WEST READING, Pa.- There’s been a change at the top of the Berks County-based Customers Bancorp, the parent company of Customers Bank.
President and Chief Executive Officer of Customers Bank Sam Sidhu has succeeded his father, Jay Sidhu, as Chief Executive Officer of Customers Bancorp.
Sam Sidhu is also joining Customers Bancorp’s board of directors, while Jay Sidhu transitions to the new role of Executive Chairman.
The succession plan was first announced last July.
Sam Sidhu originally joined the Customers Bank board in 2012. He’s held several roles with the company since then, including Chief Operating Officer, before being promoted to President and Chief Executive Officer of Customers Bank in 2021.
Jay Sidhu, a native of India, was the Chairman and CEO of Sovereign Bancorp and Sovereign Bank from 1989 to 2006. A few years after retiring from there, he bought the Chester County-based New Century Bank and relaunched it as Customers Bank.
“I am incredibly proud of what we have built at Customers Bancorp and Customers Bank,” Jay Sidhu said, in a news release. “Sam has been instrumental in shaping our strategy, strengthening our culture, and positioning the Bank for the future. I have full confidence in Sam’s leadership and vision, and I look forward to supporting him as he leads the Bank’s growth and success.”
Customers Bancorp’s corporate headquarters is at 701 Reading Avenue in West Reading. With over $24 billion in assets, it’s one of the 80 largest bank holding companies in the U.S.
Company shares are traded on the NYSE under the ticker symbol CUBI. Shares at the end of trading on Tuesday were at $77.17. That’s near the top of their 52-week range.