Sovereign Bank


Sovereign Bank

Sovereign Bank (nyse|SOV) is the 19th-largest banking institution in the United States.

History

The bank has more than $90 billion in assets, operates more than 800 retail banking offices, over 2,000 ATMs, and employs approximately 12,000 people. [http://www.sovereignbank.com/companyinfo/company_information/our_history/company_history.asp] 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. There is a Sovereign Bank on Fifth Avenue in New York City.

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 1 June 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 9 September 2006. Sovereign financed this merger by selling a 20% stake in the bank to Spain's Banco Santander Central Hispano. [http://www.myindependence.com/IntegrationCalendar/]

In June 2006, Banco Santander Central Hispano purchased almost 20% of Sovereign Bank for US$2.4 billion. As Banco Santander owns 25% of Sovereign, it has the right to buy the bank for $40 per share for one year beginning in the middle of 2008. [http://www.ydr.com/yorkbaseball]

In 2008, former New York Mets pitcher Ron Darling appeared in commercials for the bank.
Jerry Remy, a broadcaster for NESN, the official network of the Boston Red Sox, advertised Sovereign ATM's in CVS stores in the New England Market.Fact|date=September 2008

References

External links

* [http://www.sovereignbank.com Official website]
* [http://www.sovereignbank.com/atm_locator ATM/Branch Locator]
* [http://www.sovereigncenter.com Sovereign Center]
* [http://www.sovereigncenter.com/events/showevents.php?field=location&wat=5 Sovereign Performing Arts Center]


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