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.
President & Chief Executive OfficerPaul A. Perrault
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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Sovereign sues IRS over tax penalties
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Business news in brief
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Report: Sovereign Bancorp sues IRS
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Sovereign Bancorp reports $817.3m loss
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UPDATE 5-Santander's Q1 beats forecasts, upbeat on outlook
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DEALTALK-Cash-rich People's United on the prowl for takeovers
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Deutsche Bank swings to loss; Spain's Santander sees profit fall
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Sovereign Ratings Upgraded after Santander Acquisition
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Lender replaces chief after month on job
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Perreault out as Sovereign CEO
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Perrault out as Sovereign CEO
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Sovereign is set to get new chief executive
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Sovereign Bancorp shareholders approve sale to Banco Santander
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Report: Spanish officials probing Santander
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Banks with local ties caught in alleged fraud by Madoff
News & Analysis
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sovereign bancorp inc. - All News and Analysis
Santander Targets U.S. Buys in Next 5 Yrs
ReutersUK
- 2009-06-13
MADRID (Reuters UK) - Spain's Santander SAN is targeting bank acquisitions in the United States in the next five years, according to its Chief Executive quoted in Spanish financial daily Expansion on Saturday.The euro zone's largest bank has so far dodged the bullets of the credit crisis that have crippled...
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.
Decision Makers
| Name (plus bio) | Position |
|---|---|
| Paul A. Perrault | President & Chief Executive Officer |
| Salvatore J. Rinaldi | Executive Vice President & Chief of Staff to the CEO |
| Carol S. Pockrus | Senior Vice President & Chief Privacy Officer |
| Dennis S. Marlo | Chief Risk Mgmt Officer |
| Kirk W. Walters | Senior Executive Vice President, Chief Financial Officer & Chief Administrative Officer |
| Lawrence E. McAlee | Chief Accounting Officer & Senior Vice President |
| Mark R. McCollom | Chief Financial Officer |
| Richard Ehst | Executive Vice President & Chief Marketing Officer |
| Robert M. Rose | Executive Vice President |
| Stacey Weikel | Senior Vice President, Ir & Strategic Planning |
| Carl Brown | Assistant Vice President & Manager, Public Relations |
| Patrick J. Sullivan | Managing Director of Commercial Banking |
| Roy J. Lever | Executive Vice President & Managing Director, Retail Banking |
| Larry K. Davis | Controller & Senior Vice President |
| Helene M. Dougherty | Mortgage Development Officer |
| John Marshall | Executive Credit Officer |
| Richard Toomey | General Counsel & Secretary |
| Tom Brugger | Treasurer |
Board of Directors
| Name (plus bio) | Position |
|---|---|
| P. Michael Ehlerman | Chairman |
| Alberto Sanchez | Board of Directors |
| Andrew C. Hove | Board of Directors |
| Brian Hard | Board of Directors |
| Cameron C. Troilo | Board of Directors |
| Gabriel Jaramillo | Board of Directors |
| Gonzalo de las Heras | Board of Directors |
| James Lynch | Vice Chairman |
| Maria Fiorini Ramirez | Board of Directors |
| Marian L. Heard | Board of Directors |
| Ralph V. Whitworth | Board of Directors |
| William J. Moran | Board of Directors |
| Organization | Position | Status |
|---|---|---|
| Chittenden Corporation | Chairman, President and Chief Executive Officer | Current |
| Sovereign Bancorp, Inc. | President & Chief Executive Officer | Current |
| Chittenden Bank | Chairman | Former |
| Maine Bank & Trust | Board of Directors | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Executive Vice President & Chief of Staff to the CEO | Current |
| Sovereign Bancorp, Inc. | Executive Vice President & Director, Admin | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Senior Vice President & Chief Privacy Officer | Current |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Chief Risk Mgmt Officer | Current |
| EnerSys Inc. | Executive Vice President | Current |
