Sovereign Bank is a banking institution in the United States.
[edit] History
The bank has more than $90 billion in assets, operates 750 retail banking offices, over 2,300 ATMs (including 1,100 in CVS pharmacies throughout the Northeast) and employs approximately 12,000 people.[5] The company is based in Wyomissing, Pennsylvania, near Reading, and its principal market is in the Northeastern United States. Sovereign offers an array of financial services and products including retail banking, mortgages, corporate banking, cash management, capital markets, trust and wealth management, and insurance.
The bank has naming rights to the Sovereign Bank Arena in Trenton, New Jersey, the Sovereign Center and Sovereign Performing Arts Center in Reading, Pennsylvania, and Sovereign Bank Stadium in York, Pennsylvania.
On June 1 2006, Sovereign Bank purchased Independence Community Bank Corp. of Brooklyn, New York, for US$3.6 billion in cash. Sovereign completed the transition process of Independence and S.I. Bank & Trust customers on September 9 2006. Sovereign financed this merger by selling a 20% stake in the bank to Spain's Banco Santander Central Hispano.[6]
In June 2006, Banco Santander purchased almost 20% of Sovereign Bank for US$2.4 billion. As Banco Santander owned 25% of Sovereign, it had the right to buy the bank for $40 per share for one year beginning in the middle of 2008.[7]
On October 13, 2008, Banco Santander agreed to purchase the remainder of Sovereign for US$1.9 billion (1.4 billion euros).[8] Sovereign Bank had been severely affected by losses related to auto loans and stock in Fannie Mae and Freddie Mac. [9]
On January 30, 2009, Banco Santander completed its acquisition of Sovereign Bank, for about $2.51 per share.[10]
[edit] External links
