“With the acquisition, USA Bank becomes part of a safe, secure and successful bank. The past year has been exceptional for New Century Bank,” said Jay Sidhu, Chairman and Chief Executive Officer of New Century Bank out of Pennsylvania. “We assembled a very experienced management team, developed a strategy to take advantage of the void created by the banking crisis and started executing on that strategy. Over the last few months, we tripled the bank’s assets to more than $800 million, increasing both deposits and loans, and raised about $70 million in new capital. Over the next few years, we hope to become a multi-billion dollar asset community bank by focusing on providing exceptional value, service and convenience to all our customers,” Sidhu continued.
“Our success in large part is due to our philosophy that touches every area of our organization: putting the needs of our customers first,” said Richard A. Ehst, President and Chief Operating Officer of New Century Bank. “The acquisition provides USA Bank customers an entirely new way of banking featuring a sophisticated level of high tech, high touch banking convenience and customized service. This includes unrivaled benefits such as ‘appointment and concierge banking’ available 12 hours a day/ 7 days a week, individualized financial packages, advanced online banking tools including opening accounts on-line, and direct access to senior management” Ehst continued.
According to Ehst, USA Bank will consistently do five things for its customers:
- Protect their money
- Make them more money
- Save them time
- Save them money
- Lend them money
“We intend to open more branches and expand our franchise in the Westchester County, New York markets,” Ehst concluded.