News by SB Informer

Sovereign Bank to Participate in SBA "Patriot Express" Loan Initiative for the Military Community

SB Informer
Monday, June 18, 2007; 03:09 AM

Sovereign Bank announced that it will participate in the U.S. Small Business Administration’s (SBA) "Patriot Express" loan initiative for the military community.

Yesterday the SBA announced the launch of a comprehensive initiative that focuses the agency’s full menu of financial, procurement, and technical assistance programs on the military community. The capstone of the initiative is a streamlined loan product based on the SBA’s highly successful SBA Express loan program.

The Patriot Express Initiative includes new and enhanced programs and services for veterans and members of the military community wanting to establish or expand small businesses. Eligible military community members include: veterans, service-disabled veterans, active-duty members participating in the military’s Transition Assistance Program, Reservists and National Guard members, current spouses of any of the above, and the widowed spouse of a service member or veteran who died during service or of a service-connected disability.

"We are pleased to participate in the Patriot Express Initiative and honored to offer loans to veterans and their families who have proudly served our country," said Joseph P. Campanelli, president and chief executive officer.

Members of the military community interested in learning more about loan opportunities with Sovereign Bank and the SBA may contact the following individuals:

Mid-Atlantic Region
Dan Sossaman, Vice President, SBA lending at (484) 254-0809

New England Region
James Hanlon, Vice President, SBA/government lending at (617) 346-7434

New York/New Jersey Region
Brian Foster, Senior Vice President, commercial banking regional executive at (631) 247-4123

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 with principal markets in the Northeast United States. Sovereign Bank has nearly 785 community banking offices, over 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, call 1-877-SOV-BANK.

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