Thursday, November 26, 2015

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.

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph at or 215 854 5194.

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