continuing operations before
        income taxes plus fixed charges. Fixed charges, excluding interest on deposits, include interest expense&#160;from both continuing and discontinued operations.&#160; Fixed
        charges, including interest on deposits, include the foregoing items plus interest on deposits.&#160; As of December 31, 2016, BankMobile's operating results have been presented as discontinued operations in our consolidated financial statements.&#160;
        Accordingly, prior period amounts have been reclassified to conform to this presentation.</DIV>
      <DIV><BR>
      </DIV>
      <DIV ID="DSPFPageBreakArea" STYLE="margin-bottom: 10pt; clear: both; margin-top: 10pt">
        <DIV ID="DSPFPageNumberArea" STYLE="text-align: center"><FONT ID="DSPFPageNumber" STYLE="font-weight: normal; color: #000000; font-style: normal">5</FONT></DIV>
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      <DIV STYLE="font-weight: bold; text-align: center"><A ID="DESCRIPTIONOFTHESECURITIE" NAME="DESCRIPTIONOFTHESECURITIE"><!--Anchor--></A>DESCRIPTION OF THE SECURITIES</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">This prospectus contains a summary of the debt securities, the common stock, the preferred stock, the depositary shares, the purchase
        contracts, the warrants and the units that we may offer and issue under this prospectus. The following summaries are not meant to be a complete description of each of these securities. This prospectus and any accompanying prospectus supplement
        describe the material terms for each security. You should read these documents as well as the documents filed as exhibits to or incorporated by reference in this registration statement. Capitalized terms used in this prospectus that are not defined
        will have the meanings given them in these documents.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: center"><A ID="DESCRIPTIONOFDEBTSECURITI" NAME="DESCRIPTIONOFDEBTSECURITI"><!--Anchor--></A>DESCRIPTION OF DEBT SECURITIES</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The following description summarizes the general provisions of the debt securities we may offer and issue under this prospectus.&#160; The
        applicable prospectus supplement relating to a specific offer and issuance of debt securities by us will provide additional information regarding the terms of the debt securities. You should read any prospectus supplement related to the specific
        debt securities being offered and issued, as well as the provisions of the indenture and any supplemental indenture and the form of debt security relating to such debt securities that provide the terms of such debt securities.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The debt securities offered and issued by this prospectus will be unsecured obligations of Customers, unless otherwise provided in the
        applicable prospectus supplement, and will be either senior or subordinated debt.&#160; Any debt securities we issue will be issued under an indenture between us and a trustee to be determined prior to the time of issuance, a copy of which is
        incorporated by reference as an exhibit to the registration statement of which this prospectus forms a part.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Customers Bancorp is a bank holding company and almost all of our operating assets are owned by Customers Bank.&#160;&#160;We are a legal entity
        separate and distinct from Customers Bank.&#160;&#160;We rely primarily on dividends from Customers Bank to meet our obligations.&#160;&#160;There are regulatory limitations on the payment of dividends directly or indirectly to us from Customers Bank.&#160;&#160;Accordingly,
        the debt securities will be effectively subordinated to all existing and future liabilities of Customers Bank, and holders of debt securities should look only to our assets for payments of the debt securities.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: left">General</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The indenture does not limit the aggregate principal amount of debt securities which we may issue and provides that we may issue debt
        securities under the indenture from time to time in one or more series. We may from time to time, without giving notice to or seeking the consent of the holders of the debt securities of any series, issue debt securities having the same ranking and
        the same terms (other than the public offering price, issue date, payment of interest accruing prior to the issue date and, under some circumstances, the first interest payment date) as the debt securities of a previously issued series. Any
        additional debt securities having such identical terms, together with the debt securities of the applicable series previously issued, will constitute a single series of debt securities under the indenture.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Unless otherwise provided in a prospectus supplement, any senior debt securities we issue will be our unsecured obligations and will rank
        equally with all of our other unsecured and unsubordinated indebtedness from time to time outstanding. Any subordinated debt securities we issue will be our unsecured obligations and will be subordinated in right of payment to the prior payment in
        full of all of our senior indebtedness, which term includes senior debt securities, as described below under "&#8212;Subordination." In certain events of insolvency, the subordinated debt securities will also be subordinated to certain other financial
        obligations, as described below under "&#8212;Subordination."</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Because Customers Bancorp is a holding company, our rights and the rights of our creditors, including holders of debt securities, and
        shareholders to participate in any distribution of assets of any subsidiary upon the subsidiary's liquidation or reorganization or otherwise would be subject to the prior claims of the subsidiary's creditors, except to the extent that Customers
        Bancorp is a creditor of the subsidiary. The right of our creditors, including holders of debt securities, to participate in the distribution of stock owned by Customers Bancorp in some of our subsidiaries, including Customers Bank and any other
        banking subsidiaries of ours, may also be subject to approval by bank regulatory authorities having jurisdiction over these subsidiaries.</DIV>
      <DIV>&#160;</DIV>
      <DIV ID="DSPFPageBreakArea" STYLE="margin-bottom: 10pt; clear: both; margin-top: 10pt">
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      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">You should read the applicable prospectus supplement relating to the particular debt securities being offered and issued for specific
        terms, including, where applicable:</DIV>
      <DIV><BR>
      </DIV>
      <TABLE ID="z0fe99e7def594c0ab83d54254e9ed380" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, serif; border-collapse: collapse; width: 100%">

          <TR>
            <TD STYLE="vertical-align: top; width: 7.22%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.14%">
              <DIV STYLE="text-align: left">the title and type of the debt securities;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.22%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.14%">
              <DIV STYLE="text-align: left">any limit on the aggregate principal amount;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.22%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.14%">
              <DIV STYLE="text-align: left">the principal payment dates;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.22%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.14%">
              <DIV STYLE="text-align: left">the interest rates, if any, which rate may be zero if the debt securities are issued at a discount from the principal amount payable at maturity, or
                the method by which the interest rates will be determined, including, if applicable, any remarketing option or similar method;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.22%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.14%">
              <DIV STYLE="text-align: left">the date or dates from which interest, if any, will accrue or the method by which the date or dates will be determined;</DIV>
              <DIV>&#160;</DIV>
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          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.22%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.14%">
              <DIV STYLE="text-align: left">the interest payment dates and regular record dates;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.22%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.14%">
              <DIV STYLE="text-align: left">the place or places where the principal of, any premium or interest on any debt securities will be payable, where any of debt securities may be
                surrendered for registration of transfer or exchange, and where any debt securities may be surrendered for conversion or exchange;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.22%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.14%">
              <DIV STYLE="text-align: left">whether any of the debt securities are to be redeemable at our option and, if so, the date or dates on which, the period or periods within which, the
                price or prices at which and the other terms and conditions upon which they may be redeemed, in whole or in part;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.22%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.14%">
              <DIV STYLE="text-align: left">whether we will be obligated to redeem or purchase any of the debt securities pursuant to any sinking fund or analogous provision or at the holder's
                option, and, if so, the dates or prices and the other terms on which the debt securities must be redeemed or purchased pursuant to this obligation and any provisions for the remarketing of the debt securities so redeemed or purchased;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.22%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.14%">
              <DIV STYLE="text-align: left">whether the debt securities will be convertible into our common or preferred stock and/or exchangeable for other securities or ours and, if so, the
                terms and conditions upon which the debt securities will be convertible or exchangeable;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.22%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.82%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.14%">
              <DIV STYLE="text-align: left">if other than United States dollars, the currency of payment in which the principal of, any premium or interest on the debt securities will be paid;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
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              <DIV STYLE="text-align: left">in the case of subordinated debt securities, the relative degree, if any, to which the subordinated debt securities will be senior to or be
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              <DIV STYLE="text-align: left">any deletions from, modifications of or additions to the events of default or covenants of Customers Bancorp, and any change in the right of the
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              <DIV STYLE="text-align: left">whether the provisions described below under "&#8212;Discharge, Defeasance and Covenant Defeasance" will be applicable to the debt securities;</DIV>
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              <DIV STYLE="text-align: left">whether any of the debt securities are to be issued upon the exercise of warrants and the time, manner and place for the debt securities to be
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      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Unless otherwise set forth in the applicable prospectus supplement, we will only issue the debt securities in fully registered form
        without coupons.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Unless otherwise set forth in the applicable prospectus supplement, principal of, premium and interest on the debt securities will
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      <DIV STYLE="text-align: left; text-indent: 36pt">Interest on debt securities may be paid by check mailed to the persons entitled to the payments at their addresses appearing on the
        security register or by transfer to an account maintained by the payee with a bank located in the United States and will be payable on any interest payment date to the persons in whose names the debt securities are registered at the close of
        business on the regular record date with respect to the interest payment date.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Unless otherwise set forth in the applicable prospectus supplement, the trustee will act as the paying agent. We may designate additional
        paying agents, rescind the designation of any paying agent or approve a change in the office through which any paying agent acts.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Unless otherwise set forth in the applicable prospectus supplement, holders may present the debt securities for transfer, duly endorsed or
        accompanied by a written instrument of transfer if so required by us or the security registrar, or exchange for other debt securities of the same series containing identical terms and provisions, in any authorized denominations, and of a like
        aggregate principal amount, in each case at the office or agency maintained by us for this purpose, which will initially be the corporate trust office of the trustee. Any transfer or exchange will be made without service charge, although we may
        require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses then payable. We are not required to issue, register the transfer of, or exchange debt securities during a period beginning at the opening of
        business 15 days before the day of mailing of a notice of redemption of any debt securities and ending at the close of business on the day of mailing or register the transfer of or exchange any debt security selected for redemption, in whole or in
        part, except the unredeemed portion of any debt security being redeemed in part.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">The debt securities may be issued as original issue discount securities, which means that they will bear no interest or bear interest at a
        rate which, at the time of issuance, is below market rates. Debt securities issued as original issue discount securities will be sold at a substantial discount below their principal amount. U.S. Federal income tax and other considerations
        applicable to original issue discount securities will be described in the applicable prospectus supplement.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">If the purchase price, or the principal of, or any premium or interest on, any debt securities is payable in, or if any debt securities
