Sovereign Bank
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Subsidiary (Formerly Public, NYSE: SOV) |
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| Industry | National Banks |
| Headquarters |
75 State Street Boston, Massachusetts, United States |
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Key people
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Scott Powell (CEO) Tim Ryan, Chairman |
| Revenue |
 $3.345 billion USD (2013) |
 $1.508 billion USD (2013) |
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$1.042 billion USD (2013) |
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Number of employees
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9,525 (2013) |
| Parent | Santander Group |
| Website | www |
Santander Bank, N. A. (pronounced san-tan-DARE) formerly Sovereign Bank is a wholly owned subsidiary of the Spanish Santander Group. It is based in Boston and its principal market is the northeast United States. It has more than $77 billion in assets, operates 723 retail banking offices and over 2,300 ATMs (including 1,100 in CVS pharmacies throughout the northeast U.S.) and employs approximately 9,000 people. It offers an array of financial services and products including retail banking, mortgages, corporate banking, cash management, credit card, capital markets, trust and wealth management, and insurance.
Sovereign Bank was rebranded as Santander Bank on October 17, 2013; the stadium, arena, and performing arts center for which it has naming rights were also rebranded.
Santander Bank, N.A., was founded in 1902 as Sovereign Bank, a savings and loan in Wyomissing, Pennsylvania. The company's earliest customers were largely textile workers. Sovereign expanded rapidly during the savings and loan crisis of the 1980s and 1990s, acquiring numerous other banks. In 2000, Sovereign became the third-largest retail bank in the Boston area when it bought 278 New England branches from the newly merged FleetBoston Financial. This transaction was driven by a requirement from bank regulators that Fleet Bank and BankBoston divest 306 branches as a condition for merger.
Forty-five years before the founding of Sovereign Bank, its future parent was founded as Banco Santander on 15 May 1857, with the approval of Queen Isabel II of Spain. The bank grew and in the 1920s started to build a network of branches. In 1942 it opened in Madrid. In 1934 Emilio Botín Sanz de Sautuola y López became director, and in 1950 chairman. He expanded the bank throughout Spain, so in 1957 it was Spain's seventh-largest bank. In 1976 it acquired First National Bank of Puerto Rico, and in 1982 Banco Español-Chile. In 1986, Emilio senior's son, Emilio Botín Sanz de Sautuola y García de los Ríos, succeeded him. In the late 1980s he acquired CC-Bank in Germany and a stake was in Banco de Comercio e Industria in Portugal. In 1989, the “Supercuenta Santander” was launched.
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Wikipedia