WYOMISSING, Pa., June 4 /PRNewswire-FirstCall/ -- Sovereign Bank
announced today that it will offer a checking account designed for title
insurers and title insurance agencies doing business in the State of
Maryland. Sovereign's new Maryland Affordable Housing Trust (MAHT) account
will meet the State of Maryland's deposit and interest requirements for
title insurance agencies whose individual clients' deposits are projected
to earn $50 or less in interest.
Sovereign's account will provide qualified participants the opportunity
to maintain a pooled account for holding their clients' funds. Sovereign
remits interest on these funds to the Maryland Affordable Housing Trust
Fund on behalf of its customers. Sovereign's MAHT account carries no
monthly maintenance fee or wire transfer fees, and allows businesses to
initiate wire transfers via telephone.
"We are offering the MAHT account to help ensure that title insurers
and title insurance agencies have the banking services they need to be in
compliance with their fiduciary funds responsibilities," said Michael
R.Baylor, president of Sovereign's Maryland market. "Since our customers
can deposit and disburse at their convenience there is no extra paperwork
or notification requirement to Sovereign -- making this account simple and
easy to use."
The Maryland General Assembly designed the MAHT program to promote
affordable housing in the state of Maryland. MAHT programs promote
affordable housing for households earning less than 50 percent of statewide
median income. Eligible applicants for MAHT funding include nonprofit
organizations, public housing authorities, and government agencies.
For individual client fund deposits projected to earn more than $50 of
interest, Sovereign offers Escrow Services, a Master/Sub relationship
product enabling beneficiaries to earn interest directly, while providing a
combined monthly statement to the title insurer or title insurance agent.
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 12,000 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:
Carl Brown Jr. of Sovereign Bank,
+1-610-378-6162, Cell: +1-610-334-8637, Cbrown6@sovereignbank.com
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