Background
Sidhu, Jay S. was born on August 8, 1951 in India. Arrived in the United States at age 18.
Financier private sector banker
Sidhu, Jay S. was born on August 8, 1951 in India. Arrived in the United States at age 18.
Bachelor, Banaras Hindu University. Master of Business Administration, Wilkes University, 1973.
Customers Bank currently has 14 branches in suburban Philadelphia, Hamilton, New Jersey and Rye, New New York Customers Bancorp recently created a new division, BankMobile, which will allow customers to bank through a fully mobile interface. Bank Director magazine rated Customers Bank #1 out of all United States banks and thrifts two years in a row (2014 and 2013), based on 2 key growth areas, Core Income and Net Loans and Leases. This ranking is based on the first 3 quarters of 2012.
Sidhu was named Most Admired Chief Executive Officer by Philadelphia Business Journal in 2014.
In 2010, Customers Bank was ranked #4 in the nation out of 3,077 banks by the American Bar Association Banking Journal’s Annual Bank Performance Rankings for “ one of the largest yearover-year improvements in earnings performance.” According to the Journal, Customers Bank (formerly named New Century Bank) was ranked #3,002 in 2009 and improved to #4 in 2010. In May 2010, he led an investment in the publicly traded bank holding company Atlantic Coast Financial Corporation (National Association of Securities Dealers Automated Quotation: ACFC), headquartered in Jacksonville, Florida, which wholly owns Atlantic Coast Bank.
Sidhu was appointed to the Board of Directors (still serving), and also served as the Chairman of the Board until April 2012. During the second half of 2013, he led an effort by Atlantic Coast Financial Corporation to raise capital through a public offering, which resulted in the company successfully raising $48 million (with Netto proceeds of $45 million) in December 2013.
Atlantic Coast Bank is a $744 million asset bank (as of March 31, 2015), also headquartered in Jacksonville, Florida, with 11 branches in northeast Florida and southeast Georgia.
He also serves as the Chairman and Chief Executive Officer of Sidhu Advisors, Limited Liability Company, a private equity and financial services consulting company. In March 2008, he filed for his own $150 million SPAC, Special Purpose Capital Corporation From 1989 until his retirement in December 2006, he was the Chairman and Chief Executive Officer of Sovereign Bancorp (New York Stock Exchange: SOV), Incorporated and Sovereign Bank, a $90 billion financial institution.
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 United States, with a market cap approaching $12 billion at the end of 2006.
Through 2006 sovereign’s shareholders experienced an Institute for Research in Reproduction of 17% over the last 20 years. Outperforming the South&P500 and Dow over 5, 10 and 20 year periods.
From the Chamber of Commerce he was named Large Business Leader of the Year. From the Caron Foundation, Citizen of the Year. and Chairman of Board of Trustees of Wilkes University.
He obtained an Master of Business Administration from Wilkes University and is a graduate of Harvard Business School’s Leadership Course.
As a speaker on leadership and emotional intelligence, he has attended conferences in the United States, Europe and Asia. He is active in community affairs and education. At his Alma Mater, he helped establish the Jay Sidhu School of Business and Leadership at Wilkes University, with the goal of it becoming a prominent center of excellence in these disciplines.
Jay has served on the boards of numerous businesses and non-for-profits, including as a member of the board of Grupo Santander (Madrid).