NEW YORK, Sept. 6 /PRNewswire-FirstCall/ -- Sovereign Bank has received
top ranking in an annual survey of retail banks in Manhattan by the
investment banking firm Sandler O'Neill + Partners.
The survey report, "Grading the Manhattan Banks," issued today by Mark
Fitzgibbon, Director of Research at Sandler O'Neill, ranked Sovereign
highest among 12 retail banks doing business in Manhattan.
"As analysts, we spend a large portion of the year meeting with senior
bank managers trying to get a sense of what is driving their businesses,"
Fitzgibbon said in the Industry Notes report conducted annually in August.
"Over the years we have found this to be a good way of identifying
disconnects between what is said in the executive suite and what is
actually going on in the trenches. Since Manhattan is the largest banking
market in the world ... we have used Manhattan as a microcosm for the
industry."
"We are delighted to receive this recognition," said Terence J.
Mitchell, Community Banking President of Sovereign's Metro New York-New
Jersey Division. Sovereign's Manhattan network was part of Independence
Community Bank, which Sovereign acquired in 2006. "This top ranking is a
tribute to the highly successful integration of our two banks and the hard
work of our Sovereign team members," Mitchell added.
"With nearly 100 offices in New York City, we built our Manhattan
presence from a single branch in 2003 to a network of 15 community banking
offices in the heart of the city. We seek to provide a superior experience
with each customer interaction," he added.
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 June 30, 2007 with principal markets in the Northeast United
States. Sovereign Bank has nearly 750 community banking offices, over 2,250
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.
SOURCE Sovereign Bank
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Related links:
http://www.sovereignbank.com
CONTACT:
Mike Armstrong, Sovereign Bank Metro New
York-New Jersey Division, +1-347-563-9251, or +1-917-279-8437,
Marmstro@sovereignbank.com, or Ellen Molle Sovereign Bank,
+1-617-757-5573, EMolle@Sovereignbank.com
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