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Ticker:SCFSP
Company Name: Sovereign Bancorp, Inc.

Business Overview from 10-K filing for Sovereign Bancorp, Inc.:

Sovereign Bancorp, Inc. (“Sovereign” or “the Company”), is the parent company of Sovereign Bank (“Sovereign Bank” or “the Bank”), which after taking into account our recently completed acquisition of Waypoint Financial Corp. on January 21, 2005, is a $59 billion financial institution with more than 650 community banking offices, over 1,000 ATMs and about 10,000 team members with principal markets in the Northeast United States. Sovereign’s primary business consists of attracting deposits from its network of community banking offices, and originating small business and middle market commercial loans, residential mortgage loans, home equity lines of credit, and auto and other consumer loans in the communities served by those offices. Sovereign also purchases portfolios of residential mortgage loans and other consumer loans originated throughout the United States. Sovereign Bank was created in 1984 under the name Penn Savings Bank, F.S.B.     

View the full SCFSP chart at Wikinvest

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