Latest news with #JaySidhu
Globe and Mail
5 days ago
- Business
- Globe and Mail
Customers Bancorp Announces Executive Leadership Transition
Customers Bancorp, Inc. (NYSE: CUBI) announced today that Jay Sidhu, Chairman and CEO, will be retiring as CEO of the company and transitioning to the role of executive chairman effective January 1, 2026. The organization has appointed Sam Sidhu to succeed Jay Sidhu as CEO. Jay Sidhu will continue as executive chairman of both Customers Bancorp and Customers Bank and will remain on its Board of Directors. Jay Sidhu, 73, founded Customers Bank and Customers Bancorp by investing in a small Chester County, Pa.-based institution with a vision to build a forward-thinking, client-focused bank. Under Jay's leadership of Customers Bancorp, Customers Bank has become a top-performing national organization growing from a distressed bank with approximately $200 million in assets to over $22 billion in assets, without any material acquisitions. Today, the market cap of Customers Bancorp has grown to approximately $2 billion from the original $17 million investment to acquire a bank charter. This was driven by a belief that a forward thinking, innovative and client-focused approach executed by a high quality team can produce hundreds of millions of dollars in market value even in the banking sector. Jay and the team's entrepreneurial spirit and resulting successes have solidified Customers' culture and reputation as an innovative and forward-thinking bank. Prior to founding Customers, Jay was co-founder, chairman and chief executive officer of Sovereign Bank and Sovereign Bancorp Inc. 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 U.S., with a market cap approaching $12 billion and achieving about 20% average annual returns for long-term shareholders. '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,' said Jay Sidhu. '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.' 'I have had the pleasure of working with Jay, one of the true visionaries of our industry, for over 30 years,' said Customers Bancorp Lead Independent Director, Dan Rothermel, who was also the Lead Independent Director of Sovereign Bank. 'Six years ago, the board initiated a selection process and chose Sam as a successor to the COO. It was one of the best decisions at the time, and we cannot be happier that he has been appointed CEO. We are thrilled with Sam's leadership style and couldn't be more pleased to have a thoughtful, strategic and dynamic leader step into Jay's shoes. Our best years are still ahead of us.' Sam Sidhu, 41, will retain his titles as president of Customers Bancorp and president and chief executive officer of Customers Bank. He was named COO of Customers Bank in 2020, after serving on its board for eight years. Sam was then promoted to President and Chief Executive Officer of Customers Bank in July 2021. Under his leadership, the Bank has embraced technological advances and expanded the company's product offerings, services and markets; and doubled its assets while transforming its deposit franchise. These efforts have created significant value for shareholders, with the stock price increasing nearly 500% over the past five years. Prior to joining Customers Bank, Sam founded and served as CEO of Megalith Capital Management, a real estate-focused private equity firm. He previously worked in private equity with Providence Equity Partners and investment banking with Goldman Sachs. Sam holds a BA from the Wharton School of Business at the University of Pennsylvania and an MBA from the Harvard Business School. 'It is an honor to receive this vote of confidence, and I look forward to working with our exceptional team and board of directors to constantly strive to delight our clients and produce above average returns for our shareholders,' said Sam Sidhu. 'As Customers Bank turns this important page, one thing remains unchanged: our relentless commitment to the people we serve and the entrepreneurial spirit that has defined us since day one.' Institutional Background Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation's top-performing banking companies with over $22 billion in assets, making it one of the 80 largest bank holding companies in the U.S. Customers Bank's commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include: A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender.