        are denominated in, one or more foreign currencies or currency units, the restrictions, elections, U.S. Federal income tax considerations, specific terms and other information will be set forth in the applicable prospectus supplement.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">The terms, if any, on which debt securities are convertible into or exchangeable for, either mandatorily or at our or the holder's option,
        property or cash, common stock, preferred stock or other securities of ours, or a combination of any of these, will be set forth in the applicable prospectus supplement.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">The debt securities may be issued, in whole or in part, in the form of one or more global securities that will be deposited with, or on
        behalf of, a depositary identified in the applicable prospectus supplement and registered in the name of the depositary or its nominee. Interests in any global debt security will be shown on, and transfers of the debt securities will be effected
        only through, records maintained by the depositary and its participants. The specific terms of the depositary arrangement will be described in the applicable prospectus supplement.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Under the indenture, payment of the principal, interest and any premium on the subordinated debt securities will generally be subordinated
        and junior in right of payment to the prior payment in full of all Senior Indebtedness (as defined below). The indenture provides that no payment of principal, interest or any premium on the subordinated debt securities may be made unless we pay in
        full the principal, interest, any premium or any other amounts on any Senior Indebtedness then due. Also, no payment of principal, interest or any premium on the subordinated debt securities may be made if there shall have occurred and be
        continuing an event of default with respect to any Senior Indebtedness permitting the holders thereof to accelerate the maturity thereof, or if any judicial proceeding shall be pending with respect to any such default.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">If there is any insolvency, bankruptcy, liquidation or other similar proceeding relating to Customers Bancorp, then all Senior
        Indebtedness must be paid in full before any payment may be made to any holders of subordinated debt securities. If after payment of the Senior Indebtedness there remains any amounts available for distribution and any person entitled to payment
        pursuant to the terms of Other Financial Obligations (as defined below) has not been paid in full all amounts due or to become due on the Other Financial Obligations, then these remaining amounts shall first be used to pay in full the Other
        Financial Obligations before any payment may be made to the holders of subordinated debt securities. Holders of subordinated debt securities must deliver any payments received by them to the trustee in bankruptcy or other person making payment or
        distribution of the assets of Customers Bancorp for application to the payment of all Senior Indebtedness and Other Financial Obligations remaining unpaid until all Senior Indebtedness and Other Financial Obligations are paid in full.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The indenture does not limit the amount of Senior Indebtedness and Other Financial Obligations that we may incur. "Senior
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          <BR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
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              <DIV STYLE="text-align: left">all obligations of ours for the repayment of borrowed or purchased money;</DIV>
              <DIV>&#160;</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">all obligations of ours for the deferred purchase price of property;</DIV>
              <DIV>&#160;</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">all of our capital lease obligations; and</DIV>
              <DIV>&#160;</DIV>
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          <TR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">all obligations of the type referred to in the immediately above of other persons that we have guaranteed or that is otherwise our legal liability.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Senior Indebtedness, however, does not include the subordinated debt securities or indebtedness that by its terms is subordinated to, or
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      <DIV STYLE="text-align: left; text-indent: 36pt">"Other Financial Obligations" means all obligations of ours to make payment pursuant to the terms of financial instruments,
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            <TD STYLE="vertical-align: top; width: 2.82%">
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              <DIV>&#160;</DIV>
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          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">derivative instruments, including swap agreements, cap agreements, floor agreements, collar agreements, interest rate agreements, foreign exchange
                agreements, options, commodity futures contracts and commodity option contracts; and</DIV>
              <DIV>&#160;</DIV>
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          <TR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Other Financial Obligations, however, does not include Senior Indebtedness or indebtedness that by its terms is subordinated to, or ranks
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      <DIV STYLE="text-align: left; text-indent: 36pt">An "Event of Default" with respect to a series of debt securities is defined in the indenture as:</DIV>
      <DIV><BR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
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              <DIV>&#160;</DIV>
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          <TR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
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              <DIV STYLE="text-align: left">default in payment of principal or other amounts payable on any debt securities of that series when due, at maturity, upon redemption, by declaration
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              <DIV>&#160;</DIV>
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          <TR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
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              <DIV>&#160;</DIV>
            </TD>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV>&#160;</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">
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              <DIV>&#160;</DIV>
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          </TR>
          <TR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
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      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">With respect to the senior debt securities, if a default in the payment of principal, interest or other amounts payable on the senior debt
        securities, or in the performance of any covenant or agreement, or in a manner provided in the applicable supplemental indenture or form of security, with respect to one or more series of senior debt securities occurs and is continuing (other than
        a default arising out of certain events of bankruptcy or reorganization of Customers Bancorp), either the trustee or the holders of at least 25% in principal amount of the senior debt securities of such series then outstanding, treated as one
        class, may declare the principal of all outstanding senior debt securities of such series to be due and payable immediately. If a default arising out of certain events of bankruptcy or reorganization of Customers Bancorp occurs, the principal of
        all outstanding senior debt securities and any interest accrued thereon shall become due and payable immediately without any further action on the part of the trustee or the holders of the senior debt securities.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">With respect to the subordinated debt securities, if a default arising out of certain events of bankruptcy or reorganization of us occurs,
        either the trustee or the holders of at least 25% in principal amount of the subordinated debt securities of such series then outstanding, treated as one class, may declare the principal of all outstanding subordinated debt securities of such
        series to be due and payable immediately. The indenture does not provide for any right of acceleration of the payment of the principal of a series of subordinated debt securities upon a default in the payment of principal, premium, if any, or
        interest or a default in the performance of any covenant or agreement in the subordinated debt securities of that series or in the indenture. Accordingly, the trustee and the holders will not be entitled to accelerate the maturity of those debt
        securities upon the occurrence of any of the events of default described above, except for those arising out of certain events of bankruptcy or reorganization of Customers Bancorp. If a default in the payment of principal, premium, if any, or
        interest or in the performance of any covenant or agreement in the subordinated debt securities of any series or in the indenture occurs, the trustee may, subject to certain limitations and conditions, seek to enforce payment of such principal,
        premium, if any, or interest on the subordinated debt securities of that series, or the performance of such covenant or agreement.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">In the case of original issue discount securities, only a specified portion of the principal amount may be accelerated.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Subject to certain conditions such declarations may be annulled and past defaults, except for uncured payment defaults on the debt
        securities, may be waived by the holders of a majority in principal amount of the outstanding debt securities of the series affected.&#160; An event of default with respect to one series of debt securities does not necessarily constitute an event of
        default with respect to any other series of debt securities. The indenture provides that the trustee may withhold notice to the holders of the debt securities of any default if the trustee considers it in the interest of the holders of the debt
        securities to do so. The trustee may not withhold notice of a default in the payment of principal of, interest on or any other amounts due under, such debt securities.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The indenture provides that the holders of a majority in principal amount of outstanding debt securities of any series may direct the
        time, method, and place of conducting any proceeding for any remedy available to the trustee, or exercising any trust or other power conferred on the trustee. The trustee may decline to act if the direction is contrary to law and in certain other
        circumstances set forth in the indenture. The trustee is not obligated to exercise any of its rights or powers under the indenture at the request or direction of the holders of debt securities unless the holders offer the trustee reasonable
        indemnity against expenses and liabilities.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">No holder of any debt security of any series has the right to institute any action for remedy unless such holder has previously given to
        the trustee written notice of default, the trustee has failed to take action for 60 days after the holders of not less than 25% in principal amount of the debt securities of such series make written request upon the trustee to institute such action
        and the holders offer the trustee reasonable indemnity against expenses and liabilities.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">The indenture requires us to file annually with the trustee a written statement of no default, or specifying any default that exists.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Whenever the indenture provides for an action by, or the determination of any of the rights of, or any distribution to, holders of debt
        securities, in the absence of any provision to the contrary in the form of debt security, any amount in respect of any debt security denominated in a currency or currency unit other than U.S. dollars may be treated for any such action or
        distribution as the amount of U.S. dollars that could reasonably be exchanged for such non U.S. dollar amount. This amount will be calculated as of a date that we specify to the trustee or, if we fail to specify a date, on a date that the trustee
        may determine.</DIV>
      <DIV><BR>
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      <DIV STYLE="font-weight: bold; text-align: left">Discharge, Defeasance and Covenant Defeasance</DIV>
      <DIV><BR>
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      <DIV STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font-weight: bold; font-style: italic">Discharge of Indenture.</FONT>&#160;
        The indenture will cease to be of further effect with respect to debt securities of any series issued thereunder, except as to rights of registration of transfer and exchange, substitution of mutilated or defaced debt securities, rights of holders
        to receive principal, interest or other amounts payable under the debt securities, rights and immunities of the trustee and rights of holders with respect to property deposited pursuant to the following provisions and certain obligations of, and
        payments to, the trustee, if at any time:</DIV>
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              <DIV STYLE="text-align: left">we have paid the principal, interest or other amounts payable under the debt securities of such series;</DIV>
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              <DIV STYLE="text-align: left">we have delivered to the trustee for cancellation all debt securities of such series; or</DIV>
              <DIV>&#160;</DIV>
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            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">the debt securities of such series not delivered to the trustee for cancellation have become due and payable, or will become due and payable within
                one year, or are to be called for redemption within one year under arrangements satisfactory to the trustee, and we have irrevocably deposited with the trustee as trust funds the entire amount in cash or U.S. government obligations
