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.
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 million (with net proceeds of $45 million) in December 2013. Atlantic Coast Bank is a $744 million asset bank (as of March 31, 2015), 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.