BOSTON, May 16 /PRNewswire-FirstCall/ -- Sovereign Bank announced today
that it has appointed Kenneth J. Mooney as Senior Vice President and
Managing Director of the Bank's Franchise Lending Group. Based in
Worcester, Massachusetts, Mooney is responsible for overseeing a team of
eighteen providing customized financing to multi-unit franchisees for new
store expansion, acquisitions and remodeling.
"We are very pleased to have the benefit of Ken's leadership and
extensive knowledge," said Michael J. Maiorino, Executive Vice President
and Managing Director of Sovereign Bank's Asset Based Lending Group. "His
experience as both a lender and a start-up business manager will enable us
to provide clients with a full understanding of their needs."
Prior to joining Sovereign, Mooney served as president of Applied
Materials Science, a high technology manufacturing firm providing materials
solutions to the aerospace, defense and semiconductor industries.
Previously he held a variety of senior management roles in specialty
lending at a number of financial institutions including senior vice
president and division executive of Communications and Publishing at
Citizens Financial Group, and vice president and department head for the
Classified Loan and Communications Departments at State Street Bank.
A graduate of Suffolk University in Boston, Mooney holds a Bachelor of
Science with Honors in Government and an MBA with High Honors in Finance.
He resides in Reading, Massachusetts, with his wife and two daughters.
About Sovereign Bank's Franchise Lending Group
Sovereign Bank's Franchise Lending Group is a specialized national
lender that has been providing financing for multi-unit franchisees for
more than twenty years. The Group specializes in custom-tailored programs,
across major restaurant brands for new store expansion, acquisition and
re-modeling needs. Franchise Lending is comprised of experienced, seasoned
industry professionals with satellite offices in Chicago, Illinois; Dallas,
Texas; Iselin, New Jersey, and Manchester, New Hampshire.
About Sovereign
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent
company of Sovereign Bank, a financial institution with $82 billion in
assets as of March 31, 2007 with principal markets in the Northeast United
States. Sovereign Bank has nearly 785 community banking offices, over 2,300
ATMs and approximately 11,350 team members. 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.
SOURCE Sovereign Bank
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Related links:
http://www.sovereignbank.com
CONTACT:
Ellen Molle of Sovereign Bancorp, Inc.,
+1-617-757-5573 Office, +1-617-548-9932 Cell,
emolle@sovereignbank.com
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