News by SB Informer

Sovereign Bank Announces Flood Disaster Relief Program

Provides Aid to Affected Businesses, Consumers and Non-Profit Organizations in Northern Massachusetts and New Hampshire

SB Informer
Friday, May 26, 2006; 08:15 AM

BOSTON - Sovereign Bank announced today that it has established a disaster relief program to help the thousands of businesses, consumers and non-profit organizations that were impacted by the millions of dollars in damage caused by recent flooding in northern Massachusetts and southern New Hampshire.

The program offers special loan products for business and consumers, deferment options for Sovereign loans, and $100,000 in grants to organizations in the region that provide vital services to the communities that were severely impacted by the storms.

"Our hearts go out to the communities affected by the recent rain storms and flooding. We understand that the immediate economic recovery of the region is of the utmost importance and that is why we are providing financial assistance to as many people as we can," said Joseph P. Campanelli, president and CEO of Sovereign Bank New England. "We are hopeful that this aid will begin to help the many storm victims get back on their feet 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.

Community assistance:

Sovereign will also donate $100,000 to non-profit organizations in the impacted areas that provide vital services to individuals in those communities. The grant recipients include: Lazarus House, Bread and Roses, and Neighbors in Need in the Merrimack Valley region; Haven from Hunger, American Red Cross and Salvation Army in the North Shore region; and the American Red Cross "New Hampshire Flood Disaster Relief Fund."

About Sovereign Bank

Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV - News), 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.

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