Updated May 22 at 5:40pm

Customers team on track for asset goal

The Providence-based New England team of Customers Bancorp, parent of Customers Bank, is on track to meet its regional goal of about $1 billion in assets, Customers Bancorp Chairman and CEO Jay Sidhu said. More

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Customers team on track for asset goal

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WYOMISSING, Pa. – The Providence-based New England team of Customers Bancorp, parent of Customers Bank, is on track to meet its regional goal of about $1 billion in assets, Customers Bancorp Chairman and CEO Jay Sidhu said in the company’s Feb. 25 “virtual road show,” an online presentation and conference call aimed at analysts and investors that provided a summary of the bank’s 2014 goals as well as strategic initiatives for the next three-to-five years.

“The New England team is well on its way to the $1 billion range in assets in the next three-to-five years,” said Sidhu. The team has also has a regional office in Boston.

Customers Bank New England Market President Steve Issa told Providence Business News in February the bank currently has a commercial portfolio of about $225 million, up from $150 million when Customers Bank entered the regional market in March 2013 with the acquisition of Flagstar Bank’s New England commercial portfolio.

Sidhu said the Wyomissing, Pa.-based bank, which currently has $4.2 billion in assets, is continuing to recruit highly-experienced teams to build the bank’s commercial business.

“As a result of the recruitment of these teams, you should expect Customers Bancorp to be a $5 to $6 billion asset bank by the end of 2015,” said Sidhu.

During the virtual road show, Sidhu also reviewed the bank’s Feb. 24 announcement that it plans to launch one of America’s first virtual banks built on a mobile banking platform, BankMobile.com.

The bank plans to launch BankMobile.com in the third quarter of the year.

“This is not just a mobile app,” said Sidhu. “It is a real bank offering all types of banking. It will be exactly the same on a mobile phone as it will on an iPad, desktop or laptop.”

Providence-based New England, Customers Bancorp, CEO Jay Sidhu

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