WYOMISSING, Pa., May 1 /PRNewswire/ -- Sovereign Bank announced today
that it is expanding its automotive lending services to the Southwestern
region of the United States. Edward Grass and Jeffrey Turnbow have joined
the bank's Automotive Lending Group to provide commercial loan services and
retail loan financing to new-car franchised dealers in the Southwest. Grass
and Turnbow will be based in Phoenix, Arizona.
"The significant industry experience and proven results that Ed and
Jeff bring will enable Sovereign to successfully expand our automotive
lending business into the Southwest U.S. market," said Thomas W. Nadeau,
division president and CEO of Sovereign's Automotive and Aviation Division.
"We welcome these talented professionals and look forward to their
contributions."
Grass, who will serve as market director, will manage a team of
financial lending experts. He comes to Sovereign from Chase Auto Finance,
where he was Southwest division manager. Grass has 19 years of auto dealer
and commercial middle market lending experience with JP Morgan Chase Bank
and its heritage organizations, Bank One N.A. and Valley National Bank. In
2005, he was awarded the JP Morgan Chase Presidents' Club - Chairman's
Circle Award for Outstanding Sales Achievement.
Turnbow, appointed as a relationship manager, will be responsible for
managing customer portfolios as well as for acquiring new business for the
unit. He was most recently a relationship manager with Chase Auto Finance.
He has 30 years of commercial banking experience covering the Western U.S.
market at JP Morgan Chase Bank and Wells Fargo Bank.
Sovereign's Automotive Lending Group offers a range of custom vehicle
financing and lease programs for automobiles, high-line used vehicles,
commercial vehicles, and specialty vehicles. Specialized programs include
fleet leasing, custom billing, collection and reporting services, real
estate lending, floor plan credit facilities and other commercial services,
along with retail indirect contract financing programs. With over 50 years
of commitment to the vehicle lease funding business, Sovereign's Automotive
Lending specialists are expert at developing customized solutions to help
auto dealers leverage their working and fixed assets to meet vehicle
financing initiatives.
For more information about Sovereign's Automotive Lending Group, visit
Sovereign's Web site at
http://www.sovereignbank.com/business/credit/vehicle_leasing.asp.
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 Bank
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Related links:
http://www.sovereignbank.com
http://www.sovereignbank.com/business/credit/vehicle_leasing.asp
CONTACT:
Ellen Molle, Sovereign Bank, +1-617-757-5573,
Cell: +1-617-548-9932, emolle@sovereignbank.com
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