Berks

Jay Sidhu, Customers Bancorp ring NASDAQ's closing bell

NEW YORK - Trading on the NASDAQ ended Wednesday with the closing bell rung by Jay Sidhu, chief executive officer of Wyomissing, Berks County-based Customers Bancorp.

Sidhu and a number of the company's employees traveled to Times Square in New York to celebrate Customers Bancorp's first year of trading on the NASDAQ.

Customers Bancorp, through its subsidiary, Customers Bank, has assets of approximately $5 billion.

The bank, listed on the NASDAQ exchange under the symbol CUBI, ended the trading day with its stock up 20 cents to close at $21.09, up about 25 percent since it first listed last year.

"Bottom line is, the country's economy has been growing by about 2-12 to 3/12 percent," Sidhu said. "Banking industry has been growing about 4 to 5 percent. Customers Bancorp has been growing their deposits by 75 percent a year, loans by 95 percent a year, income by about 35, 40 percent a year."

Sidhu is the former head of Sovereign Bank, now Santander Bank. He joined New Century Bank in Chester County as CEO in 2009 and oversaw the bank's subsequent name change and move to Wyomissing.

Customers Bank now has locations in southeastern Pennsylvania, New Jersey, New York and New England.


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