American Banker, "Customers in Pennsylvania taps leader's son to run its bank" Mar. 29, 2021 — COO from Jan. 2020; Pr...
Cited in: Sam Sidhu
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Succession planning Customers in Pennsylvania taps leader's son to run its bank By Paul Davis Published March 29, 2021, 6:08 p.m. EDT | Updated June 01, 2021, 1:22 p.m. EDT 1 Min Read Sam Sidhu is one step closer to succeeding his father as the leader of Customers Bancorp in Wyomissing, Pa. Processing Content The $18.4 billion-asset company said in a press release Monday that Sidhu will become president and CEO of Customers Bank July 1. He will succeed Dick Ehst, who is retiring. Ehst, who was 73 when Customers Bancorp filed its last proxy statement in April 2020, will also retire as the company's president and chief operating officer. He will remain a director at the bank. Sam Sidhu is the son of Jay Sidhu, who is chairman and CEO of Customers Bancorp. The younger Sidhu has been the bank’s vice chairman and chief operating officer, and Customers Bancorp’s head of corporate development, since January 2020. Sam Sidhu is set to become president and CEO of Customers Bank. Jay Sidhu was 68 when the last proxy statement was filed. Sam Sidhu was the founder and CEO of Megalith Financial, which recently bought BankMobile from Customers Bancorp. Luvleen Sidhu, Jay Sidhu's daughter and Sam Sidhu's sister, is BankMobile's CEO. Ehst and Jay Sidhu have known each other since they worked at First Valley Bank in the 1970s. “We cannot thank Dick enough for what he’s done for Customers,” Jay Sidhu said in the release. “He’s positioned us for continued growth and success. He’s worked closely with Sam for the past year to ensure a seamless hand-off and transition. Dick has been my very good friend for nearly 50 years, and we owe so much to him.” Paul Davis Founder, Bank Slate Paul Davis is the founder of Bank Slate, a financial strategy and research firm. He previously led community bank coverage at American Banker. Succession planning Growth strategies Community banking M&A Keweenaw Financial plans to acquire neighboring Range Financial in a transaction that would create an institution with nearly $1.7 billion of assets. By John Reosti Reporter 9h ago In 2024, a Honduras-born man who was buying a motorcycle was turned down for a loan. Two years later, Truist Financial is facing a discrimination lawsuit — and the plaintiff's lawyer says many lenders are vulnerable to the same accusations. By Nathan Place National Reporter 9h ago Federal Reserve The nation's largest banks saw their aggregate capital levels decline the least since the stress testing regime was reformed in 2020. Even so, the Fed will keep stress capital buffers unchanged as it weighs structural changes to its annual capital test. By Kyle Campbell Staff writer 10h ago Commercial banking The Atlanta-based parent company of Ameris Bank plans to open a commercial banking office in Tennessee's largest city by the end of the year, as part of its organic growth strategy. By Allissa Kline Reporter 10h ago Wealth management The head of client segments in Morgan Stanley's wealth division acknowledges AI could one day be the primary source of financial advice for mass affluent clients. Morgan Stanley advisors working with wealthier investors will have to up their games. By Dan Shaw Reporter 10h ago Trump administration The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic." By Claire Williams Reporter 11h ago
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