BNET Industries
Last Fiscal Year Sales:$5.2B
- Public
- US
Dow Jones Description
Sovereign Bancorp, Inc., (NYSE: SOV), is the parent company of Sovereign Bank, a financial institution with $85 billion in assets as of December 31, 2007 with principal markets in the Northeast United States. Sovereign Bank has 750 community banking offices, over 2,300 ATMs and approximately 12,000 team members. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management and insurance. Sovereign is the 19th largest banking institution in the United States.
Number of Employees 10,235
Contact Information
1500 Market St
Philadelphia, Pennsylvania 19103-3231
(610) 320-8400
Peer Companies
NAICS Code Savings Institutions: 522120
Recent Events
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Ex-Bank CEOs Become Buyout Pitchmen
News & Analysis
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bank and sovereign bancorp inc. - All News and Analysis
Bank mergers dry up in NY, leaving holdouts to struggle; Stocks, margins fade as high interest rates persevere; CEOs made wrong bet.(News)
- 2007-05-28
Byline: Tom Fredrickson After running at a boil for four years in the New York area, bank mergers have gone into a deep chill. Giants like Wachovia Corp., TD Banknorth Inc., Capital One and Sovereign Bancorp say they're too busy absorbing acquis...
Business news in brief
- 2006-12-19
IN THE REGION Sovereign to pull back on mortgages, analysts say Stock analysts who follow Sovereign Bancorp Inc. predicted yesterday that the company would reduce its reliance on home loans and investment securities to boost capital. Collyn B. Gilbert of Ryan Beck & Co. Inc. suggested that Sovereign would shed...
LIGHTNING ON THE Horizon
- 2006-07-01
RECORD PROFITABILITY HAS BOUGHT THE INDUSTRY SOMETIME, BUT BANK BOARDS WILL INCREASINGLY FIND THEMSELVES UNDER PRESSURE FROM RESTIVE SHAREHOLDERS. Lawrence Seidman has been investing in small banks and thrifts for 22 years, often using the leverage afforded by those shares to pressure boards and managements to change strategic...
Rendell signs bill aiding Sovereign
- 2006-02-11
Gov. Rendell signed into law yesterday a bill designed to protect Sovereign Bancorp Inc. against dissident investors. Brushing aside complaints by Relational Investors L.L.C., Franklin Mutual Advisers L.L.C., and other big Sovereign shareholders that Senate Bill 595 unfairly benefits the bank's executives at the expense of shareholders' rights, Rendell...
New owners bet on Independence; Purchase brings big Philadelphia bank to tough NY market.(News)(New York)(Sovereign Bancorp Inc. and Independence Community Bank Corp.)
- 2005-10-31
Byline: Tom Fredrickson just what New York needs--another bank. In a little-noted deal last week, Philadelphia-based Sovereign Bancorp became the latest in a long line of big institutions elbowing into the city, snapping up Brooklyn's Independen Byline: Tom Fredrickson ...
Sovereign Bancorp's Shares Surge on Reports of Citizen Bank Merger Talks.
- 2003-11-04
By Scott Bernard Nelson, The Boston Globe Knight Ridder/Tribune Business News By Scott Bernard Nelson, The Boston Globe Knight Ridder/Tribune Business News
Sovereign Bancorp Signs Six-Year Outsourcing Contract With ALLTEL; Bank to Convert Deposit, Loan, Mortgage, Internet-Banking Systems to ALLTEL Platforms
- 2003-01-22
Business Editors & High-Tech Writers
Agency Predicts Bank Failures to Cost Insurance Funds Nearly $1 Billion.
- 2002-02-12
By Joseph N. DiStefano, The Philadelphia Inquirer Knight Ridder/Tribune Business News Feb. 12--Hundreds of millions of dollars in corporate profits have vanished in the last two weeks, in a series of embarrassing disclosures that have left regulators, accountants and investors jittery amid...
Nation's Banks Take Drubbing over Billions in Hidden Losses.
- 2002-02-12
By Joseph N. DiStefano, The Philadelphia Inquirer Knight Ridder/Tribune Business News Feb. 12--Hundreds of millions of dollars in corporate profits have vanished in the last two weeks, in a series of embarrassing disclosures that have left regulators, accountants and investors jittery amid...
Main Street Bancorp, Inc. Announces 22% Increase in Third Quarter Operating Income
- 2001-10-23
Business Editors READING, Pa.--BUSINESS WIRE--Oct. 23, 2001 Main Street Bancorp, Inc., (NASDAQ:MBNK) announced today operating income, which excludes realized securities losses, special charges and other one-time charges, net of taxes, was $2.8 million, or $0.26 per share, for the third quarter of 2001, compared to $2.3 million, or...
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