Customers Bancorp, Wyomissing, Pa., will be expanding its mortgage lending presence in the future, executives said during an investor call which it gave details of in a press release.
The company is planning to open a new office in the northeast Philadelphia market. Besides the normal branch staff, it will also have a mortgage sales staff and small business lender on-site.
As part of its five- to seven-year plan, Customers is looking to grow to between $8 billion and $10 billion in assets, “serving small- to medium-size businesses and their employees, multifamily housing and mortgage lenders and borrowers, and all segments of its communities, including low- to moderate-income areas and borrowers.”
Jay Sidhu, chairman and CEO, previously had been in charge of Sovereign Bancorp, also headquartered in Wyomissing and he took that company to be a Northeast regional bank. He is looking to do the same for Customers, with plans for its market to run from Boston to Washington.
Customers already has commercial loan production offices in Boston, Providence and New York, which among other things originate multifamily mortgages. In the near future, it plans to add mortgage loan officers to the staffs at these locations.
However, the company recently