| Sovereign Bank | Executive Vice President | Current |
| Federal Home Loan Bank | Chairman of The Board of Directors | Current |
| Federal Home Loan Bank Pittsburgh | Chairman | Current |
| NOVA Financial Holdings, Inc. | Director | Current |
| Harcum College | Board of Directors | Current |
| EnerSys Inc. | Board of Directors | Current |
| Nova Savings Bank | Board of Directors | Current |
| Financial Managers Society, Inc | Board of Directors | Current |
| Sovereign Bank | Treasurer | Current |
| Financial Managers Society, Inc | Member | Current |
| Sovereign Bank | President, Pennsylvania Division | Former |
| Sovereign Bank | Chief Financial Officer | Former |
| Sovereign & Co. | Chief Financial Officer | Former |
| Sovereign Bancorp, Inc. | Executive Vice President | Former |
| KPMG International | partner | Former |
| Sovereign Bancorp, Inc. | Officer | Former |
| Federal Home Loan Bank Pittsburgh | Vice Chair | Former |
| The University of Texas at Austin | Graduate School of Community Bank Management | Former |
| La Salle University | Bachelor of Science Degree In Accounting | Former |
| The University of Texas at Austin | Graduate School of Community Bank Management | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Senior Executive Vice President, Chief Financial Officer & Chief Administrative Officer | Current |
| Sovereign Bancorp, Inc. | Interim President & Chief Executive Officer | Former |
| Chittenden Corporation | Chief Financial Officer, Treasurer & Executive Vice President | Current |
| Sovereign Bancorp, Inc. | Executive Vice President | Former |
| Chittenden Bank | CFO, Treasurer & Executive Vice President | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Chief Accounting Officer & Senior Vice President | Current |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Chief Financial Officer | Current |
| Sovereign Bank | Chief Financial Officer | Current |
| American Cancer Society, Inc. | Board Member | Current |
| American Institute of Certified Public Accountants | Member | Current |
| Sovereign Bank | Managing Director of Corporate Planning | Former |
| The Pennsylvania State University | Graduate | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Executive Vice President & Chief Marketing Officer | Current |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bank | Executive Vice President | Current |
| Sovereign Bancorp, Inc. | Executive Vice President | Current |
| Sovereign Bank | Chief Credit Policy Officer | Former |
| Sovereign Bancorp, Inc. | Credit Risk Management Officer | Former |
| Sovereign Bank | Regulationo Officer | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Senior Vice President, Ir & Strategic Planning | Current |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Assistant Vice President & Manager, Public Relations | Current |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Managing Director of Commercial Banking | Current |
| Sovereign Bancorp, Inc. | CEO, New England North Market | Former |
| Sovereign Bancorp, Inc. | Market CEO for Massachusetts | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Executive Vice President & Managing Director, Retail Banking | Current |
| Bank of America Corporation | Senior Vice President, Compliance, Risk and Operations | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Controller & Senior Vice President | Current |
| Sovereign Bancorp, Inc. | Board of Directors | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Mortgage Development Officer | Current |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Executive Credit Officer | Current |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | General Counsel & Secretary | Current |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Treasurer | Current |
| Sovereign Bancorp, Inc. | Treasurer | Current |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Chairman | Current |
| Yuasa Battery Inc. | Chairman & CEO | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Board of Directors | Current |
Hove serves on many boards of directors including NeighborWorks Lincoln in Lincoln, Neb.; Sovereign Bank, Wyomissing, Penn.; and Great Western Bank, Sioux Falls, S.D. Hove served as vice chairman and acting chairman of the Federal Deposit Insurance Corporation for more than 11 years, and prior to that served as the chairman and CEO of Minden Exchange Bank and Trust, Minden, Neb. Hove has been very involved in the Nebraska Bankers Association and the American Bankers Association throughout his career. Hove, now retired, remains active in the Lincoln community through civic and nonprofit organizations.
