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
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Business news in brief
News & Analysis
Filter by
financial and sovereign bancorp inc. - All News and Analysis
Bank Exposure to Freddie/Fannie Securities: Do Your Homework
Seeking Alpha
- 2008-09-11
Thomas Smicklas submits: Much has been made of bank exposure to Fannie Mae FNM and/or Freddie Mac FRE securities exposure. This is to be expected given the current state of affairs. The following examples of financial institutions and their exposure, as disclosed on or about July 20, 2008, should be...
New York City Real Estate: As Good As T-Bills?
Seeking Alpha
- 2008-09-09
Jeffrey Bernstein submits: Last year investors were touting New York City multi-family rental properties as being as low risk as T-bills, but with upside. The upside was to be generated by "repositioning." In many cases, this was code for throwing out rent-controlled/stabilized tenants and capturing the arbitrage versus free market...
Ten Banks That Will Be Hurt by the Takeover of Fannie and Freddie
Seeking Alpha
- 2008-09-08
The government takeover of Fannie Mae FNM and Feddie Mac FRE should be a positive for most banks. The deal will lower mortgage rates and will also allow the Treasury Department to purchase mortgage-backed securities from firms in the open market. That will allow a lot of mortgage paper that is currently clogging the system to start...
Fannie-Freddie Fallout Will Hit Gateway Financial and Midwest Banc
Seeking Alpha
- 2008-09-08
Edward Harrison submits: If you are looking for the fallout from the Fannie and Freddie Nightmare on Wall Street, look no further than Gateway Financial GBTS and Midwest Banc MBHI. These two regional banks have nearly one-third of their capital tied up in GSE preferred stock, which is now worthless....
Sovereign Bancorp's GSE Preferreds: What Was the Company Thinking?
Seeking Alpha
- 2008-08-26
Vernon Hill submits: How in the world did Sovereign Bancorp SOV end up with $632 million in Fannie FNM and Freddie FRE preferred? It’s far from clear what if anything that paper will be worth in the event of a government bailout—yet the company owns so much that a writedown...
Lehman Brothers Take-over: Implications for Financials
Seeking Alpha
- 2008-08-24
Benjamin Mackovak submits: I thought it would be interesting to take a look at what a Lehman LEH take-over would imply for the valuation of financials. I ran a screen for financials with market caps above $900m that trade in the US and trade below current book value. I then...
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...
Financial Group to Announce $2.1 Billion Purchase of Mellon Bank's Retail Unit.
- 2001-07-17
By Scott Bernard Nelson, The Boston Globe Knight Ridder/Tribune Business News Jul. 17--Citizens Financial Group is expected to announce a $2.1 billion acquisition of Mellon Bank's retail division as soon as today, a move that would more than double its branch network and give...
Federal Reserve Approves Fleet Financial's Acquisition of BankBoston.
- 1999-09-08
Knight Ridder/Tribune Business News Sep. 8 -- The Federal Reserve Board yesterday approved Fleet Financial Group Inc.'s acquisition of BankBoston Corp., clearing the way for the creation of the nation's eighth-largest banking company, to be known as Fleet Boston Corp. The...
Boston's Fleet Financial Group Sells its Automobile Finance Unit.(Originated from The Boston Globe)
- 1997-07-03
Jul. 3--Fleet Financial Group yesterday sold its automobile finance unit to Sovereign Bancorp of Pennsylvania for about $2 billion in cash. The Fleet unit, which has a $2 billion loan portfolio, made loans to roughly 2,000 auto dealers throughout the Northeast....
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Glass Door
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