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
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sovereign bancorp inc. - All News and Analysis
M&A Buyers: Pay Us a Fee and We'll Consider Buying You
Seeking Alpha
- 2008-12-17
The M&A market sure is different when it consists entirely of sellers. Sovereign Bancorp SOV, market cap $1.9 billion, says it turned down a $4 billion buyout offer last month. I can’t say as I blame it: by Matt Stichnoth
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...
Sovereign Bancorp, Inc. Q2 2008 Earnings Call Transcript
Seeking Alpha
- 2008-07-23
Question-and-Answer SessionOperator Operator Instructions We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of James Abbott with FBR. Kirk Walters Good morning. James Abbot - FBR Hi, good morning. I looked at the non-interest bearing deposit line, which...
Fitch Affirms Sovereign Bancorp's Ratings on New Equity Issue
- 2008-05-12
NEW YORK -- Fitch Ratings has affirmed the long-term Issuer Default Ratings IDRs of Sovereign Bancorp, Inc. SOV at 'BBB-' and Sovereign Bank at 'BBB'. A complete list of ratings is included at the end of this release.
Sovereign Bancorp Announces $1.0 Billion Common Stock Offering
- 2008-05-12
PHILADELPHIA, May 12 /PRNewswire-FirstCall/ -- Sovereign Bancorp, Inc. ("Sovereign or the Company") , parent company of Sovereign Bank ("Bank") today announced the public offering of $1.0 billion of shares of its common stock. Lehman Brothers Inc. is acting as the sole book-running manager of the offering. The...
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Glass Door
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