                sufficient to pay all amounts due with respect to such debt securities on or after the date of such deposit, including at maturity or upon redemption of all such debt securities, including principal, interest and other amounts.</DIV>
            </TD>
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      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The trustee, on our demand accompanied by an officers' certificate and an opinion of counsel and at our cost and expense, will execute
        proper instruments acknowledging such satisfaction of and discharging the Indenture with respect to such series.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font-weight: bold; font-style: italic">Defeasance of a Series
          of Debt Securities at Any Time.</FONT> We also may discharge all of our obligations, other than as to rights of registration of transfer and exchange, substitution of mutilated or defaced debt securities, rights of holders to receive principal,
        interest or other amounts payable under the debt securities, rights and immunities of the trustee and rights of holders with respect to property deposited pursuant to the following provisions, under any series of debt securities at any time, which
        is referred to as "defeasance".</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">We may be released with respect to any outstanding series of debt securities from the obligations to comply with certain restrictive
        covenants under the applicable indenture identified in the applicable prospectus supplement, and any omission to comply with such obligations will not constitute an event of default. Discharge under these procedures is called "covenant defeasance."</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Defeasance or covenant defeasance may be effected only if, among other things:</DIV>
      <DIV><BR>
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              <DIV STYLE="text-align: left">we irrevocably deposit with the trustee cash or U.S. government obligations, as trust funds in an amount certified to be sufficient to pay on each
                date that they become due and payable, the principal of, interest on, other amounts due under, and any mandatory sinking fund payments for, all outstanding debt securities of the series being defeased;</DIV>
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          <TR>
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              <DIV STYLE="text-align: left">no event of default with respect to such series of debt securities has occurred and is continuing and, with respect to subordinated debt securities,
                no event of default with respect to Senior Indebtedness has occurred and is continuing and which permits acceleration; and</DIV>
              <DIV>&#160;</DIV>
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          <TR>
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              <DIV STYLE="text-align: left">we deliver to the trustee an opinion of counsel to the effect that:</DIV>
              <DIV>&#160;</DIV>
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              <DIV STYLE="text-align: left">the beneficial owners of the series of debt securities being defeased will not recognize income, gain or loss for United States federal income tax
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          <TR>
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            <TD STYLE="vertical-align: top; width: 2%">&#160;</TD>
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              <DIV STYLE="text-align: left">the defeasance or covenant defeasance will not otherwise alter those beneficial owners' United States federal income tax treatment of principal or
                interest payments or other amounts due under the series of debt securities being defeased; and</DIV>
              <DIV>&#160;</DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2%">&#160;</TD>
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              <DIV STYLE="text-align: left">in the case of a defeasance, this opinion must be based on a ruling of the Internal Revenue Service or a change in United States federal income tax
                law occurring after the date of this prospectus, since that result would not occur under current tax law.</DIV>
            </TD>
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      </TABLE>
      <DIV>&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Modification of the Indenture; Waiver of Compliance</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The indenture contains provisions permitting us and the trustee to modify the indenture or the rights of the holders of debt securities
        with the consent of the holders of not less than a majority in principal amount of each outstanding series of debt securities affected by the modification. Each holder of an affected debt security must consent to a modification that would:</DIV>
      <DIV><BR>
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            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
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              <DIV STYLE="text-align: left">change the stated maturity date of the principal of, or of any installment of principal of or interest on, any debt security;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
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              <DIV STYLE="text-align: left">reduce the principal amount of, interest on, or any other amounts due under any debt security;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">reduce the amount of, or postpone the date fixed for, the payment of any sinking fund payment;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
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              <DIV STYLE="text-align: left">change the currency or currency unit of payment of any debt security;</DIV>
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            </TD>
          </TR>
          <TR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">reduce the portion of the principal amount of an original issue discount security payable upon acceleration of the maturity thereof;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">reduce any amount payable upon redemption of any debt security;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>

      </TABLE>
      <DIV>&#160;</DIV>
      <DIV ID="DSPFPageBreakArea" STYLE="margin-bottom: 10pt; clear: both; margin-top: 10pt">
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
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              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">impair the right of a holder to institute suit for the payment of or, if the debt securities provide, any right of repayment at the option of the
                holder of a debt security;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">reduce the percentage of debt securities of any series, the consent of the holders of which is required for any waiver or modification; or</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">with respect to the subordinated indenture only, modify the provisions with respect to the subordination of the subordinated debt securities in a
                manner adverse to the holders.</DIV>
            </TD>
          </TR>

      </TABLE>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The indenture also permits us and the trustee to amend the indenture in certain circumstances without the consent of the holders of debt
        securities to evidence our merger, the replacement of the trustee, to effect changes that do not affect any outstanding series of debt security, and for certain other purposes.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Consolidations, Mergers and Sales of Assets</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">We may not merge or consolidate with any other corporation or sell or convey all or substantially all of our assets to any other
        corporation, unless either:</DIV>
      <DIV><BR>
      </DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">we are the continuing corporation or the successor corporation is a corporation that expressly assumes the payment of the principal of, any interest
                on, or any other amounts due under the debt securities and the performance and observance of all the covenants and conditions of the Indenture binding upon us; and</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
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            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">we or the successor corporation shall not, immediately after the merger or consolidation, sale or conveyance, be in default in the performance of any
                covenant or condition.</DIV>
            </TD>
          </TR>

      </TABLE>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">There are no covenants or other provisions in the indenture that would afford holders of debt securities additional protection in the
        event of a recapitalization transaction, a change of control of us or a highly leveraged transaction. The merger covenant described above would only apply if the recapitalization transaction, change of control or highly leveraged transaction were
        structured to include a merger or consolidation of us, or a sale or conveyance or lease of all or substantially all of our assets. However, we may provide specific protections, such as a put right or increased interest, for particular debt
        securities, that we would describe in the applicable prospectus supplement.</DIV>
      <DIV>&#160;</DIV>
      <DIV STYLE="text-align: left"><FONT STYLE="font-weight: bold">Governing Law</FONT></DIV>

<DIV STYLE="text-align: left">&nbsp;</DIV>

<DIV STYLE="text-align: left"><FONT STYLE="font-weight: bold"><BR><BR>
          </FONT><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The indenture and debt securities will be governed by and construed in accordance with the laws of the State of New York.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: center"><A ID="DESCRIPTIONOFCOMMONSTOCK" NAME="DESCRIPTIONOFCOMMONSTOCK"><!--Anchor--></A>DESCRIPTION OF COMMON STOCK</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The following description of our common stock, comprised of voting common stock and Class B non-voting common stock, is a summary. This
        summary is not complete and is subject to the complete text of our articles of incorporation, as amended, and bylaws, as amended, copies of which are incorporated by reference as exhibits to the registration statement of which this prospectus forms
        a part.&#160; We encourage you to read those documents carefully.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: left">General</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">We are authorized to issue up to an aggregate amount of 300,000,000 shares of stock, which is divided into three equal classes:</DIV>
      <DIV><BR>
      </DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">100,000,000 shares of voting common Stock, par value $1.00 per share;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">100,000,000 shares of Class B non-voting common stock, par value $1.00 per share; and</DIV>
              <DIV>&#160;</DIV>
            </TD>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">100,000,000 shares of preferred stock.</DIV>
            </TD>
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      </TABLE>
      <DIV><BR>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Our board of directors has the authority to establish and divide the authorized and unissued shares of voting common stock and of Class B
        non-voting common stock into series or classes and to fix and determine, to the extent not already determined in our articles of incorporation, the designations, preferences, and other special rights, including conversion rights, and the
        qualifications, limitations, or restrictions on those rights attributable to the shares in a series or class.&#160;&#160;As of May 31, 2017, there were 30,641,788 shares of voting common stock and no shares of Class B non-voting common stock issued and
        outstanding.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Our board of directors also has the authority to establish and divide the authorized and unissued shares of preferred stock into series or
        classes or both&#160;and to determine whether or not shares in any series or class of preferred stock have par value and, if so, the par value, whether or not the shares in a series or class have voting rights and if so whether those voting rights are
        full, limited, multiple or fractional, and for each series or class of preferred stock, the designations, preferences, and other special rights, if any,&#160;including dividend rights, conversion rights, redemption rights and liquidation preferences, if
        any, and the qualifications, limitations, or restriction on those rights, and the number of shares of each series or class.&#160;&#160;As of May 31, 2017, there were 2,300,000 shares of our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock,
        Series C outstanding, 1,000,000 shares of our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D outstanding, 2,300,000 shares of our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E outstanding and
        3,400,000 shares of our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F outstanding.</DIV>
      <DIV><BR>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Our board of directors previously created two series of preferred stock, Fixed Rate Perpetual Preferred Stock, Series A and Fixed Rate
        Cumulative Perpetual Preferred Stock, Series B.&#160; All shares of these two series of preferred stock were repurchased by us on December 28, 2011 and are no longer outstanding.&#160;&#160;The shares of these two series were canceled, and the authorized number
        of shares of each series have reverted to authorized but unissued shares of preferred stock and may be issued as part of any series of preferred stock hereafter designated by the board of directors.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Our board of directors, in its sole discretion, has authority to sell any treasury stock and/or unissued securities, options, warrants, or
        other rights to purchase any of our securities, upon such terms as it deems advisable. Our board of directors could issue preferred stock, or additional shares of voting common stock or Class B non-voting common stock, with terms different from
        those of our existing common stock, at any time.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Voting Rights</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The holders of shares of our voting common stock have the right to elect our board of directors and to act on such other matters as are
        required to be presented to them.&#160;&#160;Each holder of voting common stock is entitled to one vote per share.&#160;&#160;The holders of voting common stock do not have the right to vote their shares cumulatively in the election of directors. This means that, for
