Customers Bancorp Outlines Vision 2025 and Customers Bank’s Succession Plan with Recruitment of Chief Operating Officer and Several Internal Promotions

Customers Bank, the banking subsidiary of Customers Bancorp, Inc. (NYSE:CUBI) (collectively “Customers”), 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.

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Sam Sidhu, a senior private equity executive and current Customers Bank board member, was recruited as Customers Bank’s Vice Chairman and Chief Operating Officer and Customers Bancorp’s Head of Corporate Development. (Photo: Business Wire)

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.