Provides Aid to Affected Businesses, Consumers and Non-Profit Organizations
in Northern Massachusetts and New Hampshire
BOSTON, May 26 /PRNewswire/ -- Sovereign Bank announced today that it
has established a disaster relief program to help the thousands of
businesses, consumers and non-profit organizations that were impacted by
the millions of dollars in damage caused by recent flooding in northern
Massachusetts and southern New Hampshire.
The program offers special loan products for business and consumers,
deferment options for Sovereign loans, and $100,000 in grants to
organizations in the region that provide vital services to the communities
that were severely impacted by the storms.
"Our hearts go out to the communities affected by the recent rain
storms and flooding. We understand that the immediate economic recovery of
the region is of the utmost importance and that is why we are providing
financial assistance to as many people as we can," said Joseph P.
Campanelli, president and CEO of Sovereign Bank New England. "We are
hopeful that this aid will begin to help the many storm victims get back on
their feet as soon as possible."
Business assistance:
Sovereign Bank has prepared a small business loan program to assist
with urgently needed repair and cleanup. Businesses will be offered
low-interest term loans for up to $25,000 with preferred rates, no fees and
an expedited approval process.
In addition, business customers that have existing Sovereign loans may
defer their loan payments for up to three months. To apply for assistance,
business owners may visit their local Sovereign community banking office.
Consumer assistance:
Sovereign Bank has prepared a financial assistance program focused on
residents who have sustained losses to their property from the flooding.
These loans will be provided at a low-interest rate for five years with no
fees and will have expedited credit processing. To apply for the loans,
consumers may visit their local Sovereign community banking office.
In addition, Sovereign is offering deferment on auto, mortgage and home
equity loans to customers in areas impacted by the flooding. The terms of
deferment are not universal and will differ depending on the needs of each
customer.
Community assistance:
Sovereign will also donate $100,000 to non-profit organizations in the
impacted areas that provide vital services to individuals in those
communities. The grant recipients include: Lazarus House, Bread and Roses,
and Neighbors in Need in the Merrimack Valley region; Haven from Hunger,
American Red Cross and Salvation Army in the North Shore region; and the
American Red Cross "New Hampshire Flood Disaster Relief Fund."
About Sovereign Bank
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
CONTACT:
Media Contact: Ellen Molle, Sovereign Bank,
+1-617-757-5573, cell: +1-617-548-9932, emolle@sovereignbank.com
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