Wednesday, August 20, 2014
Inquirer Daily News

Customers Bank adds Boston, plans takeovers

Jay Sidhu is rebuilding his old Sovereign Bank footprint

Customers Bank adds Boston, plans takeovers

Customers Bank
Customers Bank

Customers Bank, the $4 billion-asset, Wyomissing-based lender assembled by former Sovereign Bank chief executive Jay S. Sidhu, says it has bought its way into the New England business-lending market by buying $151 million in local business loans (and a total of $190 million in loan committments), at a 1.3% discount to the portfolio's total valuel, from Michigan-based Flagstar Bank.

In a statement, Sidhu said the deal includes Sovereign Bank veteran Steve Issa and other Flagstar lenders and called them "the best part of this transaction.""We plan to be very aggressive and competitive in serving the privately held businesses" in the Boston and Providence metro areas, Sidhu added.

He said Customers has two bank acquisitions pending that it plans to close in the first half of 2013.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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