Jay Sidhu led Customers Bank to the top spot in Bank Director magazine’s 2014 Growth Leaders Ranking, announced April 29. It is the second year in a row Customers Bank earned the top rating, which is for core performance, the most comprehensive of four categories in the rankings, which also included core deposits, net loans and leases and noninterest income.
Rankings were based on the first three quarters of 2013. No Rhode Island-based banks made the lists of top 10 banks in any of the four categories.
Although Sidhu, Customers’ president and CEO, is based in Wyomissing, Pa., he has long-term relationships with former colleagues from Sovereign Bank, many of whom have been reassembled on his current team.
Sidhu says the bank is planning to open a full-service, walk-in community banking office in Providence next year.
PBN: Is there a strategy that helped Customers Bank rank first in a national performance measurement by Bank Director magazine two years in a row?
SIDHU: We have been looking at the changing face of banking, with the technology, the regulatory environment, the changing needs of the consumers and the changing needs of small and medium-sized businesses. We wanted to create a bank of the future without sacrificing the most important features of community banking, the high-touch, the personal service and having the customers say, “Wow.” That will never change, but the ways we deliver that can change.
PBN: What are the core elements that allow you to rise above the very intense competition?
SIDHU: It’s our focus on doing a few things really well, attracting and retaining top-notch talent, having a unique strategy and then being very focused on the execution of that strategy, and at the same time being superb at managing the risk.