Yahoo
5 days ago
- Business
- Yahoo
Customers Bancorp Announces Executive Leadership Transition
Sam Sidhu to succeed Jay Sidhu as CEO WEST READING, Pa., July 25, 2025--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE: CUBI) announced today that Jay Sidhu, Chairman and CEO, will be retiring as CEO of the company and transitioning to the role of executive chairman effective January 1, 2026. The organization has appointed Sam Sidhu to succeed Jay Sidhu as CEO. Jay Sidhu will continue as executive chairman of both Customers Bancorp and Customers Bank and will remain on its Board of Directors. Jay Sidhu, 73, founded Customers Bank and Customers Bancorp by investing in a small Chester County, Pa.-based institution with a vision to build a forward-thinking, client-focused bank. Under Jay's leadership of Customers Bancorp, Customers Bank has become a top-performing national organization growing from a distressed bank with approximately $200 million in assets to over $22 billion in assets, without any material acquisitions. Today, the market cap of Customers Bancorp has grown to approximately $2 billion from the original $17 million investment to acquire a bank charter. This was driven by a belief that a forward thinking, innovative and client-focused approach executed by a high quality team can produce hundreds of millions of dollars in market value even in the banking sector. Jay and the team's entrepreneurial spirit and resulting successes have solidified Customers' culture and reputation as an innovative and forward-thinking bank. Prior to founding Customers, Jay was co-founder, chairman and chief executive officer of Sovereign Bank and Sovereign Bancorp Inc. 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 U.S., with a market cap approaching $12 billion and achieving about 20% average annual returns for long-term shareholders. "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," said Jay Sidhu. "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." "I have had the pleasure of working with Jay, one of the true visionaries of our industry, for over 30 years," said Customers Bancorp Lead Independent Director, Dan Rothermel, who was also the Lead Independent Director of Sovereign Bank. "Six years ago, the board initiated a selection process and chose Sam as a successor to the COO. It was one of the best decisions at the time, and we cannot be happier that he has been appointed CEO. We are thrilled with Sam's leadership style and couldn't be more pleased to have a thoughtful, strategic and dynamic leader step into Jay's shoes. Our best years are still ahead of us." Sam Sidhu, 41, will retain his titles as president of Customers Bancorp and president and chief executive officer of Customers Bank. He was named COO of Customers Bank in 2020, after serving on its board for eight years. Sam was then promoted to President and Chief Executive Officer of Customers Bank in July 2021. Under his leadership, the Bank has embraced technological advances and expanded the company's product offerings, services and markets; and doubled its assets while transforming its deposit franchise. These efforts have created significant value for shareholders, with the stock price increasing nearly 500% over the past five years. Prior to joining Customers Bank, Sam founded and served as CEO of Megalith Capital Management, a real estate-focused private equity firm. He previously worked in private equity with Providence Equity Partners and investment banking with Goldman Sachs. Sam holds a BA from the Wharton School of Business at the University of Pennsylvania and an MBA from the Harvard Business School. "It is an honor to receive this vote of confidence, and I look forward to working with our exceptional team and board of directors to constantly strive to delight our clients and produce above average returns for our shareholders," said Sam Sidhu. "As Customers Bank turns this important page, one thing remains unchanged: our relentless commitment to the people we serve and the entrepreneurial spirit that has defined us since day one." Institutional Background Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation's top-performing banking companies with over $22 billion in assets, making it one of the 80 largest bank holding companies in the U.S. Customers Bank's commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include: No. 1 on American Banker 2024 list of top-performing banks with $10B to $50B in assets No. 72 out of the 100 largest publicly traded banks in 2025 Forbes Best Banks list 2024 Inc. Magazine Best in Business List in Financial Services Category Net Promoter Score of 73 compared to industry average of 41 A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: View source version on Contacts Jordan BaucumHead of Corporate Communications(951) 608-8314jbaucum@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
5 days ago
- Business
- Business Wire
Customers Bancorp Announces Executive Leadership Transition