        each director position to be elected, a shareholder may only cast a number of votes equal to the number of shares held by the shareholder.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Any action that would significantly and adversely affect the rights of the Class B non-voting common stock with respect to the
        modification of the terms of those securities or dissolution requires the approval of the holders of Class B non-voting common stock voting separately as a class. Otherwise, the holders of the Class B non-voting common stock have no voting power,
        and do not have the right to participate in or have notice of any meeting of shareholders.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Because our articles of incorporation permit the board of directors to set the voting rights of preferred stock, it is possible that
        holders of one or more series of preferred stock issued in the future could have voting rights of any sort, which could limit the effect of the voting rights of holders of voting common stock.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Dividend Rights</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The holders of our common stock are entitled to receive an equal amount of dividends per share if, as and when declared from time to time
        by our board of directors. In no event shall any stock dividends or stock splits or combinations of stock be declared or made on our common stock unless the shares of our voting common stock and Class B non-voting common stock at the time
        outstanding are treated equally and identically, provided that, in the event of a dividend of common stock, shares of our Class B non-voting common stock shall only be entitled to receive shares of Class B non-voting common stock and shares of our
        voting common stock shall only be entitled to receive shares of voting common stock.</DIV>
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      <DIV ID="DSPFPageBreakArea" STYLE="margin-bottom: 10pt; clear: both; margin-top: 10pt">
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        </DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Because our articles of incorporation permit our board of directors to set the dividend rights of preferred shares, it is possible that
        holders of one or more series of preferred shares issued in the future could have dividend rights that differ from those of the holders of our common stock, or could have no right to the payment of dividends.&#160;&#160;If the holders of a class or series of
        preferred stock is given dividend rights, the right of holders of preferred shares to receive dividends could have priority over the right of holders of our common stock to receive dividends.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font-style: italic">Authority Under Pennsylvania Business
          Corporation Law.&#160;&#160;</FONT>Our board of directors has the authority to declare dividends on its common and preferred stock, subject to statutory and regulatory requirements.&#160; Pennsylvania law permits a business corporation such as us to pay
        dividends if, after giving effect to the dividend, it is able to pay its debts as they come due in the usual course of business, and its assets exceed its liabilities plus any amount that would be needed, if the corporation were to be dissolved at
        the time of the dividend, to satisfy any preferential rights upon dissolution of shareholders whose preferential rights rank higher than the rights of the shareholders receiving the dividend.&#160;&#160;However, our ability to pay dividends will be
        restricted by banking laws and Customers Bank's ability to pay dividends to Customers Bancorp.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font-style: italic">Federal Bank Holding Company Act Policies
          Applicable to Cash Dividends</FONT>.&#160;&#160;The Federal Reserve Board, which is the federal banking regulator, considers adequate capital to be critical to the health of individual banking organizations and to the safety and stability of the banking
        system. A major determinant of a bank's or bank holding company's capital adequacy is the strength of its earnings and the extent to which its earnings are retained and added to capital or paid out to shareholders in the form of cash dividends.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The Federal Reserve Board believes that a bank or bank holding company generally should not maintain its existing rate of cash dividends
        on voting common stock unless (1) the organization's net income available to common shareholders over the past year has been sufficient to fully fund the dividends and (2) the prospective rate of earnings retention appears consistent with the
        organization's capital needs, asset quality, and overall financial condition. The Federal Reserve may strongly encourage, or require, a banking organization whose cash dividends are inconsistent with either of these criteria to cut or eliminate its
        dividends.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The Federal Reserve Board also believes it is inappropriate for a banking organization that is experiencing serious financial problems or
        that has inadequate capital to borrow in order to pay dividends since this can result in increased leverage at the very time the organization needs to reduce its debt or increase its capital. Similarly, the payment of dividends based solely or
        largely upon gains resulting from unusual or nonrecurring events, such as the sale of the organization's building or the disposition of other assets, may not be prudent or warranted, especially if the funds derived from such transactions could be
        better employed to strengthen the organization's financial resources. Furthermore, a fundamental principle underlying the Federal Reserve's supervision and regulation of bank holding companies is that bank holding companies should serve as a source
        of managerial and financial strength to their subsidiary banks. The Federal Reserve believes, therefore, that a bank holding company should not maintain a level of cash dividends to its shareholders that places undue pressure on the capital of bank
        subsidiaries, or that can be funded only through additional borrowings or other arrangements that may undermine the bank holding company's ability to serve as a source of strength. Thus, for example, if a major subsidiary bank is unable to pay
        dividends to its parent company&#8212;as a consequence of statutory limitations, intervention by the primary supervisor, or noncompliance with regulatory capital requirements&#8212;the Federal Reserve may encourage or require a bank holding company to reduce
        or eliminate its dividends in order to conserve its capital base and provide capital assistance to the subsidiary bank.</DIV>
      <DIV STYLE="text-align: left">&#160;&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The Federal Reserve Board has further stated that a bank holding company should pay cash dividends only out of income over the past year
        and only if prospective earnings retention is consistent with the organization's expected future needs and financial condition, and only if, after paying the dividend, the bank holding company is not in danger of falling below its required
        regulatory capital adequacy ratios, including applicable capital conservation buffers.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
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        <DIV ID="DSPFPageNumberArea" STYLE="text-align: center"><FONT ID="DSPFPageNumber" STYLE="font-weight: normal; color: #000000; font-style: normal">15</FONT></DIV>
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        </DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font-style: italic">Pennsylvania Banking Code Requirements
          Applicable to Cash Dividends.&#160;&#160;</FONT>Because Customers Bank is currently and for the foreseeable future, the primary source of cash for payment of dividends by Customers Bancorp, requirements of the Pennsylvania Banking Code setting conditions
        on payments of dividends by banks will constrain Customers Bank's ability to provide funds to us to pay dividends to our shareholders. The Pennsylvania Banking Code permits a bank to pay cash dividends only out of accumulated net earnings.
        Furthermore, if any transfer of net earnings to surplus is required by the Pennsylvania Banking Code to cause our surplus to meet minimum statutory requirements at the time the dividend is to be declared or paid, the transfer must be made prior to
        the declaration of the dividend, and our surplus cannot be reduced by the payment of the dividend.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">For the foregoing reasons, and because a decision by our board of directors to declare and pay cash dividends will depend upon the future
        financial performance and condition of Customers Bank and Customers Bancorp, no assurances can be given that any dividends will in fact be paid on any class of stock, or that, if dividends are paid, they will not be reduced or discontinued in the
        future.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font-style: italic">Dividend Policy.&#160; </FONT>We have followed
        and presently intend to continue following a policy of retaining earnings, if any, to increase our net worth and reserves over the next few years. As discussed above, we have not historically declared or paid dividends on our common stock, and we
        do not expect to do so in the near future. Any future determination relating to our dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including our earnings and financial condition,
        liquidity and capital requirements, the general economic and regulatory climate, our ability to service any equity or debt obligations senior our common stock, and other factors deemed relevant by our board of directors.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Redemption, Preemptive Rights and Repurchase Provisions</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Our common stock has no preemptive rights or redemption or repurchase provisions. The shares are non-assessable and require no sinking
        fund. Repurchases of our voting common stock are subject to Federal Reserve Board regulations and policy, which generally require that no more than ten percent of the outstanding shares of a bank holding company's voting common stock may be
        repurchased in any 12-month period unless the bank holding company is deemed "well-managed" and "well-capitalized" under applicable regulations. Repurchases of our stock will also be constrained by federal and state bank regulatory capital
        requirements. Repurchases of stock by bank holding companies may also be subject to prior notice to and approval by the Federal Reserve in some cases.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Liquidation Rights</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">In the event of the liquidation, dissolution or winding up of Customers Bancorp, the holders of our common stock will be entitled to share
        ratably in all of our assets remaining after payment of all liabilities, subject, however, to any preferential liquidation rights of holders of any preferred stock outstanding at that time. If our only asset is our ownership of Customers Bank, it
        is likely that, if Customers Bank is then in liquidation or receivership, our shareholders will not receive anything on account of their shares.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Potential Anti-Takeover Effect of Governing Documents and Applicable Law</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font-style: italic">Provisions of Governing Documents</FONT>.&#160;&#160;Our
        articles of incorporation and bylaws contain certain provisions which may have the effect of deterring or discouraging, among other things, a non-negotiated tender or exchange offer for our common stock, a proxy contest for control of the company,
        the assumption of control of the company by a holder of a large block of common stock or the removal of our board of directors. These provisions:</DIV>
      <DIV><BR>
      </DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
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              <DIV STYLE="text-align: left">Empower our board of directors, without shareholder approval, to issue preferred stock, the terms of which, including voting power, are set by our
                board of directors;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
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              <DIV STYLE="text-align: left">Divide our board of directors into three classes serving staggered three-year terms;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">Restrict the ability of shareholders to remove directors;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>

      </TABLE>
      <DIV>&#160;</DIV>
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        </DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">Require that shares with at least 80% of total voting power approve mergers and other similar transactions with a person or entity holding stock with
                more than 5% of our voting power, if a reorganization is not approved, in advance, by two-thirds of the members of our board of directors;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
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              <DIV STYLE="text-align: left">Prohibit action by the shareholders without a shareholder meeting;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
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              <DIV STYLE="text-align: left">Require that shares representing at least 80% of total voting power approve the repeal or amendment of certain provisions of our articles of
                incorporation;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">Require any person who acquires our stock with voting power of 25% or more to offer to purchase for cash all remaining shares of our voting stock at
                the highest price paid by such person for shares of our voting stock during the preceding year;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">Eliminate cumulative voting in elections of directors;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
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              <DIV STYLE="text-align: left">Require that shares representing at least two-thirds of the total voting power approve any amendment to or repeal of our bylaws;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">Require that our board of directors give due consideration to the effect of a proposed transaction on the depositors, employees, suppliers, customers
                and other of our and our subsidiaries' constituents and on the communities in which we and they operate or are located, and to the business reputation of the other party and our value in a freely negotiated sale and of our future prospects
