WYOMISSING, Pa., Jan. 18 /PRNewswire/ -- Sovereign Bank has received its
second consecutive "outstanding" CRA rating from the Office of Thrift
Supervision (OTS) for its community lending and investment performance. The
rating is based on the OTS's Performance Evaluation from Oct. 1, 2002, through
Dec. 31, 2004. Sovereign previously received an "outstanding" CRA rating from
the OTS for its Performance Evaluation from Oct. 1, 2000 through Sept. 30,
2002.
The "outstanding" rating was achieved because of the bank's significant
level of mortgage and small business lending to low- and moderate-income
borrowers and in low- and moderate-income communities. In addition, Sovereign
received recognition for its leadership role in funding affordable housing
projects through investments in low-income housing tax credits.
When assigning the rating, emphasis was placed on Sovereign's performance
in its assessment areas in Pennsylvania, New Jersey, Massachusetts, Rhode
Island, Connecticut and New Hampshire.
In the bank's most recent Community Reinvestment Plan (2000 - 2005)
Sovereign exceeded its Plan goal ($8.7 billion) in lending, and investments to
low- and moderate-income individuals and communities by recording over $11
billion. Over the next five years (2006 - 2010), Sovereign commits to make a
$14 billion investment in mortgages, consumer loans, small business/farm
loans, community development loans, investments/contributions and employee
volunteer/service activities to low- and moderate-income individuals and
communities in its principal banking markets.
"Sovereign Bank is a significant player in community reinvestment, which
is made possible through the hard work and dedication of Sovereign's team
members who recognize that the financial services and credit needs of our
communities are a critical part of our long-term success, as well as the
success of those communities," said Jack Killen, senior vice president,
corporate CRA officer.
"We are very pleased to receive an outstanding rating for more than four
years and are committed to maintaining this level of support in the
communities where we live and work," said Jay Sidhu, chairman, president and
chief executive officer of Sovereign Bank. "I commend the entire Sovereign
family, customers and community-based partners for their roles in helping us
achieve this honored distinction."
About Sovereign
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company
of Sovereign Bank, a $63 billion financial institution with more than 650
community banking offices, over 1,000 ATMs and approximately 10,000 team
members with principal markets in the Northeast United States. Sovereign
offers a broad array of financial services and products including retail
banking, business and corporate banking, cash management, capital markets,
trust and wealth management and insurance. Sovereign is the 18th largest
banking institution in the United States. For more information on Sovereign
Bank, visit http://www.sovereignbank.com or call 1-877-SOV-BANK.
SOURCE Sovereign Bank
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Related links:
http://www.sovereignbank.com
CONTACT:
Deborah Pulver of Sovereign Bank,
+1-610-378-6784, or Cell, +1-610-207-4651, or
dpulver@sovereignbank.com
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