MALVERN, PA — Customers Bank, a subsidiary of Customers Bancorp (NYSE: CUBI) with $22 billion in assets, has welcomed 10 new commercial and business banking teams across key markets in New York, California, and Nevada. This strategic expansion is set to amplify the bank’s deposit growth and highlights its commitment to the Single Point of Contact banking model, which aims to provide unparalleled service to its clients.
The recruitment drive marks a significant step for Customers Bank as it bolsters its operations in New York City, where it has been a player for over seven years, and strengthens its footprint in Los Angeles. Additionally, the bank extends its reach to Orange County, California, and ventures into new territories with teams in Reno and Las Vegas, Nevada.
These newly onboarded professionals bring a wealth of experience in the commercial deposits arena, complementing the bank’s existing prowess in private banking, treasury management, and commercial and industrial lending. Tasked with fostering the growth of the bank’s low-cost, relationship-focused deposit portfolio, their expertise is expected to reinforce Customers Bank’s dedication to its relationship-oriented service model.
Jay Sidhu, Executive Chairman of Customers Bank, emphasized the importance of equipping the bank’s teams with the necessary support to deliver expert advice and exceptional service to clients. “We want our clients to succeed and achieve their goals, all while being wowed by the senior level of support they receive at every turn,” he stated.
Sam Sidhu, President and CEO of Customers Bank, expressed enthusiasm about the influx of seasoned talent, viewing it as a deliberate effort to bolster the bank’s service to middle-market commercial businesses and enhance its national banking capabilities. “Over time, they will help us become the prominent customer-oriented bank in our markets,” he added, projecting the addition of thousands of customer relationships to the bank.
Although Customers Bank does not plan to immediately establish physical locations in Los Angeles, Orange County, Reno, or Las Vegas, it is exploring the potential benefits of setting up offices in these areas to better serve its expanding clientele. Meanwhile, the bank is preparing to open new branches in Menlo Park, California; Durham, North Carolina; and Denver, Colorado, by the second quarter of 2024, further supporting its venture finance customers.
This expansion aligns with Customers Bank’s strategy to grow its deposit base and extend its high-quality, personalized banking services across the United States. By investing in experienced banking teams and exploring new markets, Customers Bank aims to solidify its position as a leading, customer-centric financial institution in the competitive banking landscape.
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