WYOMISSING, Pa., March 2 /PRNewswire-FirstCall/ -- For the fourth
consecutive year, Sovereign Bancorp, Inc., the parent company of Sovereign
Bank, has been named one of the most admired financial industry companies in
the nation by Fortune magazine. Sovereign ranked 9th on the Fortune magazine
list under the category of Mortgage Services, moving up from 10th place in
2004.
Fortune magazine sponsored the survey and announced the winners in its
March 2005 edition. Fortune and its survey partner, Hay Group, asked the top
managers at 582 companies (the largest by revenues in each sector) to judge
their competition.
In all, 10,000 executives, directors, and veteran securities analysts
rated the companies in their industry on eight attributes, using a scale of
one to 10. The eight attributes were innovation, financial soundness, use of
corporate assets, long-term investment, people management, quality of
management, social responsibility and quality of products and services.
Sovereign had an overall score of 5.14. Golden West Financial topped the
list in Sovereign's category of companies with a score of 8.16.
Jay Sidhu, chairman and chief executive officer of Sovereign Bancorp and
Sovereign Bank, said Sovereign's fourth consecutive "Top 10" ranking
demonstrates the progress Sovereign is making in becoming one of the best
companies to work for in America.
"Providing exceptional service to each and every one of our customers,
both internally and externally, each and every day, is the way we do business
at Sovereign," said Sidhu. "I am proud of our team for achieving this
recognition."
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company
of Sovereign Bank, a $58 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 19th largest
banking institution in the United States. For more information on Sovereign
Bank, visit http://www.sovereignbank.com or call 1-877-SOV-BANK.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements in this press release regarding Sovereign Bancorp's
business which are not historical facts are "forward-looking statements" that
involve risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from those contained
in the forward-looking statements, see "Risk Factors" in the Company's Annual
Report or Form 10-K for the most recently ended fiscal year.
SOURCE Sovereign Bancorp, Inc.
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Related links:
http://www.sovereignbank.com
CONTACT:
Deborah Pulver of Sovereign Bancorp,
+1-610-378-6784 or Cell: +1-610-270-6784 or
dpulver@sovereignbank.com
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