Financial Services >> CEO Interviews >> November 27, 2013
TWST: Tell us about the acquisition of New Century in 2009 and how Customers Bank became what it is today.
Jay Sidhu is Chairman and Chief Executive Officer of Customers Bancorp, Inc. Only a few years after his widely publicized departure from Wyomissing, Pennsylvania-based Sovereign Bancorp, Mr. Sidhu returned to banking. In 2009, backed by a group of investors, many from his Sovereign days, Mr. Sidhu acquired New Century Bank, an ailing $265-million institution only miles away from Sovereign Bancorp’s offices. In four years the bank, renamed Customers Bancorp, Inc., has grown into a $4 billion institution and tripled its branch network. Mr. Sidhu says the bank is focused on low-risk, high-return investments, and giving larger institutions a run for their money on customer service. Profile
Mr. Sidhu: I was the Chief Executive Officer of Sovereign Bancorp for 17