Santander Bank, N. A. (pronounced s? n-t? n-d? (?) r), formerly Sovereign Bank , is a wholly owned subsidiary of the Spanish Santander Group. It is based in Boston and its main market is the northeastern United States. It has $ 54.7 billion in deposits, operates around 650 retail banking offices and over 2,000 ATMs, and employs about 9,800 people. It offers a range of financial services and products including retail banking, mortgages, corporate banking, cash management, credit cards, capital markets, trust and wealth management, and insurance.
Bank Sovereign renamed Santander Bank on October 17, 2013; stadiums, arenas, and performing arts centers were also renamed.
Video Santander Bank
History
Santander Bank, N.A., was founded in 1902 as Sovereign Bank , savings and loans in Wyomissing, Pennsylvania. The company's initial customers are mostly textile workers. Sovereign thrived during the savings and loan crisis of the 1980s and 1990s, acquiring many other banks. In 2000, Sovereign bought 278 New England branches of the newly merged FleetBoston Financial, becoming the third largest retail bank in the Boston area with one hit. This transaction is driven by the requirements of bank regulators that Fleet Bank and BankBoston relinquish 306 branches as a condition of merger.
Forty-five years before the founding of the Sovereign Bank, its future holding was established as Banco Santander on May 15, 1857, with the approval of Queen Isabel II of Spain. Banks grew and in 1920 began to build branch network. In 1942 it opened in Madrid. In 1934, Emilio BotÃÆ'n Sanz de Sautuola y LÃÆ'³pez became director, and in 1950 as chairman. He expanded the bank throughout Spain, so in 1957 it was Spain's seventh largest bank. In 1976, he acquired First National Bank of Puerto Rico, and in 1982 Banco EspaÃÆ' Â ± ol-Chile. In 1986, Emilio's senior son, Emilio BotÃÆ'n Sanz de Sautuola y GarcÃÆ'a de los RÃÆ'os, succeeded him. In the late 1980s he acquired CC-Bank in Germany and a share was in Banco de Comercio e Industria in Portugal. In 1989, "Supercuenta Santander" was launched.
Sovereign purchased the naming rights for Mercer County's new arena in 1999 to support the recently acquired Trenton Savings Bank (formerly TSFS) and other New Jersey branches for a period of ten years. In the following years, the bank also crowned the Sovereign Center and the Sovereign Performing Arts Center in Reading, Pennsylvania and the Sovereign Bank Stadium in York, Pennsylvania.
In June 2006, Banco Santander purchased nearly 20% of Sovereign Bank of US $ 2.4 billion. Since Banco Santander owns 25% of Sovereign, it has the right to buy banks for $ 40 per share for a year starting mid-2008. On June 1, 2006, Sovereign Bank purchased Independence Community Bank Corp. of Brooklyn, New York. , for US $ 3.6 billion in cash. Sovereign completed the transition process of Independence and S.I. Bank & amp; Trusted customers on September 9, 2006. Sovereign funded this merger through its partial sale to Banco Santander Central Hispano from Spain.
On October 13, 2008, Banco Santander bought the remaining Sovereign of US $ 1.9 billion (1.4 billion euros). Sovereign Bank is heavily influenced by losses associated with auto loans and shares in Fannie Mae and Freddie Mac. Banco Santander had previously seen a loss of more than $ 1 billion in its Sovereign investment, when the last share price fell after being downgraded by Moody's in September 2008. On January 30, 2009, Banco Santander completed the acquisition of Sovereign Bank, about $ 2.51 per share.
In August 2011, the bank announced its plan to formally relocate its US headquarters from Wyomissing, Pennsylvania, to Boston, Massachusetts, where its top executives had been deployed for several years.
At the end of September 2011, the bank announced that it would officially change its name to "Santander" as part of its parent company's goal of creating a global brand. The rebranding process was completed on October 17, 2013.
In March 2015, Scott Powell was appointed head of US business in Santander, and CEO of Santander Holdings USA, replacing Roman Blanco.
Maps Santander Bank
References
External links
- Official website
- Santander Arena and Santander Performing Arts Center
- Santander Bank United States
Source of the article : Wikipedia
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