| Organization | Position | Status |
|---|---|---|
| Federal Home Loan Bank Topeka | Director of The Fhlbank | Current |
| Federal Home Loan Bank Topeka | Board of Directors | Current |
| Federal Home Loan Bank | Board of Directors | Current |
| Sovereign Bancorp, Inc. | Board of Directors | Current |
| Minden Exchange Bank & Trust Co | Chief Executive Officer | Former |
| Nebraska Bankers Association | President | Former |
| Federal Deposit Insurance Corporation | Chairman | Former |
| Minden Exchange Bank & Trust Co | Chairman | Former |
| Federal Deposit Insurance Corporation | Vice Chairman | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bank | Director | Current |
| Penske Corporation | Director | Current |
| Sovereign Bancorp, Inc. | Board of Directors | Current |
| Franklin & Marshall College | Board of Directors | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Board of Directors | Current |
| Sovereign Bank | Director | Former |
| Organization | Position | Status |
|---|---|---|
| Banco Santander Brasil, S.A. | President | Current |
| Banco do Estado de Sao Paulo, S.A. | Chairman & President | Current |
| Banco Santander Meridional, S.A. | President | Current |
| Sovereign Bancorp, Inc. | Board of Directors | Current |
| Banco Santander Meridional, S.A. | Board of Directors | Current |
| Organization | Position | Status |
|---|---|---|
| Banco Santander Central Hispano S.A. | Executive Vice President, Global Wholeesale Banking | Current |
| Santander Bancorp | Chairman | Current |
| Banco Santander (Suisse), S.A. | Chairman | Current |
| Banco Santander International | Chairman | Current |
| Foreign Policy Association | Chairman | Current |
| Institute of International Bankers | Board of Directors | Current |
| Orpheus Chamber Orchestra | Board of Directors | Current |
| Sovereign Bancorp, Inc. | Board of Directors | Current |
| Institute of International Bankers | Chairman | Former |
| Orpheus Chamber Orchestra | Chairman | Former |
| Santander Bancorp | Board of Directors | Former |
| University of Southern California | Postgraduate Studies In Business Administration and Economics | Former |
| University of Madrid | Law Degree | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Vice Chairman | Current |
| Organization | Position | Status |
|---|---|---|
| Maria Fiorini Ramirez, Inc. | Chief Executive Officer | Current |
| Sovereign Bancorp, Inc. | Board of Directors | Current |
| Maria Fiorini Ramirez, Inc. | President | Former |
| Organization | Position | Status |
|---|---|---|
| Liberty Mutual Group, Inc. | Board of Directors | Current |
| CVS Caremark Corporation | Board of Directors | Current |
| Sovereign Bancorp, Inc. | Board of Directors | Current |
| Blue Cross & Blue Shield of Massachusetts, Inc. | Board Director | Current |
| Massachusetts Conference for Women | Board of Directors | Current |
| CVS Caremark Corporation | Nominating & Corporate Governance Committee Member | Current |
| United Way of Massachusetts Bay | Chief Executive Officer | Former |
| United Way of Massachusetts Bay | President | Former |
| New England Aquarium | Director | Former |
| Sovereign Bank | Board Member | Former |
| Organization | Position | Status |
|---|---|---|
| Relational Investors LLC | Principal | Current |
| Titan Investment Partners | Director | Current |
| Sovereign Bancorp, Inc. | Board of Directors | Current |
| Apria Healthcare Group Inc. | Board of Directors | Current |
| Relational Investors LLC | Member | Current |
| Waste Management, Inc. | Chairman of the Board | Former |
| Apria Healthcare Group Inc. | Chairman | Former |
| Mattel, Inc. | Director | Former |
| Sprint Nextel Corporation | Board of Directors | Former |
| Tektronix, Inc. | Director | Former |
| SIRIUS Satellite Radio Inc. | Director | Former |
| Titan Investment Partners | Investor | Former |
| Georgetown University Law Center | Juris Doctor Degree | Former |
| Organization | Position | Status |
|---|---|---|
| Sovereign Bancorp, Inc. | Board of Directors | Current |
| JPMorgan Chase & Co. | Executive Vice President | Former |
| JPMorgan Chase & Co. | Director of the Western Hemisphere Audit Group | Former |
| JPMorgan Chase & Co. | General Auditor | Former |
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