                as an independent entity;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">Require advance notice of nominations for the election of directors and the presentation of shareholder proposals at meetings of shareholders; and</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">Provide that officers, directors, employees, agents and persons who own 5% or more of the voting securities of any other corporation or other entity
                that owns 66 2/3% or more of our outstanding voting stock cannot constitute a majority of the members of our board of directors.</DIV>
            </TD>
          </TR>

      </TABLE>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt"><FONT STYLE="font-style: italic">Provisions of Applicable Law</FONT>. &#160;&#160;The
        Pennsylvania Business Corporation Law also contains certain provisions applicable to us that may have the effect of impeding a change in control. These provisions, among other things, prohibit for five years, subject to certain exceptions, a
        "business combination," which includes a merger or consolidation of the corporation or a sale, lease or exchange of assets with a shareholder or group of shareholders beneficially owning 20% or more of the corporation's voting power in an election
        of directors.&#160; In addition, certain provisions of the Pennsylvania Business Corporation Law:</DIV>
      <DIV><BR>
      </DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">Expand the factors and groups (including shareholders) a board of directors can consider in determining whether a certain action is in the best
                interests of the corporation;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">Provide that a board of directors need not consider the interests of any particular group as dominant or controlling;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
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              <DIV STYLE="text-align: left">Provide that directors, in order to satisfy the presumption that they have acted in the best interests of the corporation, need not satisfy any
                greater obligation or higher burden of proof for actions relating to an acquisition or potential acquisition of control;</DIV>
              <DIV>&#160;</DIV>
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              <DIV STYLE="text-align: left">Provide that actions relating to acquisitions of control that are approved by a majority of "disinterested directors" are presumed to satisfy the
                directors' standard of care, unless it is proven by clear and convincing evidence that the directors did not assent to such action in good faith after reasonable investigation; and</DIV>
              <DIV>&#160;</DIV>
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            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">Provide that the fiduciary duties of directors are solely to the corporation and may be enforced by the corporation or by a shareholder in a
                derivative action, but not by a shareholder directly.</DIV>
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      <DIV><BR>
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      <DIV STYLE="text-align: left; text-indent: 36pt">The Pennsylvania Business Corporation Law also provides that the fiduciary duties of directors do not require directors to:</DIV>
      <DIV><BR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">Redeem any rights under, or to modify or render inapplicable, any shareholder rights plan;</DIV>
              <DIV>&#160;</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">Render inapplicable, or make determinations under, provisions of the Pennsylvania Business Corporation Law, relating to control transactions,
                business combinations, control-share acquisitions or disgorgement by certain controlling shareholders following attempts to acquire control; or</DIV>
              <DIV>&#160;</DIV>
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          <TR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">Take action as the board of directors, a committee of the board or an individual director solely because of the effect such action might have on an
                acquisition or potential or proposed acquisition of control of us or the consideration that might be offered or paid to shareholders in such an acquisition.</DIV>
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      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Pursuant to provisions of our articles of incorporation, and in accordance with Pennsylvania law, we have opted out of coverage by the
        "disgorgement," "control transactions," "control-share acquisitions," "severance compensation," and "labor contracts" provisions of the Pennsylvania Business Corporation Law. As a result of our opting-out from coverage by these statutes, none of
        the "disgorgement," "control transactions," "control-share acquisitions," "severance compensation," nor "labor contracts" statutes would apply to a non-negotiated attempt to acquire control of us, although such an attempt would still be subject to
        the special provisions of our governing documents.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The overall effect of these provisions may be to deter a future offer or other merger or acquisition proposal that a majority of the
        shareholders might view to be in their best interests as the offer might include a substantial premium over the market price of our common stock at that time. In addition, these provisions may have the effect of assisting our management and board
        of directors in retaining their positions and placing them in a better position to resist changes that the shareholders may want to make if dissatisfied with the conduct of our business.</DIV>
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      <DIV STYLE="font-weight: bold; text-align: center"><A ID="DESCRIPTIONOFPREFERREDSTO" NAME="DESCRIPTIONOFPREFERREDSTO"><!--Anchor--></A>DESCRIPTION OF PREFERRED STOCK</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The following description summarizes the general provisions of the preferred stock we may offer and issue under this prospectus.&#160; The
        applicable prospectus supplement relating to a specific offer and issuance of preferred stock by us will provide additional information regarding the terms of the preferred stock. You should read any prospectus supplement related to the specific
        series of preferred stock being offered and issued, as well as the more detailed provisions of our articles of incorporation and the applicable statement with respect to shares relating to such series of preferred stock that provide the specific
        terms of the preferred stock. Specific statements with respect to shares will contain additional important terms and provisions and we will file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by
        reference from another report that we file with the SEC, the statement with respect to shares with respect to the preferred stock to be issued under this prospectus and any applicable prospectus supplement.</DIV>
      <DIV><BR>
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      <DIV STYLE="font-weight: bold; text-align: left">General</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Our articles of incorporation provides that Customers' board of directors may issue, without action by shareholders, a maximum of
        100,000,000 shares of preferred stock, in one or more series and with such terms and conditions, at such times and for such consideration, as the board of directors may determine.&#160; As of May 31, 2017, there were 2,300,000 shares of our
        Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C outstanding, 1,000,000 shares of our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D outstanding, 2,300,000 shares of our Fixed-to-Floating Rate
        Non-Cumulative Perpetual Preferred Stock, Series E outstanding and 3,400,000 shares of our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F outstanding. The rights and privileges relating to these outstanding shares of our
        preferred stock are governed by the applicable statement with respect to shares for each series of preferred stock, which have been incorporated by reference as exhibits to the registration statement of which this prospectus is a part. Our board of
        directors may determine the following:</DIV>
      <DIV><BR>
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              <DIV STYLE="text-align: left">&#8226;</DIV>
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            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">the voting powers, if any, of the holders of stock of such series in addition to any voting rights affirmatively required by law;</DIV>
              <DIV>&#160;</DIV>
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          </TR>

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      <DIV>&#160;</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">the rights of shareholders in respect of dividends, including, without limitation, the rate or rates per annum and the time or times at which (or the
                formula or other method pursuant to which such rate or rates and such time or times may be determined) and conditions upon which the holders of stock of such series will be entitled to receive dividends and other distributions, and whether
                any such dividends will be cumulative or noncumulative and, if cumulative, the terms upon which such dividends will be cumulative;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">whether the stock of each such series shall be redeemable by us at our option or the holder of the stock, and, if redeemable, the terms and
                conditions upon which the stock of such series may be redeemed;</DIV>
              <DIV>&#160;</DIV>
            </TD>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
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              <DIV STYLE="text-align: left">the amount payable and the rights or preferences to which the holders of the stock of such series will be entitled upon any voluntary or involuntary
                liquidation, dissolution or winding-up;</DIV>
              <DIV>&#160;</DIV>
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          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">the terms, if any, upon which shares of stock of such series will be convertible into, or exchangeable for, shares of stock of any other class or
                classes or of any other series of the same or any other class or classes, including the price or prices or the rate or rates of conversion or exchange and the terms of adjustment, if any; and</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">any other designations, preferences, and relative, participating, optional or other special rights, and qualifications, limitations or restrictions
                thereof, so far as they are not inconsistent with the provisions of our articles of incorporation and to the full extent now or hereafter permitted under Pennsylvania law.</DIV>
            </TD>
          </TR>

      </TABLE>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">You should read the applicable prospectus supplement relating to the particular series of preferred stock being offered and issued and the
        related statement with respect to shares for specific terms, including, where applicable:</DIV>
      <DIV><BR>
      </DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">the title, stated value and liquidation preferences of the preferred stock and the number of shares we are offering;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">the initial public offering price at which the shares of our preferred stock will be issued;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">the dividend rate(s) (or method of calculation), the dividend periods, the dates on which dividends shall be payable and whether these dividends will
                be cumulative or noncumulative and, if cumulative, the dates at which the dividends shall begin to cumulate;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">the redemption or sinking fund provisions, if any; and</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">any additional dividend, liquidation, redemption, sinking fund and other rights, preferences, privileges, limitations and restrictions.</DIV>
            </TD>
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      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">When we issue shares of preferred stock, the shares will be fully paid and nonassessable, which means the full purchase price of the
        shares will have been paid and holders of the shares will not be assessed any additional monies for the shares.&#160;&#160;Unless the applicable prospectus supplement indicates otherwise, each series of the preferred stock will rank equally with any
        outstanding shares of our preferred stock and each other series of the preferred stock.&#160;&#160;Unless the applicable prospectus supplement states otherwise, the preferred stock will have no preemptive rights to subscribe for any additional securities
        which are issued by us, meaning, the holders of shares of preferred stock will have no right to buy any portion of the issued securities.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">In addition, unless the applicable prospectus supplement indicates otherwise, we will have the right to "reopen" a previous issue of a
        series of preferred stock by issuing additional preferred stock of such series.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The transfer agent, registrar, dividend disbursing agent, calculation agent and redemption agent for shares of each series of preferred
        stock will be named in the prospectus supplement relating to such series.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
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      <DIV STYLE="font-weight: bold; text-align: left">Dividends</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The holders of the preferred stock of each series will be entitled to receive cash dividends out of funds legally available, when, as and
        if, declared by our board of directors or a duly authorized committee of the board, at the rates and on the dates stated in the applicable prospectus supplement.&#160;&#160;These rates may be fixed, or variable, or both.&#160;&#160;If the dividend rate is variable,
        the applicable prospectus supplement will describe the formula used to determine the dividend rate for each dividend period.&#160;&#160;We will pay dividends to the holders of record as they appear on our stock books on the record dates determined by our
