Sovereign Bancorp Inc

Finance & Insurance

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Santander Bank, N. A. (formerly Sovereign Bank) is a wholly owned subsidiary of the Spanish Santander Group. Based in Boston, the bank—whose principal market is the northeast United States—has more than $77 billion in assets, operates 723 retail banking offices, over 2,300 ATMs (including 1,100 in CVS pharmacies throughout the northeast U.S.) and employs approximately 9,000 people. Santander offers an array of financial services and products including retail banking, mortgages, corporate banking, cash management, credit card, capital markets, trust and wealth management, and insurance. Sovereign Bank was rebranded as Santander Bank on October 17, 2013; the stadium, arena, and performing arts center for which it has naming rights were also rebranded. Santander Bank, N.A., was founded in 1902 as Sovereign Bank, a savings and loan in Wyomissing, Pennsylvania. The companys earliest customers were largely textile workers. Sovereign expanded rapidly during the savings and loan crisis of the 1980s and 1990s, acquiring numerous other banks. In 2000, Sovereign became the third-largest retail bank in the Boston area when it bought 278 New England branches from the newly merged FleetBoston Financial. This transaction was driven by a requirement from bank regulators that Fleet Bank and BankBoston divest 306 branches as a condition for merger.
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