Sovereign Bancorp

Provides banking services.

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1500 Market St.
Philadelphia, PA 19102
Employees: 11,000
Acting CEO: Kirk Walters
Subsidiary of Banco Santander


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Sovereign Bancorp Inc., is the parent company of Sovereign Bank, a financial institution with principal markets in the Northeastern United States. Sovereign Bank has 754 community banking offices, over 2,400 ATMs and approximately 11,000 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 was acquired in February by Banco Santander of Madrid, Spain's largest bank.

The company said in May it would cut another 965 jobs. Sovereign said it would cut 1,000 jobs last December over the next year to reduce expenses.

The company reported revenues of $5.27 billion in 2007 and net loss of $1.3 billion due to problems in the mortgage and credit markets.


Sovereign Bank's roots reach as far back as 1902, when the bank began as a Wyomissing, PA building and loan association created to help textile workers become homeowners.

The Bank officially took the name "Sovereign" in 1986, and a year later formed the parent company, Sovereign Bancorp, Inc.

Sovereign has successfully completed more than two dozen acquisitions since the late 1980s, with each acquisition accelerating Sovereign's earnings growth. Most notably, in July 2000, Sovereign completed its largest acquisition: approximately $12 billion in deposits, $8.1 billion in loans, 281 Community Banking Offices, and 550 ATMs from FleetBoston Financial. At the time, it was the largest branch acquisition in banking history.


Eligible team members are provided the following core benefits at no cost:

* Life Insurance
* Accidental Death and Dismemberment Coverage
* Short-term Disability
* Long-term Disability
* Business Travel Accident Insurance

In addition to the core benefits, eligible team members may elect the following optional benefits for themselves and their eligible dependents:

* Medical Insurance, including prescription coverage
* Dental Insurance
* Vision
* Adult and Child Life Insurance
* Flex Spending Account (FSA) for Health Care and Day Care
* Legal Assistance
* Health Savings Account (HSA)
* Transportation Benefits (for team members only)
* Additional Accidental Death and Dismemberment Insurance
* Additional Long-term disability (for team members only)
* Additional Short-term disability (for team members only)
* Additional Team Member Life Insurance
* Purchased Paid Time Off Plan

PTO (Paid Time Off) Program
Team Members manage a total block of paid time off, including vacation, sick, and personal time. The amount of PTO available each year is based on scheduled hours, grade level, and years of service. The bank observes 10 holidays per year.

PTO Donation Program
Team Members may donate some of their own PTO to a colleague who has used all of his or her PTO, and requires time off due to a catastrophic event as defined in the policy.

PTO Purchase Plan
For maximum flexibility, eligible team members may purchase up to 1 additional week of time off through Sovereign's Flex Benefits Program. Time purchased during the Flex Benefits open enrollment period is added to Sovereign-granted PTO for the upcoming calendar year.

Other Paid Time Off
Sovereign may also pay eligible team members for time not worked due to bank holidays, adoption leave, paternity leave, uniformed services leave, jury duty, and bereavement leave.


* Team Members become eligible after 30 days of service. Team members may contribute any percentage of pay to the plan on a pre-tax basis, subject to IRS annual limits. Numerous investment options are available for Team Member contributions.
* Sovereign matches 100% of the first 3% of pay contributed, then 50% of the next 2%. The match is invested in Sovereign stock, but may be moved into another fund within the plan.
* Team Members are always 100% vested in their account balances, including Sovereign's contributions.
* Team Members age 50 or older can make catch-up pre-tax contributions up to the IRS annual contribution limit.

Transportation Program
If you take public transportation, ride in a vanpool, or pay to park near work (or park near public transportation), participating in Sovereign's Transportation Program could save you time and taxes by taking advantage of IRS regulations that allow you to use pre-tax income to pay commuting and/or parking costs. The money you set aside through this account allows you to fund some or all of your transit expenses with pre-tax dollars through payroll deductions. If your transportation/parking vendor participates in the Transit Program, your parking or transit pass can be mailed directly to your home.

This program also allows you to enroll, change, or cancel your election on a monthly basis, and offers access to your account online through Sovereign's Flex Benefits Management System.

MetPay Auto and Homeowners Insurance
The MetPay program contains many attractive features, including access to special group rates, quality coverage, a payroll deduction of the premium, and a variety of policy discounts designed to help reduce your insurance costs.

Employee Assistance Program (EAP)
Through our partnership with Carebridge, Team Members and their eligible dependents are entitled to 6 free confidential sessions per episode for evaluation, short-term counseling, and/or referral to your medical carrier.

Work/Life Referral Services
Sovereign has partnered with Carebridge to provide a wide range of life management resources. From referral services, articles, and hands-on counseling, Carebridge offers resources for parenting and child care, education and college planning, finance management, adoption, elder care, and much more.

Fitness Program
Sovereign has partnered with Health Advocate to assist team members as they navigate through the healthcare environment. When team members call Health Advocate, they will be assigned to a Personal Health Advocate who will assist them with care coordination, claims assistance, benefit coverage clarification, as well as assistance in locating a physician/specialist. This benefit is unique and is provided at no cost, and can be used if the issue is for Team Members, their spouse or domestic partner, child, parent, or parent-in-law. Team members may use this service even if they do not enroll in Sovereign's healthcare plan.

Adoption Assistance
This family-friendly policy provides financial assistance of up to $3,000 per Team Member who is adopting a child. Assistance in the adoption process is also available to the Team Member and their family through Carebridge Corporation, Sovereign's work/life services partner.

Computer Purchase Plan
Sovereign provides reimbursement of 20% of the purchase price of a computer or computer equipment. The maximum reimbursement is $250. This benefit is available once every 3 years to Team Members with at least 6 months of service.

Vacation Travel Assistance
Sovereign's Vacation Assistance program offers an Internet-based site featuring thousands of cruises and vacation packages, unique promotional opportunities, and the ability to earn a 5% discount on future travel.

Corporate Discount Program
You can save on hundreds of services, participate in in-store events, as well as save with local vendors and providers. Discounts are available for purchases online or by printing discount coupons.

Sovereign encourages the pursuit of educational interests by providing the following opportunities for full- and part-time Team Members who have least 6 months of service:

* Tuition reimbursement
* Banking and financial education programs
* Leadership training
* Internal training and development programs

Updated May 2, 2009