        board of directors or an authorized committee of our board.&#160;&#160;</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Our board of directors will not declare and pay a dividend on any of our stock ranking as to dividends, equal with or junior to the
        preferred stock unless full dividends on the preferred stock have been declared and paid (or declared and sufficient money has been set aside for payment).</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Voting Rights</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The holders of shares of preferred stock will have no voting rights, except:</DIV>
      <DIV><BR>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
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              <DIV STYLE="text-align: left">as otherwise stated in the applicable prospectus supplement;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
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              <DIV STYLE="text-align: left">as otherwise stated in the statement with respect to shares establishing such series; or</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">as required by applicable law.</DIV>
            </TD>
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      </TABLE>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Under Federal Reserve Board regulations, if the holders of any series of preferred stock become entitled to vote for the election of
        directors, that series may then be considered a class of voting securities.&#160;&#160;A holder of 25% or more of a series may then be subject to regulation as a savings and loan holding company under the Home Owners Loan Act or a bank holding company under
        the Bank Holding Company Act, depending on the nature of the holder.&#160;&#160;In addition, at the time that the series are deemed a class of voting securities, any bank holding company or savings and loan holding company may be required to obtain the prior
        approval of the Federal Reserve Board in order to acquire more than 5% of that series, and any person other than a savings and loan or a bank holding company may be required to obtain the prior approval of the Federal Reserve Board to acquire 10%
        or more of that series.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Redemption</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">A series of the preferred stock may be redeemable, in whole or in part, at our option, and may be subject to mandatory redemption under a
        sinking fund or otherwise as described in the applicable prospectus supplement.&#160;&#160;The preferred stock that we redeem will be restored to the status of authorized but unissued shares of preferred stock which we may issue in the future.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">If a series of preferred stock is subject to mandatory redemption, the applicable prospectus supplement will specify the number of shares
        that we will redeem in each year and the redemption price per share together with an amount equal to all accrued and unpaid dividends on those shares to the redemption date.&#160;&#160;The applicable prospectus supplement will state whether the redemption
        price can be paid in cash or other property.&#160;&#160;If the redemption price is to be paid only from the net proceeds of issuing our capital stock, the terms of the series of preferred stock may provide that, if the capital stock has not been issued or if
        the net proceeds are not sufficient to pay the full redemption price then due, the shares relating to series of the preferred stock shall automatically and mandatorily be converted into shares of our capital stock under the conversion provisions of
        the applicable prospectus supplement.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">If fewer than all of the outstanding shares of any series of the preferred stock are to be redeemed, the redemption will be made in a
        manner that our board of directors decides is equitable.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
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        </DIV>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Unless we default in the payment of the redemption price, dividends will cease to accrue after the redemption date on shares of preferred
        stock called for redemption and all rights of holders of such shares will terminate except for the right to receive the redemption price.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Conversion and Exchange</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">If any series of preferred stock we proposed to offer and issue is convertible into or exchangeable for any other class or series of our
        capital stock, the applicable prospectus supplement relating to that series will describe the terms and conditions governing the conversions and exchanges.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Rights at Liquidation</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">If we voluntarily or involuntarily liquidate, dissolve or wind up our business, the holders of shares of each series of preferred stock
        and any other securities that have rights equal to that series of preferred stock under these circumstances, will be entitled to receive out of our assets that are available for distribution to stockholders:</DIV>
      <DIV><BR>
      </DIV>
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          <TR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">liquidation distributions in the amount stated in the applicable prospectus supplement and related statement with respect to shares; and</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">all accrued and unpaid dividends (whether or not earned or declared), before any distribution to holders of common stock or of any securities ranking
                junior to the series of preferred stock.</DIV>
            </TD>
          </TR>

      </TABLE>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Neither the sale of all or any part of our property and business, nor our merger into or consolidation with any other corporation, nor the
        merger or consolidation of any other corporation with or into us, will be deemed to be a dissolution, liquidation or winding up.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">If our assets are insufficient to pay all amounts to which holders of preferred stock are entitled, we will make no distribution on the
        preferred stock or on any other securities ranking equal to the preferred stock unless we make a pro rata distribution to those holders.&#160;&#160;After we pay the full amount of the liquidation distribution to which the holders are entitled, the holders
        will have no right or claim to any of our remaining assets.</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="font-weight: bold; text-align: center"><A ID="DESCRIPTIONOFDEPOSITARYSH" NAME="DESCRIPTIONOFDEPOSITARYSH"><!--Anchor--></A>DESCRIPTION OF DEPOSITARY SHARES</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The following description summarizes the general provisions of the depositary agreement and the depositary shares or depositary receipts
        we may offer and issue under this prospectus.&#160; The applicable prospectus supplement relating to a specific offer and issuance of depositary shares or depositary receipts by us will provide additional information regarding the terms of the
        depositary shares or depositary receipts. You should read any prospectus supplement related to the specific depositary shares or depositary receipts being offered and issued, as well as the complete depositary agreement and form of depositary
        receipt that provide the terms of the depositary shares or depositary receipts. Specific depositary agreements and depositary receipts will contain additional important terms and provisions and we will file as an exhibit to the registration
        statement of which this prospectus is a part, or will incorporate by reference from another report that we file with the SEC, the form of depositary agreement and depositary receipt relating to the depositary shares or depositary receipts to be
        issued under this prospectus and any applicable prospectus supplement.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">General</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">We may, at our option, elect to offer and issue fractional shares of preferred stock, rather than full shares of preferred stock. In such
        event, we will issue receipts for depositary shares, called depositary receipts, each of which will represent a fraction of a share of a particular series of preferred stock.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The shares of any series of preferred stock represented by depositary shares will be deposited under a deposit agreement between Customers
        and a bank or trust company we select having its principal office in the United States and having a combined capital and surplus of at least $50,000,000, as preferred stock depositary. Each owner of a depositary share will be entitled to all the
        rights and preferences of the underlying preferred stock, including dividend, voting, redemption, conversion and liquidation rights, in proportion to the applicable fraction of a share of preferred stock represented by such depositary share.</DIV>
      <DIV><BR>
      </DIV>
      <DIV ID="DSPFPageBreakArea" STYLE="margin-bottom: 10pt; clear: both; margin-top: 10pt">
        <DIV ID="DSPFPageNumberArea" STYLE="text-align: center"><FONT ID="DSPFPageNumber" STYLE="font-weight: normal; color: #000000; font-style: normal">21</FONT></DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">The depositary shares will be evidenced by depositary receipts issued pursuant to the deposit agreement. Depositary receipts will be
        distributed to those persons purchasing the fractional shares of preferred stock in accordance with the terms of the applicable prospectus supplement.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Dividends and Other Distributions</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The preferred stock depositary will distribute all cash dividends or other cash distributions received in respect of the deposited
        preferred stock to the record holders of depositary shares relating to such preferred stock in proportion to the number of such depositary shares owned by such holders.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The preferred stock depositary will distribute any property received by it other than cash to the record holders of depositary shares
        entitled thereto. If the preferred stock depositary determines that it is not feasible to make such distribution, it may, with our approval, sell such property and distribute the net proceeds from such sale to such holders.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Redemption of Preferred Stock</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">If a series of preferred stock represented by depositary shares is to be redeemed, the depositary shares will be redeemed from the
        proceeds received by the preferred stock depositary resulting from the redemption, in whole or in part, of such series of preferred stock. The depositary shares will be redeemed by the preferred stock depositary at a price per depositary share
        equal to the applicable fraction of the redemption price per share payable in respect of the shares of preferred stock so redeemed.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Whenever we redeem shares of preferred stock held by the preferred stock depositary, the preferred stock depositary will redeem as of the
        same date the number of depositary shares representing the shares of preferred stock so redeemed. If fewer than all the depositary shares are to be redeemed, the depositary shares to be redeemed will be selected by the preferred stock depositary by
        lot or ratably or by any other equitable method as the preferred stock depositary may decide.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Withdrawal of Preferred Stock</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Unless the related depositary shares have previously been called for redemption, any holder of depositary shares may receive the number of
        whole shares of the related series of preferred stock and any money or other property represented by such depositary receipts after surrendering the depositary receipts at the corporate trust office of the preferred stock depositary. Holders of
        depositary shares making such withdrawals will be entitled to receive whole shares of preferred stock on the basis set forth in the related prospectus supplement for such series of preferred stock.&#160; However, holders of such whole shares of
        preferred stock will not be entitled to deposit such preferred stock under the deposit agreement or to receive depositary receipts for such preferred stock after such withdrawal. If the depositary shares surrendered by the holder in connection with
        such withdrawal exceed the number of depositary shares that represent the number of whole shares of preferred stock to be withdrawn, the preferred stock depositary will deliver to such holder at the same time a new depositary receipt evidencing
        such excess number of depositary shares.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Voting Deposited Preferred Stock</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Upon receipt of notice of any meeting at which the holders of any series of deposited preferred stock are entitled to vote, the preferred
        stock depositary will mail the information contained in such notice of meeting to the record holders of the depositary shares relating to such series of preferred stock. Each record holder of such depositary shares on the record date will be
        entitled to instruct the preferred stock depositary to vote the amount of the preferred stock represented by such holder's depositary shares. The preferred stock depositary will try to vote the amount of such series of preferred stock represented
        by such depositary shares in accordance with such instructions.</DIV>
      <DIV><BR>
      </DIV>
      <DIV ID="DSPFPageBreakArea" STYLE="margin-bottom: 10pt; clear: both; margin-top: 10pt">
        <DIV ID="DSPFPageNumberArea" STYLE="text-align: center"><FONT ID="DSPFPageNumber" STYLE="font-weight: normal; color: #000000; font-style: normal">22</FONT></DIV>
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        </DIV>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">We will agree to take all reasonable actions that the preferred stock depositary determines are necessary to enable the preferred stock
        depositary to vote as instructed. The preferred stock depositary will vote all shares of any series of preferred stock held by it proportionately with instructions received if it does not receive specific instructions from the holders of depositary
