New Century Bank Appoints Jay S. Sidhu Executive Committee Chair-Community Bank to Raise at Least $10 Million in Common Equity
New Century Bank, with branches in Chester and Delaware Counties recently named Jay S. Sidhu to their Board of Directors. Sidhu, best known for significantly increasing the value of Sovereign Bancorp, will also chair New Century Bank's executive committee.
Phoenixville, PA (PRWEB) May 21, 2009 -- New Century Bank, with offices in the affluent Chester and Delaware County suburbs of Philadelphia, announced the appointment of Jay S. Sidhu as a Director and the Chairman of the Executive Committee. The Bank also announced that it has entered into a definitive agreement with Sidhu whereby the bank commits to make its best efforts to obtain subscriptions to raise at least $10 million in common equity this quarter and to add at least two additional members to its Board.
Sidhu, who retired as the Chairman and CEO of Sovereign Bancorp at the end of 2006, grew Sovereign from about a $500 million asset-troubled thrift in 1986 to about a $90 billion asset bank. Under Sidhu's watch, Sovereign Bancorp also delivered an average annual return of more than 24 percent per year for its shareholders between 1990 and the end of 2006.
Commenting on Sidhu's appointment Ken Mumma, New Century Bank Chairman and CEO said, "We are delighted that Jay accepted our invitation to join the New Century Bank's Board."
"In building Sovereign and creating above average shareholder value, Jay comes to us with an exceptional track record and we look forward to working with him," continued Mumma, one of the twelve-year-old Bank's founders.
Sidhu commented, "New Century has a very good base, good capital, and serves a terrific geographic market. I believe there is a tremendous need for a strong, very well capitalized and relatively clean community oriented bank today. New Century Bank is very well poised to serve the community and achieve above average long-term growth in customers, revenues and shareholder value."
"I look forward to helping the bank raise more capital and take advantage of opportunities in this market," Sidhu concluded.
Pennsylvania's New Century Bank, with branches in Phoenixville, Kimberton, Malvern, Newtown Square and Wayne, has been a full-service, community bank since opening in 1997. Actively supporting community events and causes, New Century Bank is locally owned and administered. For more information visit New Century Bank online at http://www.newcenturybank.com.
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