Jay Sidhu’s Bank Says It Dodged the Crypto Crash Spurred by FTX Collapse
- Banks emphasize limited exposure to Bankman-Fried’s empire
- Customers Bancorp shares gained 260% during last year’s surge
This article is for subscribers only.
No US regional bank stock climbed higher during last year’s crypto mania than Customers Bancorp Inc. Now, the bank built by finance veteran Jay Sidhu and other firms riding the digital wave are trying to distance themselves from the crisis created by the unraveling of FTX’s empire.
“We have no exposure associated with FTX,” Sam Sidhu, Customers Bancorp’s chief executive officer and Jay Sidhu’s son, said in an interview, emphasizing his bank’s exposure was limited because it’s a “new entrant” in the market. “We’re still building our business and taking market share, and people are migrating over to us.”