Jay Sidhu (born August 8, 1951) is the Chairman (chairman) and CEO (chief executive officer) of Customers Bancorp (NYSE: CUBI) and Customers Bank, a $6.5 billion asset bank with headquarters in Wyomissing, Pennsylvania. Customers Bank currently has 14 branches in suburban Philadelphia, Hamilton, NJ and Rye, NY. Customers Bancorp recently created a new division, BankMobile, which will allow customers to bank through a fully mobile interface.
Bank Director magazine rated Customers Bank #1 out of all US banks and thrifts two years in a row (2014 and 2013), based on 2 key growth areas, Core Income and Net Loans and Leases. This ranking is based on the first 3 quarters of 2012. Sidhu was named Most Admired CEO by Philadelphia Business Journal in 2014. In 2010, Customers Bank was ranked #4 in the nation out of 3,077 banks by the ABA Banking Journal’s Annual Bank Performance Rankings for “[experiencing] one of the largest year- over-year improvements in earnings performance.” According to the Journal, Customers Bank (formerly named New Century Bank) was ranked #3,002 in 2009 and improved to #4 in 2010.
In May 2010, he led an investment in the publicly traded bank holding company Atlantic Coast Financial Corporation (NASDAQ: ACFC), headquartered in Jacksonville, Florida, which wholly owns Atlantic Coast Bank. Sidhu was appointed to the Board of Directors (still serving), and also served as the Chairman of the Board until April 2012. During the second half of 2013, he led an effort by Atlantic Coast Financial Corporation to raise capital through a public offering, which resulted in the company successfully raising $48.3 million (with net proceeds of $44.9 million) in December 2013. Atlantic Coast Bank is a $706 million asset bank (as of December 31, 2014), also headquartered in Jacksonville, Florida, with 11 branches in Northeast Florida and Southeast Georgia.
He also serves as the Chairman and CEO of Sidhu Advisors, LLC, a private equity and financial services consulting company. In March 2008, he filed for his own $150 million SPAC, Special Purpose Capital Corp. From 1989 until his retirement in December 2006, he was the Chairman and CEO of Sovereign Bancorp (NYSE: SOV), Inc and Sovereign Bank, a $90 billion financial institution.
During his 20-year career at Sovereign, he grew the organization from an IPO value of $12 million to the 17th largest banking institution in the US, with a market cap approaching $12 billion at the end of 2006. Through 2006 sovereign’s shareholders experienced an IRR of 17% over the last 20 years; outperforming the S&P500 and Dow over 5, 10 and 20 year periods.
He has received Financial World’s CEO of the year award and named Turnaround Entrepreneur of the Year. From the Chamber of Commerce he was named Large Business Leader of the Year; from the Caron Foundation, Citizen of the Year. Additionally he has received many other awards and honors, including a Hero of Liberty Award from the National Liberty Museum.
Jay has served on the boards of numerous businesses and non-for-profits, including as a member of the board of Grupo Santander (Madrid). and Chairman of Board of Trustees of Wilkes University. He obtained an MBA from Wilkes University and is a graduate of Harvard Business School’s Leadership Course.
As a speaker on leadership and emotional intelligence, he has attended conferences in the US, Europe and Asia. He is active in community affairs and education. At his Alma Mater, he helped establish the Jay Sidhu School of Business and Leadership at Wilkes University, with the goal of it becoming a prominent center of excellence in these disciplines.
- "Bank Profile". Customers Bank. 2011-06-02. Retrieved 2011-06-02.
- "ABA Banking Journal Ranks Customers Bank Fourth Among Community Banks in the USA". LoanSafe.org. 2011-06-15. Retrieved 2011-06-02.
- "Jay S. Sidhu Appointed Executive Chairman of Atlantic Coast Bank". Citybizlist. 2010-09-02. Retrieved 2011-06-02.
- "Atlantic Coast Bank Profile". Atlantic Coast. 2011-06-02. Retrieved 2011-06-02.
- "SPAC IPO FILING: Sidhu Special Purpose Capital Corp. (SOV) – 24/7 Wall St". 247wallst.com. 2008-03-03. Retrieved 2010-05-03.
- "Company History". Sovereign Bank. 2009-01-30. Retrieved 2010-05-03.
- "Hong from Babson: Fwd: [Entrepreneurs] Entrepreneurship Events for This Week at Babson College & Other local universities". Hong-in-babson.blogspot.com. 2008-03-10. Retrieved 2010-05-03.
- "Jay S. Sidhu, CEO of Sovereign Bank to Receive Richard J. Caron 'Award of Excellence' | Business Wire | Find Articles at BNET". Findarticles.com. 2000-04-12. Retrieved 2010-05-03.
- "Company News". Sovereign Bank. Retrieved 2010-05-03.
- Talcott, Sasha (2005-11-23). "In the gray world of banking, Jay Sidhu stands out - The Boston Globe". Boston.com. Retrieved 2010-05-03.
- "V3.0 - Penn's Northeast Home Page". Pennsnortheast.com. Retrieved 2010-05-03.