BOSTON, July 2 /PRNewswire-FirstCall/ -- Sovereign Bank today announced
that Thomas W. Nadeau has been promoted to president and chief executive
officer (CEO) of the Consumer Lending and Mortgage Banking divisions. In
his new role, he will oversee home equity lending, consumer credit cards,
and mortgage lending. Previously Nadeau served as executive vice president
and managing director of the Automotive Finance and Aviation Lending
Groups. He will continue to manage auto finance and aviation lending in
addition to his new responsibilities. On a combined basis these business
units represent annual originations in excess of $15 billion and portfolio
outstandings of approximately $30 billion.
Nadeau joined Sovereign Bank in 1997 as manager of automotive finance.
He was promoted in 2000 to managing director of Sovereign's Automotive
Finance Group. Additionally, he established the Structured Real Estate
Group, a lending group specializing in lending to Real Estate Investment
Trusts, and was responsible for developing the Aviation Finance Group.
Prior to joining Sovereign Nadeau worked at Fleet Bank, BayBanks and
Plymouth Home National Bank. His prior responsibilities included both
commercial real estate lending and consumer banking responsibilities.
Nadeau holds a Masters degree in Business Administration from Babson
College in Wellesley, Mass. and a Bachelor of Science degree in Financial
Management from Stonehill College in Easton, Mass. He resides in Walpole,
Massachusetts.
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 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.
Sovereign Bank is a registered trademark of Sovereign Bank or its
affiliates or subsidiaries in the United States and other countries.
Photo is available upon request. Please contact Sovereign Bank at (617)
757-5573.
SOURCE Sovereign Bancorp, Inc.
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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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