WEST READING, Pa.--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE: CUBI) announced today that Jay Sidhu, Chairman and CEO, will be retiring as CEO of the company and transitioning to the role of executive chairman effective January 1, 2026. The organization has appointed Sam Sidhu to succeed Jay Sidhu as CEO. Jay Sidhu will continue as executive chairman of both Customers Bancorp and Customers Bank and will remain on its Board of Directors. Jay Sidhu, 73, founded Customers Bank and Customers Bancorp by investing in a small Chester County, Pa.-based institution with a vision to build a forward-thinking, client-focused bank. Under Jay's leadership of Customers Bancorp, Customers Bank has become a top-performing national organization growing from a distressed bank with approximately $200 million in assets to over $22 billion in assets, without any material acquisitions. Today, the market cap of Customers Bancorp has grown to approximately $2 billion from the original $17 million investment to acquire a bank charter. This was driven by a belief that a forward thinking, innovative and client-focused approach executed by a high quality team can produce hundreds of millions of dollars in market value even in the banking sector. Jay and the team's entrepreneurial spirit and resulting successes have solidified Customers' culture and reputation as an innovative and forward-thinking bank. Prior to founding Customers, Jay was co-founder, chairman and chief executive officer of Sovereign Bank and Sovereign Bancorp Inc. 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 U.S., with a market cap approaching $12 billion and achieving about 20% average annual returns for long-term shareholders. '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,' said Jay Sidhu. '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.' 'I have had the pleasure of working with Jay, one of the true visionaries of our industry, for over 30 years,' said Customers Bancorp Lead Independent Director, Dan Rothermel, who was also the Lead Independent Director of Sovereign Bank. 'Six years ago, the board initiated a selection process and chose Sam as a successor to the COO. It was one of the best decisions at the time, and we cannot be happier that he has been appointed CEO. We are thrilled with Sam's leadership style and couldn't be more pleased to have a thoughtful, strategic and dynamic leader step into Jay's shoes. Our best years are still ahead of us.' Sam Sidhu, 41, will retain his titles as president of Customers Bancorp and president and chief executive officer of Customers Bank. He was named COO of Customers Bank in 2020, after serving on its board for eight years. Sam was then promoted to President and Chief Executive Officer of Customers Bank in July 2021. Under his leadership, the Bank has embraced technological advances and expanded the company's product offerings, services and markets; and doubled its assets while transforming its deposit franchise. These efforts have created significant value for shareholders, with the stock price increasing nearly 500% over the past five years. Prior to joining Customers Bank, Sam founded and served as CEO of Megalith Capital Management, a real estate-focused private equity firm. He previously worked in private equity with Providence Equity Partners and investment banking with Goldman Sachs. Sam holds a BA from the Wharton School of Business at the University of Pennsylvania and an MBA from the Harvard Business School. 'It is an honor to receive this vote of confidence, and I look forward to working with our exceptional team and board of directors to constantly strive to delight our clients and produce above average returns for our shareholders,' said Sam Sidhu. 'As Customers Bank turns this important page, one thing remains unchanged: our relentless commitment to the people we serve and the entrepreneurial spirit that has defined us since day one.' Institutional Background Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation's top-performing banking companies with over $22 billion in assets, making it one of the 80 largest bank holding companies in the U.S. Customers Bank's commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include: A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender.
Yahoo
5 days ago
- Business
- Yahoo
Customers Bancorp (NYSE:CUBI) Beats Expectations in Strong Q2
Regional banking company Customers Bancorp (NYSE:CUBI) beat Wall Street's revenue expectations in Q2 CY2025, with sales up 4.1% year on year to $206.8 million. Its non-GAAP profit of $1.80 per share was 18.3% above analysts' consensus estimates. Is now the time to buy Customers Bancorp? Find out in our full research report. Customers Bancorp (CUBI) Q2 CY2025 Highlights: Net Interest Income: $176.7 million vs analyst estimates of $170.8 million (5.4% year-on-year growth, 3.4% beat) Net Interest Margin: 3.3% vs analyst estimates of 3.2% (flat year on year, 10.2 bps beat) Revenue: $206.8 million vs analyst estimates of $199 million (4.1% year-on-year growth, 3.9% beat) Efficiency Ratio: 51.2% vs analyst estimates of 53.3% (2.1 percentage point beat) Adjusted EPS: $1.80 vs analyst estimates of $1.52 (18.3% beat) Market Capitalization: $1.98 billion 'We are pleased to share our second quarter results that highlight the company's continued execution of its strategic priorities and underscore our success in growing franchise value. And importantly, with our