        shares representing such series of preferred stock.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Amendment and Termination of the Deposit Agreement</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The form of depositary receipt evidencing the depositary shares and any provision of the deposit agreement may at any time be amended by
        agreement between us and the preferred stock depositary. However, any amendment that imposes additional charges or materially and adversely alters any substantial existing right of the holders of depositary shares will not be effective unless such
        amendment has been approved by the holders of at least a majority of the affected depositary shares then outstanding.&#160; Every holder of an outstanding depositary receipt at the time any such amendment becomes effective, or any transferee of such
        holder, shall be deemed, by continuing to hold such depositary receipt, or by reason of the acquisition thereof, to consent and agree to such amendment and to be bound by the deposit agreement, that has been amended thereby. The deposit agreement
        automatically terminates if:</DIV>
      <DIV><BR>
      </DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">all outstanding depositary shares have been redeemed;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">each share of preferred stock has been converted into or exchanged for common stock; or</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">a final distribution in respect of the preferred stock has been made to the holders of depositary shares in connection with any liquidation,
                dissolution or winding up of Customers.</DIV>
            </TD>
          </TR>

      </TABLE>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The deposit agreement may be terminated by us at any time, and the preferred stock depositary will give notice of such termination to the
        record holders of all outstanding depositary receipts not less than 30 days prior to the termination date. In such event, the preferred stock depositary will deliver or make available for delivery to holders of depositary shares, upon surrender of
        such depositary shares, the number of whole or fractional shares of the related series of preferred stock as are represented by such depositary shares.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Charges of Preferred Stock Depositary; Taxes and Other Governmental Charges</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">No fees, charges and expenses of the preferred stock depositary or any agent of the preferred stock depositary or of any registrar shall
        be payable by any person other than us, except for any taxes and other governmental charges and except as provided in the deposit agreement. If the preferred stock depositary incurs fees, charges or expenses for which it is not otherwise liable
        hereunder for action taken at the election of a holder of a depositary receipt or other person, such holder or other person will be liable for such fees, charges and expenses.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Resignation and Removal of Depositary</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The preferred stock depositary may resign at any time by delivering notice to us of its intent to do so, and we may at any time remove the
        preferred stock depositary, any such resignation or removal to take effect upon the appointment of a successor preferred stock depositary and its acceptance of such appointment. Such successor preferred stock depositary must be appointed within 60
        days after delivery of the notice of resignation or removal and must be a bank or trust company having its principal office in the United States and having a combined capital and surplus of at least $50,000,000.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">Miscellaneous</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The preferred stock depositary will forward all reports and communications from us that are delivered to the preferred stock depositary
        and that we are required to furnish to the holders of the deposited preferred stock.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">Neither the preferred stock depositary nor we will be liable if it is prevented or delayed by law or any circumstances beyond its control
        in performing its obligations under the deposit agreement. Our obligations and the obligations of the preferred stock depositary under the deposit agreement will be limited to good faith performance of their duties thereunder, and they will not be
        obligated to prosecute or defend any legal proceeding in respect of any depositary shares, depositary receipts or shares of preferred stock unless satisfactory indemnity is furnished. We and the preferred stock depositary may rely upon written
        advice of counsel or accountants or upon information provided by holders of depositary receipts or other persons believed to be competent and on documents believed to be genuine.</DIV>
      <DIV><BR>
      </DIV>
      <DIV ID="DSPFPageBreakArea" STYLE="margin-bottom: 10pt; clear: both; margin-top: 10pt">
        <DIV ID="DSPFPageNumberArea" STYLE="text-align: center"><FONT ID="DSPFPageNumber" STYLE="font-weight: normal; color: #000000; font-style: normal">23</FONT></DIV>
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      <DIV STYLE="font-weight: bold; text-align: center"><A ID="DESCRIPTIONOFPURCHASECONT" NAME="DESCRIPTIONOFPURCHASECONT"><!--Anchor--></A>DESCRIPTION OF PURCHASE CONTRACTS</DIV>
      <DIV STYLE="text-align: center">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The following description summarizes the general provisions of the purchase contracts we may offer and issue under this prospectus.&#160; The
        applicable prospectus supplement relating to a specific issuance of purchase contracts by us will provide additional information regarding the terms of the purchase contracts. You should read any prospectus supplement related to the specific
        purchase contracts being issued, as well as the complete purchase contracts that contain the terms of the purchase contracts. Specific purchase contracts will contain additional important terms and provisions and we will file as an exhibit to the
        registration statement of which this prospectus is a part, or will incorporate by reference from another report that we file with the SEC, the form of each purchase contract to be issued under this prospectus and any applicable prospectus
        supplement.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">We may issue purchase contracts, including purchase contracts issued as part of a unit with one or more other securities, for the purchase
        or sale of our debt securities, common stock, preferred stock or depositary shares. The price of our debt securities or price per share of common stock, preferred stock or depositary shares, as applicable, may be fixed at the time the purchase
        contracts are issued or may be determined by reference to a specific formula contained in the purchase contracts. We may issue purchase contracts in such amounts and in as many distinct series as we wish.</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">You should read the applicable prospectus supplement relating to the particular purchase contracts being offered and issued for specific
        terms, including, where applicable:</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">&#160;</DIV>
      <TABLE ID="z2ba3a168baba4d99816947323cabcb5d" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, serif; border-collapse: collapse; width: 100%">

          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">whether the purchase contracts obligate the holder to purchase or sell, or both, our debt securities, common stock, preferred stock or depositary
                shares, as applicable, and the nature and amount of each of those securities, or method of determining those amounts;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">whether the purchase contracts are to be prepaid or not;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">whether the purchase contracts are to be settled by delivery, or by reference or linkage to the value, performance or level of our common stock or
                preferred stock;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">any acceleration, cancellation, termination or other provisions relating to the settlement of the purchase contracts;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">United States federal income tax considerations relevant to the purchase contracts; and</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">whether the purchase contracts will be issued in fully registered global form.</DIV>
            </TD>
          </TR>

      </TABLE>
      <DIV><BR>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: center"><A ID="DESCRIPTIONOFWARRANTS" NAME="DESCRIPTIONOFWARRANTS"><!--Anchor--></A>DESCRIPTION OF WARRANTS</DIV>
      <DIV STYLE="text-align: center">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">The following description summarizes the general provisions of the warrants we may offer and issue under this prospectus.&#160; The applicable
        prospectus supplement relating to a specific offer and issuance of warrants by us will provide additional information regarding the terms of the warrants. You should read any prospectus supplement related to the specific warrants being offered and
        issued, as well as the complete warrant agreement and warrant certificate that contain the terms of the warrants. Specific warrant agreements and warrant certificates will contain additional important terms and provisions, and we will file as an
        exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference from another report that we file with the SEC, the form of each warrant agreement and warrant certificate relating to the warrants to be
        issued under this prospectus and any applicable prospectus supplement.</DIV>
      <DIV><BR>
      </DIV>
      <DIV ID="DSPFPageBreakArea" STYLE="margin-bottom: 10pt; clear: both; margin-top: 10pt">
        <DIV ID="DSPFPageNumberArea" STYLE="text-align: center"><FONT ID="DSPFPageNumber" STYLE="font-weight: normal; color: #000000; font-style: normal">24</FONT></DIV>
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        </DIV>
      </DIV>
      <DIV STYLE="font-weight: bold; text-align: left">General</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">We may issue warrants for the purchase of common stock, preferred stock and/or debt securities. Warrants may be issued separately or
        together with common stock, preferred stock or debt securities offered and issued by any prospectus supplement and may be attached to or separate from such common stock, preferred stock or debt securities. Each series of warrants will be issued
        under a separate warrant agreement to be entered into between us and a bank or trust corporation, as warrant agent, all as set forth in the prospectus supplement relating to the particular issue of warrants. The warrant agent will act solely as our
        agent in connection with the warrants and will not assume any obligation or relationship of agency or trust for or with any holders of warrants or beneficial owners of warrants.</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">You should read the applicable prospectus supplement relating to the particular warrants being offered and issued and the applicable
        warrant agreement for specific terms, including, where applicable:</DIV>
      <DIV><BR>
      </DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">the title of the warrants;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">the offering price for the warrants, if any;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">the aggregate number of warrants offered and the aggregate number of warrants outstanding as of the most practicable date;</DIV>
              <DIV>&#160;</DIV>
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          warrant agent or any other office indicated in the applicable prospectus supplement. Prior to the exercise of any warrants to purchase common stock or preferred stock, holders of such warrants will not have any rights of holders of the common
          stock or preferred stock purchasable upon such exercise, including the right to receive payments of dividends, if any, on the common stock or preferred stock purchasable upon such exercise or to exercise any applicable right to vote. Prior to the
          exercise of any warrant to purchase debt securities, holders of such warrants will not have any of the rights of holders of the debt securities purchasable upon such exercise, including the right to receive payments of principal of, premium, if
          any, or interest, if any, on the debt securities purchasable upon such exercise or to enforce covenants in the applicable indenture.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Each warrant will entitle the holder to purchase such shares of common stock or preferred stock or principal amount of debt securities, as
        the case may be, at such exercise price as shall in each case be set forth in, or calculable from, the prospectus supplement relating to the warrants we proposed to offer and issue. After the close of business on the expiration date of the warrants
        (or such later date to which such expiration date may be extended by us), unexercised warrants will become void.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Warrants may be exercised by delivering to the warrant agent payment as provided in the applicable prospectus supplement of the amount
        required to purchase the common stock, preferred stock or debt securities, as the case may be, purchasable upon such exercise together with certain information set forth on the warrant certificate. Warrants will be deemed to have been exercised
        upon receipt of payment of the exercise price, subject to the receipt, within five business days, of the warrant certificate evidencing such warrants. Upon receipt of such payment and the warrant certificate properly completed and duly executed at
        the corporate trust office of the warrant agent or any other office indicated in the applicable prospectus supplement, we will, as soon as practicable, issue and deliver the common stock, preferred stock or debt securities, as the case may be,
        purchasable upon such exercise. If fewer than all of the warrants represented by the warrant certificate are exercised, a new warrant certificate will be issued for the remaining amount of warrants.</DIV>
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      <DIV STYLE="font-weight: bold; text-align: left">Amendments and Supplements to Warrant Agreements</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">The warrant agreements may be amended or supplemented without the consent of the holders of the warrants issued thereunder to effect
