READING WEST, PA – (BUSINESS WIRE) – After more than half a century of successful banking leadership, Richard A. (“Dick”) Ehst will step down as President and CEO of Clients Bank, a subsidiary of Clients Bancorp, Inc. (NYSE: CUBI ). Samvir (“Sam”) Sidhu, currently Vice President and Chief Operating Officer, has been appointed Ehst’s successor. The retirement and the succession take effect on July 1, 2021.
Sam Sidhu was a member of the board of directors of the customer bank for eight years before joining the bank’s management team. In January 2020, Client Bank announced the hiring of Sam Sidhu as Vice President and COO, as well as Head of Business Development for Bancorp clients. Sam, son of Jay Sidhu, president of Clients Bancorp, Inc., and Clients Bank will succeed Dick as President and CEO, leading the bank’s continued expansion and growth.
Sam Sidhu was the founder and CEO of Megalith Financial Corp. LLC, a specialty financial technology-based acquisition company listed on the NYSE. Prior to launching Megalith, Sam worked at Providence Equity Partners and Goldman Sachs. He holds an MBA from Harvard Business School and a BS from the Wharton School at the University of Pennsylvania.
Despite the global COVID-19 pandemic, Jay, Dick, Sam and the management team have led bank customers into new markets and launched new products, increasing profits, increasing profitability and improving shareholder value. Over the past 12 months, Clients Bank has grown into one of the top five PPP lenders in the country and has successfully split BankMobile, the digital banking and technology subsidiary.
“We can’t thank Dick enough for what he has done for the bank customers,” said Jay Sidhu. “He has positioned us for continued growth and success. He has worked closely with Sam over the past year to ensure a seamless transfer and transition. Dick has been my very good friend for almost 50 years and we owe him a lot.
Sam Sidhu echoed the praise: “I’m taking over from a banking icon. Dick was selfless in sharing his wisdom and insight with me, while encouraging me to follow my instincts and take new directions for the bank. I am excited about the future of the bank and our opportunities. I am indebted to Dick for enabling us to achieve even greater success. ”
Under Sam Sidhu’s leadership, the client bank has partnered with several leading fintechs to establish a hybrid banking model. The hybrid model has allowed Clients Bank to outperform the efforts of most major lenders to support small businesses with Small Business Administration Payroll Protection Program (PPP) loans. In January 2021, as the banking industry discussed how to support the third tranche of PPP loans and some lenders expressed concerns about fatigue, the management team decided to support the PPP efforts of other lenders. to help more small businesses weather the US economic recovery.
Clients Bank is currently working with over 300 banks and over two dozen credit unions, community development finance institutions, minority depositories, microfinance institutions and other lenders to provide a solution. for PPP requests, financing and service.
After his retirement, Ehst will be director of customer banking. Ehst will also step down as President and Chief Operating Officer of Clients Bancorp effective July 1, 2021.
Ehst is a graduate of the Commercial Bank Management Program at the Graduate School of Business at Columbia University. Ehst began his banking career in 1968 with the First Valley Bank in Bethlehem after his service as a Navy during the Vietnam War.
It was in First Valley in 1973 that Ehst met his lifelong friend and ultimate business partner, Jay Sidhu.
Ehst has served as an independent consultant to more than 70 financial institutions in the Mid-Atlantic region, including Sovereign Bank, a $ 90 billion asset bank serving eight states in the northeastern United States and headed by Jay Sidhu. Starting as a consultant with Sovereign Bank, Ehst provided advice on regulatory matters, mergers and acquisitions, risk management and worked with the bank’s business development group to identify and develop relationships with companies and municipalities.
Ehst joined Sovereign Bank in 2000, as General Manager of Corporate Communications from 2000 to 2004, Berks County Regional President from 2004 to 2009, then Executive Vice President, Commercial Middle Market, Mid-Atlantic Division until upon leaving later in 2009. to join Jay Sidhu in the new client bank as president and chief operating officer. He was named CEO in 2020.
Ehst is currently director of the Reading Hospital Health System Foundation and an elected member of the board of directors of the Pennsylvania Chamber of Business and Industry, where he is president of the Chamber’s Education Foundation. Ehst has served on professional and nonprofit boards of directors in eastern Pennsylvania for over 40 years.
Throughout his career, Ehst has been recognized for his commitment and service to the community. In 2018, Dick and Angela Ehst were honored by the John Paul II Center for Special Learning for raising funds to support programs for people with intellectual and developmental disabilities. In the same year, Dick Ehst received the Richard J. Caron Award of Excellence from Caron Treatment Centers, recognizing his dedication to service and his commitment to helping provide drug and alcohol treatment to people and to families who need it most.
The Read Alliance of New York recognized Dick and Angela Ehst in 2020 for their lifelong philanthropic efforts and leadership in children’s education and literacy.
Ehst has a long history of supporting Reading’s Hope Rescue Mission, which serves the physical, emotional and spiritual needs of the homeless in Berks County. Ehst has also supported other organizations fighting homelessness, including Opportunity House, Mary’s Shelter and Family Promise.
Along with other community leaders, Ehst led fundraising for the Paul R. Gordon Veterans Community Center located at the Hope Rescue Mission. An annual Veterans Celebration Breakfast provides ongoing funding to the Center as well as a scholarship program to Reading Area Community College and other services to veterans and military families. In 2020, Ehst was honored by the I Am Able Foundation for his leadership in supporting veterans.
In 2021, Ehst was invited to join the Berks County United Way Board of Directors and Dick and Angela will be the 2021 Campaign Co-Chairs. Later this year, Ehst will be honored as a Youth Champion by the YMCA. from Reading.
About Bancorp, Inc customers
Clients Bancorp, Inc. (NYSE: CUBI) is a West Reading, PA-based banking holding company engaged in banking and related businesses through its banking subsidiary, Customers Bank, a full-service bank with 18, $ 4 billion in assets as of December 31, 2020. A member of the Federal Reserve whose deposits are insured by the Federal Deposit Insurance Corporation, Clients Bank is an equal opportunity lender that offers a range of banking and lending services small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through mobile applications, online portals, and a network of offices and branches.