Sam Sidhu is one step closer to succeeding his father as the leader of Customers Bancorp in Wyomissing, Pa.
The $18.4 billion-asset company said in a press release Monday that Sidhu will become president and CEO of Customers Bank July 1. He will succeed Dick Ehst, who is retiring.
Ehst, who was 73 when Customers Bancorp filed its last proxy statement in April 2020, will also retire as the company's president and chief operating officer. He will remain a director at the bank.
Sam Sidhu is the son of Jay Sidhu, who is chairman and CEO of Customers Bancorp. The younger Sidhu has been the bank’s vice chairman and chief operating officer, and Customers Bancorp’s head of corporate development, since January 2020.
Jay Sidhu was 68 when the last proxy statement was filed.
Sam Sidhu was the founder and CEO of Megalith Financial, which recently bought BankMobile from Customers Bancorp. Luvleen Sidhu, Jay Sidhu's daughter and Sam Sidhu's sister, is BankMobile's CEO.
Ehst and Jay Sidhu have known each other since they worked at First Valley Bank in the 1970s.
“We cannot thank Dick enough for what he’s done for Customers,” Jay Sidhu said in the release. “He’s positioned us for continued growth and success. He’s worked closely with Sam for the past year to ensure a seamless hand-off and transition. Dick has been my very good friend for nearly 50 years, and we owe so much to him.”
