Jay Sidhu, the former head of Sovereign Bancorp, is a busy man these days. Not only is his Customers 1st Bank in Phoenixville, Pa., a somewhat active warehouse lender, but this past Friday, it bought a failed New York bank from the Federal Deposit Insurance Corp. The $193 million-asset USA Bank in Port Chester, N.Y., was closed by the government and Jay's bank swooped in for the kill. Until recently, Customers was known as New Century Bank. It was probably a good idea to change the name given the notoriety of New Century Financial Corp., the once high flying (and now very dead) subprime lending giant that was based in Southern California…
Processing Content
