New Century Bank in Phoenixville, Pa., said Thursday that it has appointed Jay S. Sidhu as its chairman and chief executive officer.
The privately held, $265 million-asset bank had added Sidhu to its board recently and credited him with helping raise $13.6 million of capital in a stock offering.
Sidhu is the controversial former chairman and CEO of Sovereign Bancorp Inc., which is now part of Banco Santander Central Hispano SA.
New Century noted in its press release that Sovereign was a troubled $500 million-asset thrift in 1986, but had grown to about $90 billion of assets before Sidhu left in late 2006.