customer-centric mindset and commitment to service provided by our extraordinary colleagues, we are here to serve our clients as the business environment continues to evolve,' said Customers Bancorp Chairman and CEO Jay Sidhu. Company Overview Originally founded with a "high-tech, high-touch" branch-light banking strategy, Customers Bancorp (NYSE:CUBI) is a bank holding company that provides commercial and consumer banking services through its Customers Bank subsidiary, with a focus on business lending and digital banking. Sales Growth From lending activities to service fees, most banks build their revenue model around two income sources. Interest rate spreads between loans and deposits create the first stream, with the second coming from charges on everything from basic bank accounts to complex investment banking transactions. Over the last five years, Customers Bancorp grew its revenue at an excellent 11.4% compounded annual growth rate. Its growth surpassed the average bank company and shows its offerings resonate with customers, a great starting point for our analysis. Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Customers Bancorp's recent performance shows its demand has slowed significantly as its annualized revenue growth of 3.3% over the last two years was well below its five-year trend. Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business. This quarter, Customers Bancorp reported modest year-on-year revenue growth of 4.1% but beat Wall Street's estimates by 3.9%. Net interest income made up 92.2% of the company's total revenue during the last five years, meaning Customers Bancorp lives and dies by its lending activities because non-interest income barely moves the needle. While banks generate revenue from multiple sources, investors view net interest income as the cornerstone - its predictable, recurring characteristics stand in sharp contrast to the volatility of non-interest income. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) stock benefiting from the rise of AI. Click here to access our free report one of our favorites growth stories. Tangible Book Value Per Share (TBVPS) Banks profit by intermediating between depositors and borrowers, making them fundamentally balance sheet-driven enterprises. Market participants emphasize balance sheet quality and sustained book value growth when evaluating these institutions. This is why we consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation. On the other hand, EPS is often distorted by mergers and flexible loan loss accounting. TBVPS provides clearer performance insights. Customers Bancorp's TBVPS grew at an incredible 18% annual clip over the last five years. TBVPS growth has recently decelerated a bit to 15.7% annual growth over the last two years (from $42.04 to $56.24 per share). Over the next 12 months, Consensus estimates call for Customers Bancorp's TBVPS to grow by 11% to $62.40, solid growth rate. Key Takeaways from Customers Bancorp's Q2 Results We enjoyed seeing Customers Bancorp beat analysts' EPS expectations this quarter. We were also glad its revenue outperformed Wall Street's estimates. Zooming out, we think this quarter featured some important positives. The stock traded up 4.2% to $64 immediately following the results. Indeed, Customers Bancorp had a rock-solid quarterly earnings result, but is this stock a good investment here? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here, it's free.
Business Wire
14-07-2025
- Business
- Business Wire
Customers Bancorp, Inc. Hosts Second Quarter 2025 Earnings Webcast Friday, July 25, 2025
WEST READING, Pa.--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank (collectively, 'Customers'), will host a webcast at 9:00 a.m. Eastern Daylight Time on Friday, July 25, 2025, to report its earnings results for the three months ending June 30, 2025. The webcast will be conducted by Customers Bancorp Chair and CEO Jay Sidhu, Customers Bancorp President and Customers Bank President and CEO Sam Sidhu, Customers Bancorp Chief Financial Officer Philip Watkins, and Customers Bank Chief Financial Officer Mark McCollom. Register online for the webcast. The live audio webcast, presentation slides and earnings press release will be made available at the Customers Bank investors webpage. The second quarter 2025 earnings press release will be issued after the market closes on Thursday, July 24, 2025. The webcast will be archived for viewing on the Customers Bank investors webpage and available beginning approximately two hours after the conclusion of the live event. Institutional Background Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation's top-performing banking companies with over $22 billion in assets making it one of the 80 largest bank holding companies in the U.S. Customers Bank's commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include: No. 1 on American Banker 2024 list of top-performing banks with $10B to $50B in assets No. 72 out of the 100 largest publicly traded banks in 2025 Forbes Best Banks list 2024 Inc. Magazine Best in Business List in Financial Services Category Net Promoter Score of 73 compared to industry average of 41 A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: .
