Sovereign Bancorp Inc.

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finance and sovereign bancorp inc. - All News and Analysis

• 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...

  Tags: Associated Press, bank, California, China, FINANCE, financial, mortgage, Mortgages, RAIT Financial Trust, Sovereign Bancorp Inc., SunGard Data Systems Inc., WPCS International Inc.

• 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...

  Tags: bank, board, FINANCE, investor, Mellon Financial Corp., shareholder, Sovereign Bancorp Inc.

• Relational Challenges Pennsylvania Legislation: Constitutional Mandates Sidestepped for Sovereign

  - 2006-03-02

  SAN DIEGO -- Relational Investors LLC, the largest shareholder of Sovereign Bancorp, Inc. (NYSE: SOV) with approximately 8.4% of the outstanding shares, announced today that it has filed a lawsuit against the Commonwealth of Pennsylvania seeking to invalidate Act 6 of 2006, the recently enacted special legislation passed for the...

  Tags: FINANCE, SEC, shareholder, Sovereign Bancorp Inc.

• 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...

  Tags: bank, FINANCE, Pennsylvania, shareholder, Sovereign Bancorp Inc., U.S. Senate

• Relational Investors Responds to Proposed Pennsylvania Legislation

  - 2006-02-03

  SAN DIEGO, Calif. -- Relational Investors LLC, the largest shareholder of Sovereign Bancorp, Inc. (NYSE: SOV) with 8% of the outstanding shares, today issued the following statement in response to passage of SB-595 by the Pennsylvania Legislature: "According to press reports, including an article in this morning's Philadelphia Inquirer,...

  Tags: FINANCE, investor, SEC, shareholder, Sovereign Bancorp Inc.

• Relational Sues Sovereign and Santander; Alleges Pennsylvania Law Obligates Santander to Pay ``Fair Value'' to All Shareholders

  - 2005-12-12

  SAN DIEGO -- Relational Investors LLC, the largest shareholder of Sovereign Bancorp, Inc. (NYSE: SOV), announced today that it has filed a lawsuit in U.S. District Court for the Southern District of New York against Sovereign Bancorp, Inc. and Banco Santander Central Hispano, S. A. (NYSE: STD). The lawsuit...

  Tags: FINANCE, SEC, shareholder, Sovereign Bancorp Inc.

• Relational Requests Clarification of Major Contradiction in Sovereign's Statements

  - 2005-11-10

  SAN DIEGO -- On October 25, 2005, during an investor conference call sponsored by Sovereign Bancorp, Inc. (NYSE: SOV), Sovereign's Chairman and CEO Mr. Jay S. Sidhu made the following statement:"It (the Investment Agreement between Banco Santander Central Hispano, S.A. and Sovereign (the "Investment Agreement")) ...

  Tags: Company, FINANCE, Investment, SEC, Sovereign Bancorp Inc., Strategy

• Relational Petitions NYSE to Require Shareholder Vote

  - 2005-11-08

  SAN DIEGO -- Relational Investors ("Relational") today submitted a petition to the New York Stock Exchange NYSE to require a shareholder vote for the proposed Sovereign Bancorp (NYSE: SOV) transaction with Banco Santander. Relational, the largest shareholder of Sovereign Bancorp, is also seeking the election of two independent directors to...

  Tags: FINANCE, NYSE Euronext, SEC, shareholder, Sovereign Bancorp Inc.

• Relational to Webcast Shareholder Forum

  - 2005-11-08

  SAN DIEGO -- Today Relational Investors announced that due to the high level of interest in its Sovereign Bancorp Shareholder Value Forum held today, the forum will be broadcast via the Internet beginning at 9:00 a.m. EST tomorrow. The Forum was held Tuesday, November 8, 2005, from 10:00 a.m....

  Tags: FINANCE, shareholder, Sovereign Bancorp Inc., Webcast

• Olenicoff Hit With Another Tax Claim

  - 2004-11-22

  The Internal Revenue Service, is doubling down on real estate developer Igor M. Olenicoff. The IRS recently ordered Olenicoff and wife Jeanne to pay $60.3 million in extra 1997 taxes and penalties. Igor Olenicoff owns and runs Olen Properties Corp. of Newport Beach (see related story, page 1). The order...

  Tags: FINANCE, Internal Revenue Service, petition, Sovereign Bancorp Inc., Taxes