Customers Bancorp in West Reading, Pa., didn’t have to look far for its next CEO.
The $22.5 million-asset company said in a press release that Sam Sidhu will succeed his father, Jay Sidhu, on Jan. 1. Jay Sidhu will remain chairman.
Jay Sidhu bought a $200 million-asset bank in 2009 and rebranded it as Customers Bank. He was also the co-founder and former CEO of Sovereign Bancorp, though he was forced out in 2006 after a battle with a hedge fund investor.
“As I look toward the future and consider retirement, the time has come for me to scale back my day-to-day involvement at Customers Bancorp. I know I can do so with immense pride in what we built and deep gratitude for the team, clients and communities who place their trust in us,” Jay Sidhu said in the release. “I look forward to continuing to work with the board to provide strategic guidance while we continue to grow Customers as an innovative and sound bank that is built to last.”
Sam Sidhu will remain the company’s president, along with president and CEO of the bank.