WYOMISSING, Pa., June 8 /PRNewswire-FirstCall/ -- Sovereign Bank today
named Marshall P. Soura to succeed Jim Lynch as Chairman and Chief
Executive Officer (CEO) of Sovereign's Mid-Atlantic Division. Soura will
have total responsibility for all retail and commercial banking operations
in the division. Lynch will retire from Sovereign on Sept. 30. He will
continue to serve as vice chairman of Sovereign Bancorp., Inc. until that
date.
"We are very fortunate to have Marshall Soura bring his depth of
experience and knowledge to this key leadership position within Sovereign
Bank," said Joseph P. Campanelli, President and CEO of Sovereign Bancorp,
Inc., parent company of Sovereign Bank. "Marshall will further strengthen
our presence in the Mid-Atlantic region as we continue to build on our
reputation as one of the best banks in the nation."
"Jim provided us with leadership and guidance during the past five
years," added Campanelli. "We wish him the best as he moves into another
phase of his career."
Soura is currently Executive Vice President and Managing Director of
Sovereign's Global Solutions Group and Marketing Department. He will
continue to oversee both organizations.
Soura joined Sovereign in July 2000, bringing with him extensive
experience in the banking industry.
As Managing Director of The Global Solutions Group, Soura is
responsible for five business units: Cash Management, International Trade
Banking, Government Banking, Financial Institutions and Strategic Alliances
(Sovereign Merchant, Payroll and Health Savings Account Services). Soura
also oversees major marketing functions supporting Sovereign's Consumer and
Business Banking activities, including research and analysis, product
management and marketing communications.
Prior to joining Sovereign, Soura managed the cash management
businesses of BankBoston, BankOne, Bank of America and Girard Bank (Mellon
Bank East). He has also managed the sales and product development functions
for Bank of America's Institutional Trust business, led the commercial
product integration team for Bank of America's merger with Security Pacific
Bank and spearheaded an off-shore product development project for their
International Cash Management and Trade Finance businesses.
Soura majored in Finance at LaSalle College -- now known as LaSalle
University -- in Philadelphia, Pa., and attended Rutgers University's
Stonier Graduate School of Banking.
Lynch joined Sovereign Bank in September 2002 as Chairman and CEO of
Sovereign's Mid-Atlantic Division. He has nearly 40 years of banking
experience. Prior to joining Sovereign, Lynch served as president and CEO
of Fleet Bank in Pennsylvania and Southern New Jersey.
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. Headquartered in Wyomissing, Pa. with
principal markets in the northeast United States, Sovereign has nearly 785
community banking offices, more than 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.
Sovereign Bank is a registered trademark of Sovereign Bank or its
affiliates or subsidiaries in the United States and other countries.
SOURCE Sovereign Bancorp, Inc.
 back to top
Related links:
http://www.sovereignbank.com/
CONTACT:
Edward J. Shultz of Sovereign Bancorp, Inc.,
Office: +1-610-378-6159, Cell: +1-610-207-8753,
Eshultz1@sovereignbank.com
|
