Pennsylvania-based New Century Bank (NCB) has appointed Jay Sidhu as Chairman and CEO. Over the past two years, Sidhu has been involved in consulting services for the financial industry as well as setting up Sidhu Capital Partners, a private equity firm.
Mr. Sidhu was retired as the Chairman and CEO of Sovereign. Under Sidhu’s watch, Sovereign Bancorp delivered an average annual return of more than 24%per year for its shareholders between 1990 and the end of 2006.
Kenneth Mumma, Founder of NCB, said: “We are thrilled that Jay has agreed to take the helm of New Century. In this weak economy, we have had our share of challenges, however, with the addition of Jay and the successful capital raise, we believe we have achieved our goal of positioning New Century Bank to successfully move to the next level of growth while creating long-term shareholder value.”
Mr. Sidhu said: “I believe that there is a tremendous need for a strong, well-capitalized, community-oriented bank today. New Century Bank has a very good base, excellent capital, and serves a terrific geographic market and we are now well poised to achieve significant growth in customers, revenues and shareholder value.”
