Acquisition to give Customers Bank entree to New England
Customers Bank, a $4 billion asset bank headquartered in Pennsylvania, said that it is entering the New England market, thanks to a planned acquisition of all the local New England commercial banking business from Michigan-based Flagstar Bank.
Currently, Customers Bank has a presence in the New York, New Jersey, Pennsylvania, and Washington, D.C., markets.
‘‘We are very excited about entering New England and, through our unique private banking model, serving small and medium size businesses, professionals, and their employees in Massachusetts and Rhode Island, through this acquisition of Flagstar Bank offices in Boston and Providence,’’ Jay Sidhu, chairman and chief executive of Customers Bank, said in a statement.
Sidhu is no stranger to these parts. As a 2012 Boston Capital column in The Globe noted, Sidhu is the former chief executive who built Sovereign Bancorp from a small bank to a $90 billion institution.
The transaction between Customers Bank and Flagstar is expected to close within the first quarter of 2013, Customers Bank said in its press release.