Former Sovereign Bank boss Jay S. Sidhu last week was named “executive chairman” at Florida’s Atlantic Coastal Bank, where he’s an invstor.
Sidhu is also is chairman, plus chief executive, at Customers 1st Bank, the former New Century Bank, which he’s moving from Phoenixville to suburban Reading, nearer his home.
How’s he going to run both? ”He has managed much larger organizational structures in the past with no problems,” insists Atlantic spokesman Patrick Watson, ignoring Sidhu’s 2006 ouster by rebel Sovereign investors and directors.
Are Sidhu’s Florida and Pennsylvania banks the outposts of a planned national empire? “It's probably way too early to even begin to think along those lines,” Watson told me. “His immediate focus will be on the need to strengthen capital for the banks to enhance their market and competitive positions in light of current challenges and the opportunities that will come with an economic recovery.” Sounds like more deals in the works.