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      <DIV STYLE="font-weight: bold; text-align: center"><A ID="DESCRIPTIONOFUNITS" NAME="DESCRIPTIONOFUNITS"><!--Anchor--></A>DESCRIPTION OF UNITS</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">The following description summarizes the general provisions of the units that we may offer and issue under this prospectus.&#160; The
        applicable prospectus supplement relating to a specific offer and issuance of units by us will provide additional information regarding the terms of the units. You should read any prospectus supplement related to the series of units being offered
        and issued, as well as the complete unit agreements that contain the terms of the units. Specific unit agreements will contain additional important terms and provisions, and we will file as an exhibit to the registration statement of which this
        prospectus is a part, or will incorporate by reference from another report that we file with the SEC, the form of each unit agreement relating to units offered and issued under this prospectus and any applicable prospectus supplement.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 37.05pt">We may issue units comprised of two or more of the other securities described in this prospectus in any combination and in one or more
        series.&#160; We may evidence each series of units by unit certificates that we will issue under a separate agreement. We may enter into unit agreements with a unit agent. Each unit agent will be a bank or trust company that we select. We will indicate
        the name and address of the unit agent in the applicable prospectus supplement relating to a particular series of units.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 37.05pt">You should read the applicable prospectus supplement relating to the particular units being offered and issued for specific terms,
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              <DIV STYLE="text-align: left">the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities
                may be held or transferred separately;</DIV>
              <DIV>&#160;</DIV>
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      </TABLE>
      <DIV>&#160;</DIV>
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              <DIV STYLE="text-align: left">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units;</DIV>
              <DIV STYLE="text-align: left">&#160;</DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
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              <DIV STYLE="text-align: left">the terms of the unit agreement governing the units;</DIV>
              <DIV>&#160;</DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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            <TD STYLE="vertical-align: top; width: 2.48%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 87.46%">
              <DIV STYLE="text-align: left">United States federal income tax considerations relevant to the units; and</DIV>
              <DIV>&#160;</DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
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              <DIV STYLE="text-align: left">whether the units will be issued in fully registered or global form.</DIV>
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      <DIV><BR>
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      <DIV STYLE="font-weight: bold; text-align: center"><A ID="PLANOFDISTRIBUTION" NAME="PLANOFDISTRIBUTION"><!--Anchor--></A>PLAN OF DISTRIBUTION</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">We may sell the securities referenced in this prospectus in any one or more of the following methods:</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV>&#160;</DIV>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">to or through underwriters, whether individually or through an underwriting syndicate led by one or more managing underwriters;</DIV>
              <DIV>&#160;</DIV>
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            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV>&#160;</DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">through agents;</DIV>
              <DIV>&#160;</DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
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              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">through a block trade in which the broker or dealer engaged to handle the block trade will attempt to sell the securities as agent, but may position
                and resell a portion of the block as principal to facilitate the transaction;</DIV>
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          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">in any combination of the above; or</DIV>
              <DIV>&#160;</DIV>
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          <TR>
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            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
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              <DIV STYLE="text-align: left">any other method permitted pursuant to applicable law.</DIV>
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      <DIV><BR>
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      <DIV STYLE="text-align: left; text-indent: 36pt">We also may issue the securities as a dividend or distribution or in a subscription rights offering to our existing security holders.</DIV>
      <DIV><BR>
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      <DIV STYLE="text-align: left; text-indent: 36pt">Each time that we use this prospectus to sell our securities, we will also provide a prospectus supplement that describes the method of
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
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              <DIV>&#160;</DIV>
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          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
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            </TD>
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              <DIV STYLE="text-align: left">the net proceeds to us from the sale of the securities;</DIV>
              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
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              <DIV STYLE="text-align: left">the public offering price of the securities and the proceeds to us and any discounts, commissions or concessions allowed or reallowed or paid to
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              <DIV>&#160;</DIV>
            </TD>
          </TR>
          <TR>
            <TD STYLE="vertical-align: top; width: 7.24%">&#160;</TD>
            <TD STYLE="vertical-align: top; width: 2.82%">
              <DIV STYLE="text-align: left">&#8226;</DIV>
            </TD>
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              <DIV STYLE="text-align: left">any securities exchanges or markets on which the securities will be listed.</DIV>
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      <DIV><BR>
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        those derivatives to close out any related open borrowings of stock.&#160;&#160;The third parties in such sale transactions will be underwriters as defined in the Securities Act and, if not identified in this prospectus, will be identified in the applicable
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        December 31, 2016,&#160; and management's assessment of effectiveness of internal controls over financial reporting as of December 31, 2016 incorporated by reference in this prospectus have been so&#160; incorporated in reliance upon the reports of BDO USA,
        LLP, an independent registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts in accounting and auditing.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">The abbreviated Statement of Assets Acquired and Liabilities Assumed as of June 15, 2016 and the abbreviated Statements of Revenues and
        Direct Expenses for the years ended December 31, 2015, 2014 and 2013 relating to the Disbursement business of Higher One, Inc. and Higher One Holdings, Inc., appearing in our amended Current Report on Form 8-K/A dated August 5, 2016 and
        incorporated by reference in this prospectus have been so incorporated in reliance upon the report of BDO USA, LLP, an independent registered public accounting firm, incorporated herein by reference, given on the authority of said firm as experts
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      <DIV STYLE="text-align: left; text-indent: 36pt">The SEC allows us to incorporate by reference the information that we file with the SEC, which means that we can disclose important
        information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus and any accompanying prospectus supplement. These documents may include periodic reports, such as our
        Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and definitive Proxy Statements. Any documents that we subsequently file with the SEC will automatically update and replace the information we previously
        filed with the SEC. Therefore, in the case of a conflict or inconsistency between information set forth in this prospectus or any accompanying prospectus supplement and information incorporated by reference into this prospectus or any accompanying
        prospectus supplement, you should rely on the information contained in the document that was filed later.</DIV>
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      <DIV STYLE="text-align: left; text-indent: 36pt">This prospectus incorporates by reference the documents listed below that we previously have filed with the SEC (other than, in each case,
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                incorporated by reference therein from our Definitive Proxy Statement on Schedule 14A, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000095015917000099/customersdef14a.htm">April 19, 2017</A>);</DIV>
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            </TD>
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            <TD STYLE="vertical-align: top; width: 2.97%">&#160;</TD>
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            <TD STYLE="vertical-align: top; width: 86.75%">&#160;</TD>
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              <DIV STYLE="text-align: left">The description of our common stock contained in our registration statement on Form 8-A, filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1488813/000119312513222219/d539442d8a12b.htm">May 15, 2013</A>, including any amendment
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      <DIV><BR>
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      <DIV STYLE="text-align: left; text-indent: 36pt">We are also incorporating by reference all other documents that we subsequently file with the SEC pursuant to Section 13(a), 13(c), 14 or
        15(d) of the Securities Exchange Act of 1934, as amended (other than, in each case, information deemed to have been furnished and not filed in accordance with SEC rules), between the date of this prospectus and the termination of this offering.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">You may obtain a copy of any or all of the documents incorporated by reference in this prospectus (other than an exhibit to a document
        unless that exhibit is specifically incorporated by reference into that document) from the SEC on its web site at http://www.sec.gov. You also may obtain these documents from us without charge by visiting our web site at
        http://www.customersbank.com or by requesting them from Michael De Tommasso, Corporate Secretary, Customers Bancorp, Inc., 1015 Penn Avenue, Suite 103, Wyomissing, PA 19610; telephone (610) 933-2000.</DIV>
      <DIV><BR>
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      <DIV STYLE="font-weight: bold; text-align: center"><A ID="WHEREYOUCANFINDMOREINFORM" NAME="WHEREYOUCANFINDMOREINFORM"><!--Anchor--></A>WHERE YOU CAN FIND MORE INFORMATION</DIV>
      <DIV STYLE="text-align: left">&#160;</DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">We file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy these reports,
        proxy statements and other information that we file with the SEC at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for more information about the operation of the Public
        Reference Room. You can request copies of these documents by writing to the SEC and paying a fee for the copying costs. Our SEC filings are also available at the SEC's website at www.sec.gov, which contains reports, proxy and information statements
        and other information regarding issuers that file electronically with the SEC. In addition, we maintain a website that contains information about us at http://www.customersbank.com. The information found on, or otherwise accessible through, our web
        site is not incorporated into, and does not form a part of, this prospectus, any prospectus supplement we file relating to this prospectus or any other report or document we file with or furnish to the SEC.</DIV>
      <DIV><BR>
      </DIV>
      <DIV STYLE="text-align: left; text-indent: 36pt">This prospectus is part of a registration statement that we filed with the SEC. The registration statement contains more information than
        this prospectus regarding us and our securities, including certain exhibits and schedules. You can obtain a copy of the registration statement and the exhibits and schedules from the SEC at the address listed above or from the SEC's website. The
        registration statement may contain additional information that may be important to you.</DIV>
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    <BR>
  </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #7030A0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 86px; width: 486px"></FONT></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>$</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>% Subordinated Notes due 2034</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>Joint Book-Running Managers</I></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>B. Riley FBR</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>D.A. Davidson &amp; Co.</B></FONT></TD>
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<TR STYLE="vertical-align: top">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>William Blair</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Boenning &amp; Scattergood</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>Co-Managers</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incapital</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maxim
    Group LLC</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wedbush Securities</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>These securities are not savings accounts
or deposits and are not federally insured or guaranteed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>__________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>December , 2019</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4pt 0 7pt; text-indent: 26pt"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
