Ehst to Retire as President and CEO of Customers Bank, Sidhu Named Successor



Richard A. “Dick” Ehst will retire as president and CEO of Customers Bank on July 1. Samvir Sidhu, currently vice chairman and chief operating officer for the bank, was named Ehst’s successor and will take on the role on July 1.

Samvir Sidhu served as a board member of Customers Bank for eight years prior to joining the bank’s executive management team. In January 2020, Customers Bank recruited Samvir Sidhu to serve as vice chair and chief operating officer, as well as head of corporate development for Customers Bancorp. Samvir Sidhu is the son of Jay Sidhu, chair of Customers Bancorp and Customers Bank.

Samvir Sidhu was the founder and chief executive of Megalith Financial, a NYSE-listed financial technology-based special purpose acquisition company. Prior to launching Megalith, Samvir Sidhu worked at Providence Equity Partners and Goldman Sachs.

“We cannot thank Dick enough for what he’s done for Customers Bank,” Jay Sidhu said. “He’s positioned us for continued growth and success. He’s worked closely with Sam for the past year to ensure a seamless hand-off and transition. Dick has been my very good friend for nearly 50 years, and we owe so much to him.”

“I am taking over from a banking icon,” Samvir Sidhu said. “Dick has been unselfish in sharing with me his wisdom and insight while encouraging me to follow my instincts and strike out in new directions for the bank. I am excited about the bank’s future and our opportunities. I am indebted to Dick for putting us in a position to achieve even greater success.”

Following retirement, Ehst will be a director of Customers Bank. Ehst also will step down from his position of president and chief operating officer of Customers Bancorp on July 1.

Ehst began his banking career in 1968 with First Valley Bank following his service as a Marine during the Vietnam War. Ehst met Jay Sidhu in 1973 while working at First Valley Bank.

Ehst served as an independent consultant to more than 70 financial institutions in the Mid-Atlantic region, including Sovereign Bank, a $90 billion-asset bank serving eight states in the Northeast United States that was led by Jay Sidhu. Starting as a consultant to Sovereign Bank, Ehst provided guidance on regulatory matters, mergers and acquisitions, and risk management. He also worked with the bank’s commercial development group to identify and develop corporate and municipal relationships.

Ehst joined Sovereign Bank in 2000, serving as managing director of corporate communications from 2000 to 2004, regional president for Berks County from 2004 to 2009 and executive vice president of the commercial middle market, Mid-Atlantic division until he left later in 2009 to join Jay Sidhu in the newly formed Customers Bank as president and chief operating officer. He was named CEO in 2020.


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