Provides Assistance to Affected Communities in Maryland, New Jersey and
Pennsylvania
WYOMISSING, Pa., June 29 /PRNewswire/ -- Sovereign Bank announced today
that it has established a disaster relief program to help the thousands of
businesses and consumers impacted by the recent flooding in Maryland, New
Jersey and Pennsylvania. The program offers special loan products for
business and consumers, as well as deferment options for Sovereign loans.
"It is important to let these communities know that Sovereign is here
to provide support as they recover from the storm," said Jim Lynch,
chairman and CEO of Sovereign Bank Mid Atlantic division. "We hope that
this assistance will help the many victims get back to normal 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.
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:
Ellen Molle, Sovereign Bank, +1-617-757-5573,
Cell: +1-617-548-9932, emolle@sovereignbank.com
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