December 24, 1993 |
Sovereign Bancorp's chief executive officer said yesterday he planned to call a special meeting of the banking company's embattled board of directors to confront the question of the bank's future. Jay Sidhu said he would challenge Sovereign's board chairman and largest shareholder, Frederick Jaindl, over Jaindl's recent statements. Jaindl has said he wants to sell the Reading bank holding company to another large regional bank. Sovereign's eight-member board has been split 4-4 over whether to pursue a merger with some other bank.
January 7, 1994 |
Sovereign Bancorp's civil war continued yesterday as the company's board chairman countersued its chief executive officer in federal court in Philadelphia. Frederick Jaindl, the Allentown poultry farmer and bank investor who is Sovereign's biggest shareholder, charged Jay Sidhu, bank president and chief executive, and other top Sovereign officials with breaching their fiduciary duty, wasting company assets and violating federal securities and banking laws. Sidhu last month sued Jaindl and two other Sovereign directors in the same court, accusing them of violating securities laws and acting improperly in trying to sell the bank holding company, which runs 79 savings bank branches in Southeastern Pennsylvania and New Jersey.
November 17, 1995 |
Last spring, Jay Sidhu thought he'd spotted a loophole in banking rules that would save his Sovereign Bancorp $10 million a year. But while Sovereign was crawling through, Congress closed the loophole. Sidhu's plan involved buying a little Freehold, N.J., commercial bank with $42 million in deposits, and then shifting $5 billion in Sovereign deposits there. The shift would enable the Wyomissing savings institution to get the much lower deposit insurance premium that commercial banks pay - and save $10 million a year.
January 13, 2005 |
Sovereign Bank said yesterday that it would provide up to $250 million in low-interest loans in a new program aimed at Pennsylvania small businesses. The bank will make the money available over three years in amounts ranging from $250,000 to $2.5 million, Sovereign Bank's chief executive officer, Jay Sidhu, told reporters in Philadelphia. Sidhu and other bank officials were joined by Gov. Rendell and the heads of the state departments of banking and economic development. The program is another step in his effort to boost job creation, Rendell said.
December 16, 1997 |
banking I Sovereign agrees to buy Carnegie Bank-buying mania continued yesterday as Sovereign Bancorp agreed to buy Carnegie Bancorp for $94 million in stock, as the Philadelphia- area bank expands in Pennsylvania and New Jersey. Under terms of the agreement, shareholders of Carnegie will receive $35.50 in Sovereign stock for each Carnegie share. "The combination of these two institutions significantly enhances Sovereign's commercial banking division and assists in extending Sovereign's small business reach into New Jersey," said Jay Sidhu, president and chief executive of Sovereign, the third-largest Pennsylvania-based bank.
April 19, 2007 |
Sovereign Bancorp Inc. said its first-quarter profit plummeted on $128.7 million in charges related to the sale of home-equity loans and previously announced restructuring plans. The Wyomissing, Pa., bank earned $48.1 million, or 9 cents a share, in the quarter, down from $141 million, or 36 cents a share, a year earlier. Joseph P. Campanelli, who replaced longtime chief executive Jay Sidhu in October, said Sovereign was "on track" with its cost-cutting effort and had substantially completed its balance-sheet restructuring.
February 7, 1997 |
Sovereign Bancorp Inc. said yesterday it will increase its market share in New Jersey and add $2.5 billion in assets with its $325 million acquisition of Bankers Corp., of Perth Amboy, N.J. "We're always looking for ways to improve total shareholder value. In the past, we've done this through acquisitions," said Mark McCollom, Sovereign's vice president of corporate development. "Size alone is not important to us, but it is important to have meaningful market share in the areas we serve.
September 19, 1997 |
Sovereign Bancorp will buy Main Line Bank and its parent company, ML Bancorp, for $345 million in stock, both companies said last night. The move unites two of the Philadelphia area's biggest home lenders. Sovereign, of Reading, and Main Line, of Villanova, have been scrambling to add investment and small-business services in recent months. Consolidation of back-office operations is expected to threaten 150 Main Line jobs, but some of those workers may be transferred to posts at Sovereign offices, said Dennis Marlo, ML Bancorp chairman.
July 18, 2001 |
In a move to strengthen its presence in eastern Pennsylvania, Sovereign Bancorp Inc. of Wyomissing said yesterday that it would acquire Main Street Bancorp Inc. of Reading for $170 million in stock. Main Street, which specializes in small-business loans, has 11 of its 43 branches in the Philadelphia area. Last month it shed its branches in Hunterdon County, N.J., and Bucks County; it had one office in each. The Main Street acquisition would make Sovereign the largest bank in Berks County and the second-largest in Schuylkill County.
March 24, 2006 |
Management of Sovereign Bancorp Inc. may have won a battle but lost the war for long-term control of the Wyomissing, Pa.-based bank. After months of filing expensive legal actions, pressuring the Pennsylvania General Assembly and Gov. Rendell to change (or not change) the state's merger laws, and questioning each other's motives, Sovereign and its largest shareholder, Relational Investors L.L.C., made peace late Wednesday, a day before Sovereign was scheduled to respond to Relational's federal lawsuit in New York.