Sovereign Bank
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Sovereign Bank (NYSE: SOV) is the 19th-largest banking institution in the United States[1].
The bank has more than $90 billion in assets [2], operates more than 800 retail banking offices [3], over 2,000 ATMs [4], and employs approximately 12,000 people [5]. The company is based in Reading, Pennsylvania, 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 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 Central Hispano purchased almost 20% of Sovereign Bank 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]
In 2008, former New York Mets pitcher Ron Darling appeared in commercials for the bank.
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