PHILADELPHIA, April 27 /PRNewswire-FirstCall/ -- Sovereign Bancorp,
Inc. ("Sovereign") (NYSE: SOV), parent company of Sovereign Bank, has for
the first time made Business Ethics Magazine's list of "100 Best Corporate
Citizens" for 2006. The magazine released its annual survey in the Spring
2006 issue published today. The closely watched survey has gained national
recognition as an indicator of best practices in the area of corporate
social responsibility.
Sovereign ranked 34th on the list, which has been compiled annually
since 1999. Green Mountain Coffee Roasters of Waterbury, Vt., topped the
survey for 2006. The list saw quite a bit of turnover from 2005, with 33
companies -- including Sovereign -- appearing for the first time.
The "100 Best Corporate Citizens" list puts a numerical rating on
service to various stakeholders. It uses data from Socrates, the online
social research database created by KLD Research & Analytics in Boston,
Mass., an independent research firm serving investment management
professionals.
The universe of companies considered for the list encompasses U.S.
firms in the Russell 1000, the S&P 500, and the Domini Social Index. These
firms are ranked on service in eight stakeholder categories: shareholders,
community, governance, diversity, employees, environment, human rights, and
product. Social scores use KLD's assessment of "strengths" and "concerns"
demonstrated in each category. The shareholder score is based on three-year
average total return (stock appreciation plus dividends) through year-end
2005.
"Being a good corporate citizen requires focus, dedication, and hard
work. The companies on our list are to be congratulated for their
performance," said Michael Connor, Publisher and Executive Editor of
Business Ethics.
"We at Sovereign are extremely proud of this recognition by Business
Ethics Magazine," said Sovereign Chairman and Chief Executive Officer Jay
S. Sidhu. "We strive every day to put our best foot forward in the areas of
governance, community, shareholders, employees and the other stakeholder
categories that help determine this list. This truly reflects our ongoing
efforts to build a better bank."
More details regarding the "100 Best Corporate Citizens" list are
available on the Business Ethics Web site at
http://www.business-ethics.com/whats_new/100best.html
About Sovereign
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent
company of Sovereign Bank, a pro forma $83 billion financial institution
with nearly 800 community banking offices, over 2,000 ATMs and
approximately 12,000 team members with principal markets in the Northeast
United States after giving effect to the Independence acquisition and
recently announced branding agreement in which Sovereign ATMs will be
placed in CVS/pharmacy locations. 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 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.
Sovereign Bank, its logo and lantern are service marks of Sovereign
Bank or its affiliates or subsidiaries in the United States and other
countries.
SOURCE Sovereign Bancorp, Inc.
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Related links:
http://www.sovereignbank.com
CONTACT:
Carl Brown Jr. of Sovereign Bancorp,
+1-610-378-6162, or cbrown6@sovereignbank.com; or Michael Connor
of Business Ethics, +1-212-875-9381, or
Michael@business-ethics.com
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