Sovereign Bancorp Inc. (SOV)

Sovereign Bancorp, Inc. operates as the holding company for Sovereign Bank that provides commercial banking services in the United States. It primarily engages in generating deposits and originating loans. The company’s deposit products include demand and NOW accounts, money market accounts, savings accounts, customer repurchase agreements, certificates of deposit, and retirement savings plans. Its lending portfolio comprises small business and middle market commercial loans, multi-family loans, residential mortgage loans, home equity loans and lines of credit, and auto and other consumer loans. As of December 31, 2007, Sovereign Bancorp operated approximately 750 community banking offices and 2,300 automated teller machines. The company was founded in 1984 and is headquartered in Philadelphia, Pennsylvania.

For the nine months ended 30 September 2006, Sovereign Bancorp, Inc.'s interest income increased 43% to $3.07B. Net interest income after loan loss provision increased 4% to $1.22B. Net income available to Common decreased 49% to $262.1M. Net interest income reflects an increase in interest earned on loans, offset by higher provision for credit losses. Net income was offset by increased amortization of intangible charges.