Sovereign Bank
From Wikipedia, the free encyclopedia
Sovereign Bank (NYSE: SOV), currently the 16th largest banking institution in the United States [1], has more than $90 billion in assets [2] and operates more than 800 retail banking offices [3], over 2,000 ATMs [4], and employes approximately 12,000 people [5]. The company is based in Reading, PA, 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 in Reading, Pennsylvania, Sovereign Bank Stadium in York, Pennsylvania, as well as the Sovereign Performing Arts Center, also located in Reading, PA.
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, the Banco Santander Central Hispano purchased almost 20% of Sovereign Bank in June for $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.[7]
[edit] Future
On October 10, 2006, CEO Jay S. Sidhu resigned. The resignation could speed up the sale of Sovereign, likely to its largest shareholder, Banco Santander Central Hispano.
[edit] External links
- Official website
- Sovereign Center Reading, PA
- Sovereign Performing Arts Center Reading, PA
- Sovereign CEO announces plans to sell the bank
| Commercial banks in the United States |
|---|
| Apple Bank • Arvest Bank • Bank of America • Bank of the West • BB&T • Capital One Bank • Chase • Citibank • Citizens Bank (Rhode Island)/ Charter One • Citizens Bank (Michigan) • Comerica • Commerce Bank • Commerce National • Compass Bank • Fifth Third Bank • First Tennessee Bank • Harris Bank • HSBC • Huntington • Key Bank • LaSalle Bank/LaSalle Bank Midwest • M&T Bank • Marshall & Ilsley • National City • North Fork Bank • PNC Bank • RBC Centura • Regions Bank • Sovereign Bank • SunTrust Bank • TCF Bank • TD Banknorth • Union Bank of California • U.S. Bank • Wachovia • Washington Mutual • Wells Fargo • Zions Bancorp |
| Philadelphia-based Corporations (Within the Delaware Valley) |
|---|
| Philadelphia-based Fortune 500 Corporations (by size): Sunoco | Comcast | CIGNA | Aramark | Rohm and Haas Company | Crown Holdings Incorporated | Lincoln National Corporation |
| Philadelphia-based Fortune 1000 Corporations (by size): Companies listed above, plus Sovereign Bancorp | Pep Boys | FMC Corporation |
| Delaware Valley-based Fortune 1000 Corporations (by size): Companies listed above, plus AmerisourceBergen | DuPont Company | Campbell Soup | Toll Brothers | Unisys | Jones Apparel Group | UGI Corporation | Ikon Office Solutions | Universal Health Services | SunGard Data Systems | Teleflex | Airgas | Vishay Intertechnology | Charming Shoppes | Commerce Bancorp | Hercules Inc. | Genesis HealthCare | Ametek |
| Philadelphia-based and Delaware Valley-based non-public or externally owned corporations (by size): GlaxoSmithKline (US Operations) | Burlington Coat Factory | Forman Mills |
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