WYOMISSING, Pa.--(BUSINESS WIRE)--Customers Bank, the banking subsidiary of Customers Bancorp, Inc. (NYSE:CUBI), today announced a series of senior executive promotions and recruitment of a very experienced top executive as its Vice Chairman and Chief Operating Officer, as it sets its sights towards creating a growing high performing bank in this rapidly evolving new environment for commercial banks. “Our Board of Directors and top management have been very focused over the past few months on a core strategy for the future, with increased emphasis on talent acquisition, development and retention that is very critical for superior execution,” stated Jay Sidhu, Customers Bancorp Chairman and Chief Executive Officer. “We want to reaffirm our goal of $3 in core earnings for 2020 and a vision to achieve $6 in core EPS by the end of 2025. To help execute this strategy, Customers Bancorp’s and Customers Bank’s boards have approved the additional title of Customers Bank Chief Executive Officer for President Richard A. Ehst and announced the recruitment of Sam Sidhu, currently CEO of Megalith Capital Management, a NYC-based private equity firm, as its Vice Chairman and Chief Operating Officer, as well as Head of Corporate Development for Customers Bancorp. With Dick’s 50+ years’ experience in commercial banking and Sam’s 15 years’ experience in technology, finance and real estate, as well as a very experienced and talented Management Board, we are very well positioned to become a top high performing growth company with a strong emphasis on risk management,” continued Jay Sidhu.

Sam Sidhu (36) has an MBA from Harvard Business School and a B.S. from the University of Pennsylvania’s Wharton School. Prior to launching Megalith Capital Management, a real estate focused private equity firm in New York, he worked at Providence Equity Partners and Goldman Sachs for five years. He has also served on the board of Customers Bank for the past eight years and is the CEO of Megalith Financial Corp., a NYSE-listed financial technology-based special purpose acquisition company. Both Megalith Capital Management and Megalith Financial are expected to wind down completely sometime in 2020. “Sam brings great leadership, and the kind of experience in strategy, technology, fintech, real estate and finance you need in today’s rapidly evolving new environment for banks,” stated Richard Ehst, Customers Bank’s President and Chief Executive Officer. “I’m also pleased to announce the promotion of Jim Collins (52) to Senior Executive Vice President and Chief Administrative Officer. Jim has been an executive of Customers Bank for about 10 years, after having worked with Jay and me at Sovereign Bank for over a decade. We now have a very strong and deep management team in place to help build Customers for the next decade and beyond,” Ehst concluded.

In connection with Sam Sidhu’s appointments, Customers Bancorp has granted him an initial inducement award of 300,000 restricted stock units with a fair value of $22.19 per share. The restricted stock units have a 10-year term, will vest on the fifth anniversary of the grant date, subject to Customers’ performance relative to its peers on total shareholder return, return on average common equity, and average nonperforming assets to total assets over a five-year period, and are subject to certain accelerated vesting and forfeiture provisions in the event of a change in control, resignation for good reason, or termination for cause as provided in his employment agreement. The grant of the restricted stock units was made outside of the Customers Bancorp 2019 Stock Incentive Plan and approved by the independent members of Customers Bancorp’s Board of Directors, including all of the members of the Compensation Committee, in reliance on the inducement award exemption from the shareholder approval requirements under Section 303A.08 of the New York Stock Exchange Listed Company Manual.

In addition to these key appointments, Andrew Bowman (54) has been promoted to Executive Vice President and Chief Credit Officer. Bowman has been with Customers Bank for over eight years and brings over 30 years of strong bank and commercial finance credit experience to his new position. Late in 2018, Customers announced the appointment of Carla Leibold (52) as the Chief Financial Officer and Jeff Skumin (43) as the Chief Accounting Officer, respectively, of Customers Bancorp and Customers Bank.

“We are thrilled with the quality and experience of our management team and its commitment to executing our vision for 2025 and beyond,” stated Dan Rothermel, Customers Bancorp’s Lead Independent Director and Chairman of its Nominating and Corporate Governance and Directors Risk Committees.

“I echo Dan’s comments,” stated Jay Sidhu. “I am committed to working with the team as we achieve our long term and short-term goals. I am not planning on retiring until we are making about $6 in core EPS and feel very confident we have a core strategy and core team in place for a bright long-term future for Customers Bancorp, Customers Bank and BankMobile,” Jay Sidhu concluded.

Institutional Background

Customers Bancorp, Inc. is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of approximately $11.5 billion at December 31, 2019. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, Illinois, New York, Rhode Island, Massachusetts, New Hampshire and New Jersey. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as Concierge Banking® by appointment at customers’ homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.

Customers Bancorp, Inc.’s voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information about Customers Bancorp, Inc. can be found on the Company’s website, www.customersbank.com.